US Democrats Oppose GOP's Crypto Week, Call Bills Risky

House Democrats are opposing a series of crypto bills scheduled for discussion during the Republican-led "Crypto Week" in the US House of Representatives. As per Cointelegraph, these bills include the GENIUS Act focused on stablecoin regulation, the Anti-CBDC Surveillance State Act aimed at banning a digital dollar, and the CLARITY Act which proposes changes in crypto market oversight.

Democratic lawmakers, including Maxine Waters and Stephen Lynch, claim these bills could expose the financial system to greater risks. Cointelegraph reported that they believe the proposals lack strong protections for consumers and national security. Waters said Republicans are rushing legislation that could lead to what she called "Trump's crypto scam," in reference to Donald Trump's links with certain crypto ventures.

The GENIUS Act has already passed through a House committee and is under discussion in the Senate. However, Democrats are pushing for amendments, including one that would prevent any sitting president from benefiting financially from stablecoins. Cointelegraph stated that this move is meant to address concerns about coins like USD1, issued by a firm backed by Trump.

Debate continues around the CLARITY Act, which seeks to redefine how digital assets are regulated, potentially giving more authority to the Commodity Futures Trading Commission over the SEC.

Bitzlato Co‑Founder Seeks Trump Pardon After Guilty Plea

Anatoly Legkodymov, a Russian national and co-founder of the cryptocurrency exchange Bitzlato, has reportedly asked former US President Donald Trump for a federal pardon. This follows his guilty plea in December 2023 for operating an unlicensed money-transmitting business, a charge tied to hundreds of millions in illicit crypto transactions routed through Bitzlato, including about $15 million linked to ransomware attacks, stated Cointelegraph.

Legkodymov was indicted in January 2023, detained, and remained in custody until July 2024, effectively serving around 18 months in prison. His legal team, as reported by TASS, described him as "a target in a political campaign against the crypto market and talented Russian programmers" and said he hopes for more "balanced and fair" US digital finance treatment, Cointelegraph noted.

US authorities accused Bitzlato of aiding transactions on dark web platforms like Hydra. French officials are also seeking his extradition to face further charges. It remains uncertain whether Trump has received the pardon application or if he will act upon it, Cointelegraph stated.

Legkodymov's request comes amid Trump's recent blessing of at least five crypto-related pardons dating to his February inauguration, including figures like Silk Road founder Ross Ulbricht and four former BitMEX executives. Cointelegraph reported that other high-profile industry figures, such as Binance's Changpeng Zhao and FTX's Sam Bankman-Fried, may also have sought clemency.

Hive Digital Gains from Bitcoin Surge and AI Expansion

Hive Digital Technologies, a company engaged in both Bitcoin mining and artificial intelligence (AI) computing, has reported strong growth in its operations and market value. According to Cointelegraph, Hive's stock rose by 6.5 per cent to $2.47 per share, pushing its market capitalisation to around $530 million, a rise of over 21 per cent in the past month.

Cointelegraph reported that the company has reached a mining hashrate of 12 exahashes per second (EH/s), doubling its capacity from earlier this year. Hive now mines more than six Bitcoin each day and maintains an estimated operating margin of 55 per cent. Its current annualised revenue is $250 million, with a target of $400 million as it scales to 18 EH/s. The firm also holds 2,201 Bitcoin, placing it among the top 20 publicly listed companies in terms of Bitcoin reserves.

After the 2024 Bitcoin halving, which reduced block rewards by 50 per cent, Hive accelerated its pivot to AI and high-performance computing (HPC). As per Cointelegraph, it repurposed its existing GPUs for AI workloads and began investing in Nvidia's H100 chips.

This shift is already showing results. Cointelegraph stated that AI and HPC revenue tripled to $10.1 million in fiscal 2025, making up nearly 9 per cent of total revenue. The company has deployed over 5,000 GPUs and aims to reach $100 million in AI-related revenue by 2026.