Senate Holds Hearings on Crypto Debanking and Stablecoin Legislation
This week in crypto highlighted key developments, including product launches, Ethereum discussions, stablecoin legislation, and Congressional hearings on “debanking.”
- David Sacks, the Crypto and AI Czar, announced a new stablecoin bill introduced by Senator Hagerty, which aims to establish an oversight regime for stablecoin issuance.
- Senate hearings focused on institutional policies denying financial services to crypto companies, with testimonies from Nathan McCauley of Anchorage Digital and Consensys founder Joe Lubin.
- Ondo Finance launched a tokenization blockchain, attracting immediate investment from World Liberty Financial worth $470,000 in ONDO tokens.
- Berachain debuted its mainnet alongside a significant airdrop, pushing BERA's market cap over $800 million.
- MicroStrategy rebranded to Strategy while maintaining its Bitcoin acquisition strategy. BlackRock increased its ownership stake in the company to 5%.
- Ethereum continues to face challenges, with JPMorgan noting its underperformance relative to competitors like Solana. However, it is progressing on the Pectra upgrade.
- Gold-backed cryptocurrencies are surging alongside rising gold prices, outperforming traditional digital currencies.
- Alexey Pertsev, a Tornado Cash developer, was released from prison pending appeal after serving part of a 64-month sentence.