Stablecoin Bill Faces Major Pushback!

Here's what we've got for you today:

• US Bankers Fight Stablecoin Bill as Threat to Market Share

• Cathie Wood’s Ark Invest Buys Additional Coinbase Shares Worth $52 Million

• CZ Refutes WSJ Report on Trump Pardon, Calls It Politically Motivated

• Vermont Follows SEC’s Lead, Dumps Staking Legal Action Against Coinbase

🏦 US Bankers Fight Stablecoin Bill as Threat to Market Share

The GENIUS Act is facing resistance from banking institutions and key lawmakers who argue that only regulated financial entities should issue stablecoins.

• The GENIUS Act, aims to create a regulatory framework for stablecoin issuance and integration into the US financial system, but is facing resistance from US bankers and Senate allies.

• The bill needs bipartisan support to move forward, but opposition from influential people like Senator Elizabeth Warren poses a challenge.

• Warren is opposed to the bill, and argued that only regulated financial institutions should handle payments. She also warned that the bill disrupts the existing financial framework by allowing corporate players to enter the stablecoin market.

💵 Cathie Wood’s Ark Invest Buys Additional Coinbase Shares Worth $52 Million

The ARK Innovation ETF (ARKK) bought 29,353 Coinbase Global Inc. shares, worth close to $5.2 million.

• ARKK bought 29,353 Coinbase shares, worth $5.2 million, and 14,855 Robinhood shares, worth $5.18 million, according to its latest trade filing.

• Google Finance data showed that Coinbase stock closed down 7.43% at $177.49 and has fallen 31% year-to-date.

• On Monday, Ark also bought 52,753 Coinbase shares, worth about $9.4 million, for the ARKK ETF and 11,605 Coinbase shares, worth about $2.1 million, for the Ark Fintech Innovation ETF.

🗣️ CZ Refutes WSJ Report on Trump Pardon, Calls It Politically Motivated

Changpeng "CZ" Zhao denied claims from a Wall Street Journal report that suggested he sought a presidential pardon from Donald Trump.

• CZ denied allegations from a WSJ report that he asked for a presidential pardon from Donald Trump to regain influence in the crypto industry.

• Zhao also refuted claims that there were any business arrangements between the Trump family and Binance.US, and called the report politically motivated.

• He suggested the article was part of a broader attack on Trump and the crypto sector, and linked it to lingering anti-crypto sentiment from the previous administration.

⚖️ Vermont Follows SEC’s Lead, Drops Staking Legal Action Against Coinbase

Vermont dropped its “show cause order” against Coinbase for allegedly offering unregistered securities to users through a staking service.

• Vermont’s Department of Financial Regulation dropped its action against Coinbase after the SEC dismissed its own case on Feb. 28.

• The department acknowledged the SEC’s task force, and stated that dropping the case was in the best interests of justice.

• The lawsuit against Coinbase was initially filed in June of 2023, with multiple US states, including Vermont, launching legal proceedings on the same day as the SEC’s case.

👀 QUICK NEWS

• Solana Proposal to Cut Inflation Rate by Up to 80% Fails to Pass

• US Court Permits Three Arrows Capital to Expand Claim Against FTX, Rejects FTX’s Objections

• Russia Uses Crypto to Bypass Sanctions in Oil Trade with China, India: Report

• Association Seeks to Overturn Arkansas Law Aimed as Foreign Crypto Miners

• Trump-Backed World Liberty Financial (WLFI) Completes $590M Token Sale

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