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Senate Agriculture Committee Releases Crypto Bill

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The Senate Agriculture Committee is releasing its part of a major crypto bill today, ahead of a January 27 markup. The bill explains how the U.S. plans to divide crypto regulation between the CFTC and the SEC.

Under this proposal, the Commodity Futures Trading Commission (CFTC) would oversee most spot crypto markets. It classifies “digital commodities” as blockchain-based assets used for payments, governance, or network fees. These assets would not be treated as securities unless they are sold as investment contracts.

This gives crypto firms clearer rules and reduces SEC control over non-security tokens. The Senate Banking Committee has a different approach. Its draft gives the SEC more power by introducing “ancillary assets.” The SEC would decide case by case whether these assets are securities.

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This approach creates less certainty and limits automatic CFTC authority, relying on coordination between committees to settle disputes. The Agriculture Committee’s bill also creates new CFTC registration categories for crypto exchanges, brokers, and dealers. The Banking Committee’s version does not create new CFTC roles and instead tries to fit crypto into existing securities laws.

Senate Crypto Bill Gains Bipartisan Support

The bill has bipartisan support. In July 2025, the House passed the CLARITY Act with backing from both parties. In the Senate, lawmakers from both sides continue talks. However, progress slowed after the Banking Committee delayed its January 15 markup. Coinbase later pulled its support over concerns about stablecoin yields and privacy. White House crypto advisor Patrick Witt warned that delays could lead to stricter rules later.

Industry reactions are mixed. Ripple CEO Brad Garlinghouse praised the bill as a positive step. SEC Chair Paul Atkins also supports bipartisan crypto legislation to provide long-term regulatory stability.

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The Agriculture Committee will hold its markup on January 27 at 3:00 PM ET. Lawmakers may propose changes before voting to move the bill forward. Key sections on DeFi, developers, and anti-money laundering are still drafts, leaving room for changes.

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FG Nexus Offloads $14M in ETH as Corporate Ethereum Treasuries in Pain

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Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions

FG Nexus, a publicly listed Ethereum treasury and infrastructure company, liquidated another chunk of its Ether treasury on Tuesday, offloading 7,550 ETH worth roughly $14 million.

The latest sale adds to a series of disposals that have locked in more than $80 million in losses on a position built near Ether (ETH) 2025 highs. 

Onchain data from Arkham shows that the firm accumulated 50,770 ETH worth around $196 million between August and September 2025 at an average price of $3,860 per coin.

On Oct. 22, the company doubled down on its ETH accumulation strategy, announcing its intention to sell its Quebec property to accumulate more ETH.

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Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions
FG Nexus sells 7,550 ETH. Source: Arkham

As the market turned and the ETH price fell from its October highs of over $4,600 per coin to around $2,700 in November, the company began selling.

FG Nexus has offloaded just over 21,000 ETH for about $55 million, and netted a loss of over $80 million.

The company has also seen its share price for FGNX drop roughly 52% over the past month. 

Cryptocurrencies, Ethereum, Bitcoin Price, MicroStrategy, Institutions
FG Nexus share price takes a beating. Source: Google Finance

FG Nexus remains one of the largest publicly traded owners of ETH, with holdings of 37,594 ETH, according to Arkham.

ETH treasury companies under fire

FG Nexus isn’t alone in feeling the pain from an Ether downturn that has left many large corporate treasuries deeply underwater.

Bitmine Immersion Technologies, by far the largest listed ETH holder with 4,422,659 ETH on its books, is sitting on paper losses estimated at around $8.8 billion as Ether trades well below its average acquisition price, even as the company continues to add to its stash

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Related: ETHZilla liquidates $74.5M in Ether to redeem convertible debt

Peter Thiel’s Founders Fund exited its stake in Ethereum treasury firm ETHZilla entirely last week, with ETHZilla’s stock now down about 97% from its all‑time high, as equity markets punish aggressive Ether‑heavy strategies, with other companies actively unwinding.

Trend Research spent February slashing its Ether position on Binance, selling 651,757 ETH for about $1.34 billion on Feb. 8, and locking in an estimated realized loss of around $747 million.

Bitcoin treasury plays feel the heat

The strain on crypto treasury plays is not limited to Ethereum. On Feb. 20, Bitcoin (BTC) treasury company Metaplanet came under fire from shareholders, accusing the company of hiding losses and key details of its Bitcoin bets.

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Despite continued BTC purchases throughout February, on Wednesday, the largest listed owner of BTC, Strategy, became the most-shorted large-cap US stock according to data from Goldman Sachs, as hedge funds turned bearish on Saylor’s highly leveraged, Bitcoin‑centric balance sheet model.

Magazine: Bitcoin’s ‘biggest bull catalyst’ would be Saylor’s liquidation — Santiment founder