Bitcoin landfill man loses appeal, says he has one ‘last legal option’  

Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, said comprehensive stablecoin legislation is expected to be finalized in the coming months, underscoring the government’s urgency to maintain the US dollar’s dominance in onchain activity. Speaking at the Digital Asset Summit in New York on March 18, Hines said stablecoin legislation is “imminent” following the Senate Banking Committee’s approval of the GENIUS Act last week. The GENIUS Act, which is an acronym for Guiding and Establishing National Innovation for US Stablecoins, establishes collateralization guidelines for stablecoin issuers and requires full compliance with Anti-Money Laundering laws. “We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, […] which was fantastic to see,” said Hines, adding:“I think our colleagues on the other side of the aisle also recognize the importance for US dominance in this space, and they’re willing to work with us here, and that’s what’s really exciting about this. You know, there’s not many issues in Washington, DC, in which folks can come together from both sides of the aisle and really propel the United States forward in a way that’s comprehensive.”Bo Hines (right) speaking at the Digital Asset Summit on March 18. Source: CointelegraphWhen asked about when stablecoin legislation will be passed, Hines said, “I think that stables could be on the president’s desk here in the next two months.”Right now, the market seems to be underestimating what this bill “could do for the US economy in terms of US dollar dominance, in terms of payment rails, in terms of altering the course of financial markets,” said Hines.Related: Banks push to block stablecoin legislation over market share fearsExtending the dollar’s hegemonyThe US dollar accounts for the vast majority of the $230 billion worth of stablecoins in circulation, suggesting that the greenback remains the currency of choice for funding cryptocurrency accounts and sending remittances overseas. Some industry experts believe this will change in the future as stablecoins become multicurrency, but so far, digital dollars remain the overwhelming favorite.Dollar-denominated stablecoins dominate the market. Source: DefiLlamaUS Treasury Secretary Scott Bessent said the Trump administration will use stablecoins to maintain the dollar’s status as the global reserve currency, which partly explains the sense of urgency to push legislation over the finish line. “We are going to put a lot of thought into the stablecoin regime, and as President Trump has directed, we are going to keep the US [dollar] the dominant reserve currency in the world, and we will use stablecoins to do that,” Bessent told the White House Crypto Summit on March 7.Treasury Secretary Scott Bessent pictured alongside President Donald Trump at the White House Crypto Summit on March 7. Source: The Associated PressMagazine: Unstablecoins: Depegging, bank runs and other risks loom

US Representative Ro Khanna, a Democrat from California, said at the Digital Assets Summit on March 18 that Congress “should be able to get” both a stablecoin and crypto market structure bill done this year.Khanna added that there are 70 to 80 Democrats now who understand the importance of stablecoin legislation in increasing American influence around the world by giving more people access to dollars. Rep. Ro Khanna (right) at the Digital Assets Summit, March 18. Source: CointelegraphStablecoins are a growing crypto use case, especially in developing countries where there is limited access to physical dollars. There are currently stablecoin bills making their way through both chambers of Congress, including the GENIUS Act in the Senate.As for a crypto market structure bill, Khanna noted the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, which he worked on with former Representative Patrick McHenry. “I understand that there has to be some tinkering to that,” Khanna said, “but a basic market structure bill should emerge.”Executives in crypto have said that the industry will benefit more from US regulatory clarity surrounding digital assets than even the strategic Bitcoin reserve. At this time of writing, cryptocurrency prices, including for Bitcoin (BTC), have fallen since the signing of US President Donald Trump’s executive order creating the reserve.Related: Banks push to block stablecoin legislation over market share fearsKhanna critical of the president’s memecoinAs enthusiastic as Khanna was about Congress passing stablecoin and crypto market regulation bills this year, he was equally critical about President Trump’s memecoin, Official Trump (TRUMP).“I’ll say this just to challenge folks,” Khanna said. “I’ve been a supporter of blockchain, of crypto technology, but I criticize this idea of the president having a memecoin. I don’t think any elected official should be having a memecoin, and those types of things, in my view, distract from the fundamental technology and making the case.”He added, “We have to recognize that those types of things are not helpful in convincing the American public that there’s an underlying technology that is valuable.”Related: What is TRUMP? Donald Trump’s billion-dollar memecoinPresident Trump’s memecoin and his family’s crypto ventures may raise conflict-of-interest concerns, and California Representative Maxine Waters has said the infamous memecoin potentially opened the door to corruption and may risk national security.California Representative Sam Liccardo has introduced a bill that would make it illegal for US presidents, members of Congress, senior government officials, and their spouses and children to issue or sponsor commodities, securities or cryptocurrencies.Magazine: X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov

Institutional investors are increasingly bullish on cryptocurrency, with 83% saying they plan to up crypto allocations in 2025, according to a March 18 report by Coinbase and EY-Parthenon. Already, nearly three-quarters of firms surveyed said they hold cryptocurrencies other than Bitcoin (BTC) and Ether (ETH), and a “significant majority” said they plan to boost crypto allocations to 5% or more of their portfolios, the report said. They are motivated by the view that “cryptocurrencies represent the best opportunity to generate attractive risk-adjusted returns over the next three years,” according to the report.Coinbase, the US’ largest crypto exchange, and EY-Parthenon, a consultancy, based the findings on interviews with more than 350 institutional investors in January. Among institutional altcoin holdings, XRP (XRP) and Solana (SOL) are the most popular, the survey found. Coinbase and EY-Parthenon surveyed more than 350 financial institutions on crypto. Source: CoinbaseRelated: Stablecoin adoption, ETFs to propel crypto performance in 2025: CitiAltcoin ETFs incomingAltcoin holdings could rise even further if US regulators approve planned exchange-traded fund (ETF) listings this year.Asset managers are awaiting a greenlight from the US Securities and Exchange Commission to list more than a dozen proposed altcoin ETFs. Litecoin (LTC), SOL and XRP are seen as the most likely to see near-term approval, according to Bloomberg Intelligence. On March 17, the Chicago Mercantile Exchange (CME) Group, the largest US derivatives exchange by volume, launched futures contracts tied to SOL, marking a significant step toward institutional adoption of the altcoin. Stablecoins and DeFi take offMeanwhile, stablecoins continue to see institutional uptake, with 84% of respondents either holding stablecoins or exploring doing so, the survey found. According to the report, institutions are using “stablecoins for a variety of use cases beyond just facilitating crypto transactions, including generating yield (73%), foreign exchange (69%), internal cash management (68%), and external payments (63%).”In December, investment bank Citi said stablecoin adoption will accelerate onchain activity, including in decentralized finance (DeFi). The survey found that only 24% of institutional investors currently use DeFi platforms, but that figure is expected to grow to nearly 75% in the next two years. “Institutions are attracted to DeFi for myriad reasons, citing derivatives, staking, and lending as the use cases they are most interested in, followed closely by access to altcoins, crossborder settlements, and yield farming,” the report said.Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame