a16z exec: Stablecoin regulatory clarity needed to avoid ‘FTX-level issue’

The US House Financial Services Committee has advanced a bill aimed at preventing federal banks from using or issuing central bank digital currencies, or CBDCs, paving the way for a vote in the chamber.In an April 2 committee session, lawmakers voted 27-22 in favor of passing the CBDC Anti-Surveillance State Act. The bill was one of five the committee considered in a markup hearing discussing possible amendments. Lawmakers also approved a bill regulating payment stablecoins, setting up the legislation for a full House vote.“Last Congress, this bill passed out of the House of Representatives by a 216-192 vote,” said Minnesota Representative Tom Emmer, the anti-CBDC bill’s sponsor. “So far this Congress, this bill has 114 cosponsors and support from groups ranging from the Independent Community Bankers Association and the American Bankers Association to Club for Growth, Heritage Action, and the Blockchain Association.”Many Republican lawmakers have targeted institutions like the Federal Reserve or Treasury Department from exploring CBDC development, often citing financial privacy concerns. After reintroducing the bill in March, Rep. Emmer suggested it was an attempt to codify an executive order from US President Donald Trump into law. That order, signed on Jan. 23, prohibited “the establishment, issuance, circulation, and use” of a CBDC in the United States.Related: Crypto regulation must go through Congress for lasting change — Wiley NickelIt’s unclear whether the anti-CBDC bill will have the votes in the House and Senate to be passed to Trump’s desk to sign into law. Senator Ted Cruz introduced a companion bill to Emmer’s on March 26, suggesting a coordinated effort by Republicans to push the legislation through.Since the development of digital assets, government entities like the Fed have explored the possibility of releasing a CBDC. However, many US lawmakers and industry leaders have opposed the idea, claiming the technology could be used to monitor Americans’ financial transactions.Magazine: Solana ‘will be a trillion-dollar asset’: Mert Mumtaz, X Hall of FlameThis is a developing story, and further information will be added as it becomes available.

Cango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain in a bid to go all-in on Bitcoin (BTC) mining, according to a report by The Miner Mag. Cango agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a $352 million deal, according to the report. Additionally, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Cango. The deal effectively brings Bitmain’s mining assets to the public market, The Miner Mag said.Exahashes measure a miner’s contribution to the Bitcoin network’s hashrate, the total computing power securing the network.The Miner Mag said Ursalpha Digital Limited has the same corporate address and founding director as Antalpha, an entity ultimately controlled by the chairman of Bitcoin miner Bitmain. Proxies for Cango’s shares on the NYSE are up 25% this month. Source: Google FinanceRelated: Analysts eye Bitcoin miners’ AI, chip sales ahead of Q4 earningsTrump-family connectionBitmain has experienced US scrutiny after the country blacklisted its artificial intelligence affiliate Sopghgo, Bloomberg reported. According to Bloomberg, Bitmain has a working relationship with American Bitcoin, a Trump-family-affiliated mining entity created in March as part of a deal with Hut 8, a provider of power and computing infrastructure. On March 31, Hut 8 bought a majority ownership interest in American Bitcoin (formerly American Data Centers), whose founders include US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump. Hut 8 has transferred its Bitcoin mining equipment to American Bitcoin, which is reportedly mulling an initial public offering (IPO), according to Bloomberg. The companies said that American Bitcoin will focus on crypto mining, while Hut 8 targets data center infrastructure for applications such as high-performance computing. In 2025, Bitcoin mining stocks have struggled amid declining cryptocurrency prices and pressure on business models caused by the Bitcoin network’s April halving, according to a JPMorgan research note shared with Cointelegraph.Every four years, the amount of BTC mined per “block” — a bundle of transaction data stored on the chain — is cut in half. April’s halving slashed mining rewards from 6.25 BTC to 3.125 BTC per block.Magazine: Elon Musk’s plan to run government on blockchain faces uphill battle

Lawmakers in the US Senate Banking Committee confirmed the nomination of Paul Atkins to be a member of Securities and Exchange Commission (SEC), paving the way for a full floor vote in the chamber.In an April 3 executive session of the banking committee, lawmakers voted 13-11 to confirm Atkins for two consecutive terms as an SEC commissioner, taking over former Chair Gary Gensler’s term and another term ending in 2031. Atkins’ nomination will soon go to the Republican-controlled Senate for a full floor vote, where many experts suggest he is also likely to be confirmed.Senator Tim Scott addressing lawmakers on April 3. Source: US Senate Banking CommitteeBefore calling for a vote, committee chair Tim Scott said Atkins would bring “much-needed clarity for digital assets.” Ranking member Elizabeth Warren reiterated earlier concerns about Trump’s SEC pick helping “billionaire scammers” like former FTX CEO Sam Bankman-Fried and Tesla CEO Elon Musk “actively trying to destroy” federal agencies. This is a developing story, and further information will be added as it becomes available.