Fed pushes stablecoin issuers toward bank-style compliance
But new Chair Kevin Warsh chooses to sit this one out.
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Crypto is growing up fast under Washington's watch this week, even if its own internal drama says otherwise.
Federal regulators proposed mandatory customer identification programs for stablecoin issuers under the GENIUS Act.
Meanwhile, CME Group filed a lawsuit against the CFTC over perpetual futures approvals.
Strategy's preferred stock dropped sharply with Bitcoin’s decline, and another senior Ethereum Foundation leader walked away.
Here's what's moving the market today.
Fed wants stablecoin issuers to run customer ID programs like banks do
The Federal Reserve, FinCEN, and other agencies want stablecoin issuers to verify customers the same way your bank does.
The proposal mirrors existing rules for banks and credit unions.
Smaller issuers may not survive the compliance costs, potentially consolidating the market around a few big players.
Markets
Strategy's preferred stock hits record low as Bitcoin sell-off deepens
Strategy's STRC preferred stock dropped to a record low near $83 on Thursday.
The instrument is designed to trade around $100 par value. It's now down 15%.
Rival Strive's SATA shares fell in tandem, undermining the theory that competition alone caused STRC's weakness.
BTC slipped below $63K, ETH traded near $1,685, and SOL fell below $69.
CME sues the CFTC over perpetual futures approval
CME Group CEO Terry Duffy announced the exchange will sue its own regulator on Thursday.
Duffy argues perpetual futures are actually swaps under existing law. That means they need stricter oversight.
The outcome could determine whether crypto-native perps survive on US-regulated platforms.
Ethereum Foundation loses another co-executive director
Hsiao-Wei Wang stepped down as co-executive director and board member, effective immediately.
Wang said a sabbatical helped her realize it was time to move on. The departure adds to a pattern of senior exits.
Frequent leadership turnover raises real questions about who's steering Ethereum's long-term strategy.
On Our Radar
The credit shift: Crypto's over-the-counter desks are becoming lenders, not just brokers.*
Bitcoin's credit card: Strive wants to unlock $200B in fresh capital through lending products.
Regulatory power play: ECB chief allegedly nudged Greece to torpedo Binance's crypto license application.
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