Crypto World
Bitcoin policy debate heats up after lobbying claims against Coinbase
Coinbase has denied lobbying against a de minimis tax exemption for bitcoin (BTC), despite a vehement claim by podcaster and Ten31 managing partner Marty Bent that it has.
Bent reported on March 11 that the exchange was quietly telling lawmakers that a de minimis tax exemption for BTC payments was unnecessary.
According to Bent and his “multiple” Capitol Hill sources, Coinbase lobbyists allegedly told legislators “no one is using BTC as money” and that such a tax change would be “dead on arrival.”
He also claimed that the company only wanted the exemption to apply to specifically regulated, dollar-pegged tokens like the Coinbase-supported USDC.
Coinbase Chief Policy Officer Faryar Shirzad denied the allegation flatly. “This is a total lie, Marty Bent. We have never and will never lobby against Bitcoin. Ever.”
Kara Calvert, Coinbase’s VP of US policy, called the claim “categorically false.” She said Coinbase has advocated for a de minimis exemption covering “all digital assets,” including BTC, since 2017.
Coinbase Chief Legal Officer Paul Grewal also called the allegation a lie while Nic Carter dismissed Bent’s allegation out of hand.
Jack Dorsey quote-tweeted Shirzad’s claim that Coinbase had “never and will never lobby against Bitcoin” and asked for a confirmation from Coinbase’s CEO Brian Armstrong. “Hope this is true for de minimis as well. @brian_armstrong?”
Armstrong confirmed.
Disagreeing, Conner Brown, head of strategy at the Bitcoin Policy Institute, partially reiterated Bent’s concern.
Without naming Coinbase directly, “I can confirm that over the past three months, there’s been a strong shift on the Hill to limiting the de minimis exemption to stablecoins only,” Brown wrote.
Pierre Rochard also thinks Coinbase isn’t telling the whole truth. “Bitcoin should be tax exempt. It’s really sad to see Brian Armstrong lobbying against that,” he wrote.
Even when Grewal called him out for defamation, Rochard stuck to his story, “Wait until you see the bill.”
Read more: Crypto leaked by South Korean tax officials stolen a second time
A wrinkle in Coinbase’s tax denial
Coinbase has certainly been clear that its stance is that it’s never advocated against a bitcoin de minimis tax exemption. However, Coinbase’s stablecoin business, and a confusing post by Calvert, slightly complicates its denial.
Recall that Coinbase earned $1.3 billion in stablecoin revenue in 2025, mostly from interest on the US Treasuries backing USDC. A de minimis exemption covering BTC only would allow people spend one non-USDC digital asset tax-free for everyday purchases, thereby making BTC a somewhat direct competitor to USDC.
Nonetheless, Coinbase’s Calvert says that Coinbase has been advocating for a crypto-wide, all-asset exemption for years.
She also claimed that “Stablecoins don’t realize gains or losses” because “they are stable,” which is certainly not always true, but is her bizarre claim nonetheless.
If stablecoins were indeed “stable” and guaranteed to hold their $1 peg, (ignoring the fact that USDC has traded in the $0.80s many times), it would be absurd for Coinbase to advocate for a stablecoin-only tax exemption for USDC stablecoins which, in Calvert’s view, “don’t realize gains or losses” anyway.
In truth, USDC has traded in a wide range from at least $0.87 to $1.09 on Kraken, including hundreds of millions of dollars in settled transactions below $0.98.
Even lower and higher USDC prices have settled on other trading venues.
Coinbase wants to win on Capitol Hill
Bent’s original post accuses one of the world’s largest and longest-running BTC exchanges of trying to “nuke” any hopes for a BTC minimis tax exemption.
He described, citing three unnamed “sources,” Coinbase pushing for an exemption on stablecoins only.
Even though Coinbase has clearly denied the allegation, the exemption under discussion, backed by Senator Cynthia Lummis, would set a $300 tax threshold per transaction with a $5,000 annual cap. It would thereby eliminate capital gains taxes on small crypto payments.
Whether the exemption will ever be enacted into IRS code, and to which digital assets it would ever apply, is the active subject of Capitol Hill debate.
Under current law, the IRS treats all digital assets as property, so every sale, including the de facto sale of crypto while purchasing a good or service, triggers a tax reporting obligation.
Read more: Coinbase boosts lobbying efforts with massive political donations
Coinbase contributed roughly $69 million to the Fairshake super PAC during the 2024 cycle, more than any other donor. Another tracker shows Coinbase political contributions exceeding $59 million.
When Coinbase lobbies, Washington DC listens.
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The TradFi giant’s iShares Staked Ethereum Trust ETF is its first yield-bearing exchange-traded product.
BlackRock today debuted the iShares Staked Ethereum Trust ETF (Nasdaq: ETHB) — the firm’s first crypto exchange-traded fund to incorporate staking and its third spot crypto ETF overall.
In a press release from BlackRock today, March 12, the world’s largest asset manager, with $14 trillion in AUM, said that ETHB will stake “a portion of its ether holdings.” Per the asset manager’s dedicated webpage for the fund, Coinbase Prime will provide ETH custody — and presumably staking services.
The Defiant first reported when BlackRock registered its staked Ethereum ETF last November, which came about four months after the U.S. Securities and Exchange Commission (SEC) acknowledged BlackRock’s filing to permit staking in its Ethereum ETFs.
ETHB is BlackRock’s first yield-bearing ETF, though it’s not first to market among staked ETH funds in the U.S. REX-Osprey launched ESK — the first U.S. staked ETH ETF, under the 1940 Act — in September 2025, and Grayscale enabled staking on its ETH and SOL products in October, as The Defiant reported.
The broader push dates back to March of last year, when Cboe proposed adding staking to existing Ethereum ETFs.
BlackRock is the dominant crypto ETF issuer by net assets across both its spot ETH and BTC ETFs. The firm’s spot Ethereum ETF, ETHA, holds just under $6.6 billion in net assets as of March 11, per data from SoSoValue. That represents more than 50% of the U.S. Ethereum ETF market, which currently stands at $11.85 billion.
Among spot Bitcoin ETFs, BlackRock’s IBIT commands over $55 billion — also well over half of the $90.89 billion in total net assets across all spot BTC ETFs trading in the U.S., per SoSoValue.
After a multi-day net outflow streak, Ethereum ETFs saw net inflows over the past two trading days, recording over $57 million in inflows yesterday, March 11.
Meanwhile, today, spot ETH is trading just over $2,060 at publishing time, per data from The Defiant’s price tracker.
Despite ETH stagnating in a tight range in recent months, the amount of ETH staked on the network continues to break new highs, reaching over 37.6 million ETH as of March 11.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Executives at Coinbase have denied allegations that the crypto exchange is blocking a de minimis tax exemption for Bitcoin (BTC) transactions below a certain threshold to push for stablecoin tax exemptions.
Several Bitcoin advocates speculated on social media that the exchange told US lawmakers that a BTC tax exemption is not needed because BTC is not widely used as a medium of exchange.
Coinbase CEO Brian Armstrong responded by calling the allegations “totally false” and a form of misinformation.
“I’ve spent a bunch of time lobbying for Bitcoin’s de minimis tax exemption, and will continue doing so. It’s obviously the right thing,” he said.
In separate posts, Paul Grewal, chief legal officer at Coinbase, said, “We’ve never lobbied against BTC,” while Faryar Shirzad, the crypto exchange’s chief policy officer, echoed the statement.
Cointelegraph reached out to Coinbase, but the company declined to comment beyond the responses made by its executives.
Tax policy is one of the main impediments to Bitcoin’s use as a payment method, according to advocates for the biggest crypto, as every sale or transfer would trigger a taxable event, prohibiting its use as an electronic cash system.
Related: Wyoming Senator revives crypto tax exemption debate amid market structure talks
BTC advocates and pro-crypto lawmakers push for BTC tax exemption
In July 2025, US Senator Cynthia Lummis introduced a bill proposing a de minimis tax exemption for cryptocurrency transactions of $300 or less, with a $5,000 annual exemption cap.
However, the bill failed to gain traction, and the de minimis exemption for BTC transactions is not included in the CLARITY Act draft legislation, according to advocacy group the Bitcoin Policy Institute.
Instead, the tax exemption will apply only to US dollar-pegged stablecoins, according to Conner Brown, the managing director for the Bitcoin Policy Institute.
Washington, DC-based crypto advocacy group Blockchain Association also outlined a crypto tax proposal and submitted the plan to US lawmakers in February.
The proposal called for exemptions on “low-dollar” crypto transactions, but did not specify a dollar amount.
“A meaningful de minimis exemption for digital asset transactions would eliminate disproportionately onerous reporting for individual taxpayers,” the proposal said.
Magazine: Bitcoin is ‘funny internet money’ during a crisis: Tezos co-founder
The European Union’s recently-adopted Markets in Crypto Assets (MiCA) regulations is beginning to reshape the region’s digital-asset industry, creating new opportunities and barriers for firms seeking to operate across the bloc, a Swiss-based crypto wealth platform said.
Swissborg, which boasts one million registered users and $1.3 billion in assets under management (AUM), is among the companies betting that the shift will strengthen Europe’s role in regulated digital-asset markets after securing its MiCA license.
“The economics of crypto brokerage can be challenging during softer market cycles, and some global platforms may reassess where they allocate capital and operational resources,” SwissBorg Chief Operating Officer Jeremy Baumann told CoinDesk.
Over time, that could lead to “a market composed of fewer but more resilient players. MiCA raises the regulatory and operational standards required to serve European clients, which may reduce the number of lightly structured players,” he said, referring to Gemini’s recent EU exit.
Baumann also said that when global exchanges reduce their presence in the EU, “it opens space up for other European players to strengthen their positioning.”
SwissBorg suffered an exploit it said affected fewer than 1% of its users in September 2025. It reported 192,600 SOL ($41.5 million) was stolen from an external wallet used exclusively for its SOL Earn strategy. The exploit stemmed from a partner’s compromised application programming interface (API) and not a hack of the SwissBorg platform, they claimed.
The evolution of yield and staking
Baumann said he expects yield and staking products to evolve toward clearer disclosures, stronger risk management and more standardized structures.
“The framework around stablecoins is more detailed and will shape how certain yield models are designed and distributed,” said Baumann, whose mid-level exchange currently has roughly $800 million in total value locked (TVL), according to Defilama data.
Baumann also said regulatory clarity could gradually support greater institutional participation, adding that for now the European digital-asset market remains largely retail-driven
“Traditional financial institutions can play all three roles,” Baumann said. “They have strong distribution capabilities and regulatory expertise, which naturally makes them competitors in some areas, but there are also opportunities for partnerships.”
EU regulators seek clear stablecoin rules
Baumann also pointed to ongoing policy debates around stablecoins and yield products. While much of that discussion is currently centered in the United States, European regulators are focusing primarily on defining clear rules around issuance, reserves and distribution.
“As the market matures, yield solutions are likely to evolve toward more transparent and better structured models that balance innovation with financial stability,” he said.
SwissBorg sought authorization in France, which is widely viewed as one of Europe’s stricter regulatory jurisdictions. The approval validates the company’s internal controls, risk management systems and safeguards for user assets, according to the firm.
The company plans to migrate its European operations from its current Estonian entity to the newly authorized French crypto-asset service provider (CASP) entity in the coming months once operational readiness is confirmed, initially targeting major crypto markets including Germany, the Netherlands, Italy and Spain.
Goldman Sachs has delayed its prediction for the first Federal Reserve rate cut to September 2026, potentially putting pressure on the crypto market.
Summary
- Goldman Sachs now expects the first Fed rate cut in September 2026, later than its earlier June forecast.
- Inflation forecasts were raised, with headline PCE seen reaching 2.9% by the end of 2026.
- Higher-for-longer rates could pressure the crypto market, as tighter liquidity often weighs on risk assets like Bitcoin.
Goldman Sachs has pushed back its forecast for when the Federal Reserve could begin cutting interest rates, warning that rising inflation risks tied to oil prices and geopolitical tensions may delay monetary easing.
In a note released on March 12, the investment bank said it now expects the first 25-basis-point rate cut in September 2026, followed by another reduction in December. Earlier projections had placed the first cut in June.
The revised outlook comes as financial markets remain uneasy about the economic impact of the ongoing conflict between the U.S. and Iran, which has raised fears of supply disruptions in global oil markets.
Inflation forecasts move higher
Goldman also raised its inflation expectations for 2026. The bank now sees headline PCE inflation reaching 2.9% by the end of the year, an upward revision of 0.8 percentage points. Core PCE inflation is projected to rise to 2.4%, while the forecast for U.S. GDP growth was trimmed to 2.2%.
Higher energy prices are the main driver of the shift. The bank now expects Brent crude to average around $98 per barrel in March and April, roughly 40% above the 2025 average. In a scenario where disruptions in the Strait of Hormuz last for a month, prices could climb above $110 per barrel.
Goldman estimates that a 10% increase in oil prices could push headline inflation up by about 0.2 percentage points.
At the same time, the firm pointed to signs of a gradually softening labor market. If employment conditions weaken more quickly than expected, earlier rate cuts could still happen, analysts said.
Traders currently assign roughly a 41% probability to a September rate cut.
What delayed rate cuts could mean for crypto
Shifts in interest-rate expectations often ripple through the digital asset sector. Cryptocurrencies such as Bitcoin and Ethereum tend to perform best when financial conditions are loosening and liquidity is expanding.
A later start to the easing cycle suggests that borrowing costs could stay higher for longer. That environment typically weighs on risk-sensitive assets, including the broader crypto market.
Stronger inflation expectations can also reduce investor appetite for speculative investments. In past cycles, digital assets have often reacted to macroeconomic news in ways similar to technology stocks.
Goldman has also pointed to geopolitical risks as a growing macro factor. Oil supply shocks, the bank said, could feed inflation and keep monetary policy tighter than markets previously expected.
Macro risks remain in focus
Short-term volatility could remain elevated if inflation readings or energy prices continue to surprise on the upside. Rising oil costs tend to filter through to consumer prices over time, which could complicate the Fed’s policy path.
However, the longer-term outlook is less certain. Goldman’s base case still expects oil prices to ease toward about $71 per barrel by late 2026, which could reduce inflation pressure and re-open the door to faster monetary easing.
For the crypto market, the key variables to watch in the coming months will likely include inflation data, energy prices, and signals from the Federal Reserve about the timing of rate cuts.
BSC recently became the largest network by registered AI agents using the ERC-8004 standard, while on-chain agent activity in the ecosystem is also rising.
BNB Chain has surpassed Ethereum as the blockchain hosting the largest number of AI agents operating under the ERC-8004 standard, according to data from Agentscan and 8004scan.
Out of 89,451 total registered ERC-8004 AI agents, there are currently 34,278 on BNB Smart Chain (BSC), the BNB Chain ecosystem’s EVM-compatible blockchain network, per 8004scan. Base is the second-largest network by number of agents, with 16,549, followed by Ethereum mainnet with just over 14,000.
Data from Agentscan shows BSC leading with 39,000 agents, and Base and Ethereum nearly tied at between 28K-30K on-chain agents using the ERC-8004 standard.
The on-chain AI agent sector has seen explosive growth in recent months, and BNB Chain agents in particular have surged this month. Per an X post on March 1 citing Agentscan data, at the time, BSC had just 6.6K agents, while Ethereum was in the lead with 29K.
Per data from 8004scan, since the start of the year, the number of agents using ERC-8004 across blockchain networks has grown from 337 to nearly 130,000 — an increase of over 39,000%.
The ERC-8004 standard, launched by the Ethereum Foundation earlier this year, defines how AI agents register on-chain identities, manage wallets, and interact with smart contracts autonomously, working like an immutable ID or profile for agents that can operate across any chain that supports the standard.
More Agents, More On-Chain Activity
Last month, as the number of agents on BNB Chain surged, the number of agent transactions did as well. Looking at daily transaction volume tied to ERC-8004 agents on BSC since early February, daily transaction count just reached a high of almost 523,000 transactions on March 10, per data from Dune Analytics.
Agent-driven trading volume across decentralized exchanges on BNB Chain since February also reached a daily high yesterday, March 11, of over $18.1 million.
The Defiant was unable to verify on-chain activity data, like DEX volumes, for ERC-8004 agents across other blockchain networks.
Why BNB Chain?
Nina Rong, executive director of growth at BNB Chain, points to infrastructure fundamentals to explain why agents have proliferated in that ecosystem in particular.
“Most blockchains were designed with human users in mind,” she told The Defiant. “It doesn’t work for autonomous agents operating at machine speed, executing thousands of interactions a day.” Rong pointed to low fees and faster settlement on BSC, making micro-transactions economically viable. But, she argued that on-chain identity capabilities enabled by the ecosystem is the deeper driver.
Through ERC-8004, agents get a portable, decentralized identity. However, BNB Chain developed a second layer for the standard, dubbed BAP-578. This layer works like a reputation standard built on the ERC-721 NFT format, giving each agent a verifiable, tradeable on-chain track record — something Rong describes as unique to BNB Chain.
“When you put all of that together – the speed, the economics, the identity layer, the reputation infrastructure – BNB Chain isn’t just compatible with the autonomous agent economy. It’s designed for it,” Rong told The Defiant.
The Bigger Picture: What Agents Are Actually Spending
The agentic economy is still nascent, and even its measurement is contested. As a16z crypto partner Noah Levine noted in an X post just yesterday, Bloomberg cited $24 million in AI agent payments over a 30-day period via the cross-chain x402 payment protocol — but on-chain data from Allium put the figure at $3 million, shrinking to $1.6 million after filtering wash trades, per Artemis.
Per Levine, most agentic economic activity centers on developer tools: web scraping, browser sessions, image generation, billed per query with no account required.
Google recently unveiled its Agent Payments Protocol (AP2), which used the x402 standard, in collaboration with 60 companies – including EigenCloud, Coinbase, the Ethereum Foundation, and MetaMask.
Security Remains an Open Question
In comments to The Defiant, BNB Chain’s Rong acknowledged it’s still early days and on-chain agent activity comes with risks.
“Agents have a long way to go in security,” she said, comparing the current moment to the early stages of any fast-scaling technology. Rong added that BNB Chain is working with security experts on tooling including scanners for OpenClaw skills and standards for wallet key management.
The challenge is already being tackled at the infrastructure level. As The Defiant reported yesterday, AI agent platform CoinFello released an open-source OpenClaw skill allowing agents to execute on-chain transactions via MetaMask without ever accessing a user’s private keys — addressing what the company describes as a core vulnerability in most current agent wallet designs, where private keys or API credentials are typically stored in plain text.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
Crypto World
Binance New Listing Announcement: DeepSnitch AI Looks Like the #1 Candidate as Midnight and Opinion Go Live Already
Binance.US just hired a compliance veteran as CEO, and for the first time in years, the exchange is ready to fight Coinbase on its home turf.
A revitalized Binance.US means one thing for early-stage projects: the most coveted listing in crypto is becoming accessible again, and you don’t get a Binance new listing announcement hype. It lists products with real utility, real users, and real traction.
DeepSnitch AI has raised $2M+, locked in 42M+ tokens through staking, and is running a live platform that traders are using today. The TGE hits Uniswap on March 31st, with a Binance new listing announcement widely expected to follow.
Binance.US names compliance-first CEO
Binance.US has appointed Stephen Gregory, a compliance veteran from Gemini and CEX.IO, as its new CEO. The appointment follows the SEC dismissing its case against Binance.US in 2023, clearing the path for re-expansion under the more crypto-friendly Trump administration.
Gregory’s compliance background is the point. After years of legal entanglement that forced Binance.US to operate as a crypto-only exchange, the company is now actively expanding into staking, DeFi, and tokenized assets.
A revitalized Binance.US matters because it reintroduces serious competition into the US exchange landscape, which has been largely dominated by Coinbase. Greater competition typically drives product innovation, tighter fees, and broader asset availability.
Top 3 Binance new listing announcements
DeepSnitch AI
The Binance new listing announcement criteria are straightforward: working product, proven user base, and demonstrated traction. DeepSnitch AI meets all three before its public launch, which is exactly what makes the Binance listing expectation credible rather than speculative.
The platform is live today. Five AI tools are fully accessible through one interface, already used by real traders, independently audited by SOLIDProof and Coinsult. That’s the pre-listing credibility Binance evaluates. Not a roadmap, not a whitepaper, but a product anyone can open and test.
The March 31st Uniswap launch is the first step. The Binance new listing announcement that follows is what the 100x projection is actually built on.
The moment DSNT moves from DEX liquidity to one of the deepest order books in the world, with a US retail audience that Binance.US is actively rebuilding access to.
Getting in at $0.04399 before that listing is the trade. After it, the entry point this article is referencing doesn’t exist anymore.
Midnight
Midnight enters the privacy blockchain space differently. Most privacy projects chase anonymity. NIGHT targets programmable zero-knowledge privacy built for finance and healthcare, where selective data disclosure makes it compatible with regulated institutions.
The Cardano partnership adds inherited security and liquidity, advantages that take years to build independently. If compliance-friendly privacy smart contracts gain traction in regulated sectors, NIGHT’s addressable market grows far beyond typical DeFi territory.
Opinion
Opinion targets a gap neither traditional nor decentralised finance has solved: trading directly on macroeconomic outcomes like Fed rate decisions. OPN converts real-world event probabilities into standardised, tradable shares.
The architecture holds up. The four-layer Opinion Stack combines a live prediction exchange, a decentralised AI oracle, unified liquidity pools, and cross-chain interoperability via LayerZero across BNB Chain and Ethereum.
The OPN token ties directly into platform mechanics: premium data access, governance rights, and fee discounts. Value follows usage, not sentiment.
Closing thoughts
Binance.US returning to full strength means the most valuable listing in crypto is back in play for US retail investors, and the projects that get the first Binance new listing announcements are the ones already meeting the criteria today.
DeepSnitch AI goes live March 31st on Uniswap with five AI agents, $2M+ raised, and 193% presale gains behind it. Midnight and Opinion are building toward something real. DSNT is already there.
Visit the official website for more information, and join X and Telegram for community updates.
FAQs
What is the latest Binance new listing investors should know about in 2026?
No official Binance listing announcement has been made for DSNT yet, but DeepSnitch AI’s working platform, independent audits, $2M+ raised, and confirmed March 31st Uniswap launch make it the strongest candidate.
What criteria does a Binance listing typically require from new projects?
Real products, proven user bases, and demonstrated community traction, all of which DeepSnitch AI has established before its public launch, including independent audits from SOLIDProof and Coinsult and 193% presale gains.
Which upcoming listings are generating the most anticipation among retail investors right now?
DeepSnitch AI leads with a confirmed Uniswap debut on March 31st, Binance listing widely expected to follow, and a live platform already accessible today. Midnight’s compliance-privacy angle and Opinion’s prediction market architecture are credible projects, but neither has the pre-launch traction DSNT brings to a listing conversation.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
US Securities and Exchange Commission (SEC) Commissioner Hester Peirce said regulators should avoid micromanaging markets and consider simplifying disclosure requirements as discussions around tokenized securities continue.
Peirce, often referred to as “Crypto Mom” for her generally supportive stance toward the digital asset industry, made the remarks Thursday during a speech to the SEC’s Investor Advisory Committee, warning that overly prescriptive rules can distort how capital flows through financial markets.
Citing Adam Smith, the 18th-century economist widely regarded as the father of modern economics, Peirce argued that regulators should exercise restraint when shaping market outcomes.
She said public companies often spend excessive time preparing mandated disclosures that may obscure rather than clarify information for investors, suggesting the SEC should consider streamlining disclosure rules.
Although the speech addressed broader regulatory issues, Peirce also pointed to the growing debate around tokenized securities and blockchain-based financial infrastructure.
She noted that SEC staff continue to work on a potential “innovation exemption” that could allow limited experimentation with tokenized securities while regulators assess how existing securities laws apply to blockchain-based markets.
Peirce also questioned whether additional disclosure and intermediary requirements would be necessary for tokenized securities, noting that blockchain systems could enable faster settlement and, in some cases, transactions without traditional intermediaries.
Related: Can US lawmakers pass crypto market structure before the midterms?
Tokenization gains traction at SEC
Tokenized securities have become an increasingly prominent topic for the SEC. Chair Paul Atkins said last year that he views tokenization as a major financial “innovation” that regulators should encourage rather than constrain.
The agency took a step in that direction in December, when it issued a no-action letter to the Depository Trust & Clearing Corporation (DTCC) allowing the market infrastructure provider to explore a blockchain-based tokenization service for securities.
The letter effectively signaled that the regulator would not recommend enforcement action if DTCC proceeded with certain tokenization-related activities, opening the door for the company to develop infrastructure to support blockchain-based settlement of traditional securities.
The regulatory discussions around tokenization are also unfolding alongside broader policy debates in Washington over crypto market-structure legislation, which could eventually shape how digital assets are overseen in the United States.
Related: SEC chair calls for ‘coordinated oversight‘ between US regulators
BTC, ETH, and major altcoins are mostly unchanged over the past 24 hours.
Crypto markets held their ground on Thursday while U.S. stocks dropped and oil rallied.
Bitcoin (BTC) is trading at around $70,200, unchanged over the past 24 hours. Meanwhile, ETH is also flat at $2,070, and SOL is down 1% to $86.
The overall crypto market capitalization slipped 0.2% to $2.48 trillion, according to Coingecko.
Crude oil (WTI) is inching back towards $100 per barrel despite yesterday’s pledge from the International Energy Agency (IEA) to release 400 million barrels from emergency stockpiles.
The S&P 500 and the Nasdaq dropped 1.5% and 1.8%, respectively, amid concerns about a downturn in private credit after Morgan Stanley became the latest fund manager to limit redemptions.
Most of the Top 100 digital assets posted minor losses over the last 24 hours.
Today’s top gainers are Pi Network (PI), which rallied 14%, followed by RENDER, which climbed 10%.
Canton (CC) and Zcash (ZEC) are the biggest losers
Around 67,000 leveraged traders were liquidated for $156 million in the past 24 hours, according to CoinGlass. Bitcoin accounted for $54 million, while ETH positions made up $42 million.
Bitcoin exchange-traded funds (ETFs) recorded inflows of $115 million on Wednesday, marking a third straight day of gains.
US Senator Majority Leader John Thune reportedly said he doesn’t expect the chamber to move forward with legislation to establish digital asset market structure before April.
According to a Thursday Punchbowl News report, Thune said that the Senate planned to prioritize voting on the SAVE America Act, a bill that would require voters to provide proof of US citizenship in person to register.
The majority leader addressed reporters on Thursday saying that the bill would go to the chamber next week, adding that lawmakers would focus on the crypto market structure bill and other bipartisan bills after the SAVE America Act vote.
“Market structure is a bill that’s, I’m hoping, going to come out of the Banking Committee soon, probably not before, I would say, the April time period,” said Thune, according to Punchbowl.
The majority leader’s statement was at odds with comments from Ohio Senator Bernie Moreno, who said in February that he hoped market structure would pass through Congress by April. The Senate Agriculture Committee already advanced its version of the bill, but the Senate Banking Committee postponed a January markup necessary to combine the legislation before a floor vote.
Related: Binance says US midterms could boost Bitcoin and stocks
In a separate action, the Senate voted on Thursday to include an amendment in a housing bill, the 21st Century Road to Housing Act, prohibiting the US Federal Reserve from issuing a central bank digital currency, or CBDC. If passed and signed into law, the CBDC ban would remain in effect until December 2030.
What’s at stake in the market structure bill?
The legislation, called the CLARITY Act when it passed the House of Representatives in July, is expected to give the US Commodity Futures Trading Commission, the financial agency overseeing derivatives and commodities, more authority in overseeing digital assets. However, many lawmakers in the Senate have been at odds with key provisions in the bill, including tokenized equities, ethics, and stablecoin yield.
Last week, US President Donald Trump accused banks of holding the bill “hostage,” in posts to social media. Although the White House has held three meetings between crypto and banking industry representatives, it was still unclear as of Thursday if policymakers had reached any kind of agreement allowing the market structure bill to advance.
Magazine: All 21 million Bitcoin is at risk from quantum computers
Circle shares have surged over 120% since early February as William Blair says USDC’s market share, cross‑chain reach, and payments moat are being repriced as core settlement infrastructure.
Summary
- Circle stock has climbed roughly 120–126% off early‑February lows, far outpacing most crypto equities after blowout Q4 earnings and USDC‑driven revenue beats.
- William Blair argues the rally reflects a re‑rating of USDC as a payments “base layer,” with Circle’s compliance, banking ties, and cross‑chain integrations forming a durable moat.
- Growing USDC volumes, on‑platform balances and merchant/fintech adoption are reinforcing a stablecoin settlement flywheel that underpins Blair’s “outperform” rating on Circle.
Circle’s stock has surged more than 120% since early February, with analysts arguing the move reflects renewed confidence in USDC’s market share and Circle’s role as core stablecoin infrastructure, according to a recent CoinDesk report.
Analysts say USDC is cementing a payments “base layer”
Equity analysts at William Blair note that Circle’s share price has climbed roughly 126% from its early‑February low, far outpacing most other crypto‑linked equities. They argue this rally is not just beta to the broader digital asset market, but a repricing of Circle’s position as one of the few firms building systemic stablecoin rails. In their view, the market is explicitly starting to price USDC and its issuer as a core layer in future global payments and settlement, rather than just another cyclical crypto trade.
The report highlights that USDC has defended its market share despite intense competition, regulatory pressure, and the boom‑bust cycle in DeFi and centralized venues. Circle’s early lead in compliance, banking relationships, and technical integrations across major blockchains is framed as a durable moat supporting both the token and the equity.
USDC’s cross‑chain reach and stablecoin settlement flywheel
Analysts emphasize USDC’s liquidity, first‑mover advantages, and cross‑chain integration as key drivers behind Circle’s outperformance. With USDC live across multiple L1s and L2s, plugged into exchanges, payment processors, and on‑chain financial rails, William Blair sees the token as a frontrunner to become one of the dominant standards for cross‑border payments.
The note also points to growth in Circle’s broader payments and infrastructure ecosystem as evidence that a stablecoin‑based settlement market is starting to take shape. As more merchants, fintechs, and on‑chain applications adopt USDC, the flywheel between transaction volume, fee revenue, and perceived network value strengthens, reinforcing the recent re‑rating in Circle’s stock. William Blair maintains an “outperform” view, arguing that the rebound underscores investors’ conviction in Circle’s core business model and its technological and regulatory barriers to entry.
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