Senator Cruz introduces companion bill to prohibit the Fed from issuing a CBDC  

Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.Source: Changpeng Zhao“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country. It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.CZ has met with several other state officials in AsiaMalaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.Related: Is Bitcoin’s future in circular economies or national reserves?CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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