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US Stablecoin Bill Gets Update Ahead Of Senate Banking Group Vote

Here are the latest updates from the crypto world

After updating the consultation with committee Democrats, the US Senate Banking Committee is set to vote on a Republican-led stablecoin framework bill on March 13.

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On March 10, Bill Hagerty, GOP Senator and one of the bill’s co-sponsors said, that he introduced an update of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which would go to a Banking Committee vote on March 13.

He added that the updated bill saw bipartisan consultation. The bill is co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, who is also chair of the Banking Committee chair, along with Democrats Kirsten Gillibrand and Angela Alsobrooks.

Gillibrand said in a statement, that “the updated version of the GENIUS Act makes significant improvements to a number of important provisions, including consumer protections, authorized stablecoin issuers, risk mitigation, state pathways, insolvency, transparency, and more.” 

The bill was first introduced by Haverty in early February. It aims to bring issuers of US dollar stablecoins with market caps over $10 billion — currently only Tether USDT $0.9998 and Circle’s USDC USDC $0.9999 — under Federal Reserve regulations. Those under $10 billion could opt into state-level regulation.

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Deutsche Boerse to launch Bitcoin, Ether institutional custody: Report

Clearstream, a Deutsche Boerse’s trading unit, is preparing to launch cryptocurrency custody and settlement services for institutional clients in 2025 amid increasing demand for regulated digital asset infrastructure.

According to a Bloomberg report on March 11, this German exchange group is planning to offer Bitcoin (BTC) and Ether (ETH) custody to its more than 2,500 institutional clients, with services expected to begin in April 2025.

Clearstream will provide these digital asset services through Crypto Finance AG, a Switzerland-based subsidiary in which Deutsche Boerse acquired a majority stake in 2021.

This trading unit also aims to launch support for other cryptocurrencies and diversified services such as staking, lending and brokerage capabilities.

Jens Hachmeister, head of issuer services and new digital markets at Clearstream, told Bloomberg, “With this offering, we are creating a one-stop shop around custody, brokerage and settlement.”

The move is in accordance with a growing institutional push toward regulated crypto services in Europe following the implementation of the Markets in Crypto-Assets Regulation (MiCA), which went into full effect for crypto asset service providers on Dec. 30, 2024.

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Cointelegraph reported on Jan. 17, that the institutional offering came nearly two months after Boerse Stuttgart Digital Custody became Germany’s first crypto asset service provider to receive a full license under MiCA. 

SEC looking to abandon effort requiring crypto firms to register as exchanges

Under a new directive from the acting chairman of the US Securities and Exchange Commission, proposed rule change pushing for some crypto firms to register as exchanges could be abandoned. 

The acting SEC Chairman Mark Uyeda said in a speech on March 10 at Washington that he had “asked SEC staff for options on abandoning” part of the proposed changes that would expand regulation of alternative trading systems (ATSs) to include crypto firms.

“In light of the significant negative public comment received on the definition of exchange with respect to crypto, I have asked SEC staff for options on abandoning that part of the proposal,” he added.

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