Democrats slam GOP Stablecoin bill

U.S. Democrats are fighting a Republican stablecoin bill, calling it a win for big tech and Elon Musk.

At a House hearing on Tuesday, Representative Maxine Waters warned that the Stable Act could let tech giants issue digital currency, much like Facebook’s failed Libra project.

"By tearing down the wall between banking and commerce, this bill allows major companies like Elon Musk’s X or Apple to dominate the stablecoin market," Waters said. She argued that giving private corporations control over digital currencies would weaken financial safeguards and create risks for consumers and national security.

Democratic Representative Stephen Lynch echoed these concerns, warning that the bill relaxes federal oversight, allowing states to set their own rules. He called it a "race to the bottom" in which states would compete for crypto businesses by offering looser regulations.

Despite the pushback, Republicans defend the bill, arguing it strengthens the U.S. dollar and expands payment options. Representative Andy Ogles pointed out that the U.S. has some of the highest money transfer fees in the G20, and stablecoins could provide faster and cheaper transactions.

President Donald Trump has thrown his support behind the bill, vowing to bring regulatory clarity to crypto. However, the partisan divide over stablecoin policy highlights the challenges of passing new financial legislation.

Russia limits crypto trading to the wealthy

Russia’s central bank plans a crypto trial allowing only high-net-worth investors to trade.

Under the proposal, only individuals with at least $11.5 million in assets or high-earning institutions would qualify. The move marks a cautious shift toward regulated crypto trading in a country that has previously imposed strict digital asset bans.

The plan is designed to test crypto investment under strict oversight while limiting exposure to everyday Russians. The central bank stated that it aims to increase market transparency and set clear service standards.

Despite this shift, crypto payments remain illegal in Russia. Officials emphasize that Bitcoin and other digital assets are too volatile and unregulated to be used in commerce.

This proposal comes as Russia explores alternative financial systems to bypass Western sanctions. Last year, lawmakers legalized crypto for cross-border payments, a move widely seen as an attempt to evade economic restrictions following the invasion of Ukraine.

While Russia’s crypto stance has softened slightly, it remains one of the most tightly controlled digital asset markets globally.

Nebraska targets Bitcoin ATM scams

Nebraska has enacted new Bitcoin ATM rules to protect users from fraud while supporting crypto growth.

Governor Jim Pillen signed the Controllable Electronic Record Fraud Prevention Act, requiring Bitcoin ATM operators to display clear warnings about fees and fraud risks. The law also guarantees refunds for victims who report scams within 90 days.

Bitcoin ATMs have become a growing target for scammers, who often trick users into sending crypto to fraudulent addresses. In 2023 alone, the FTC reported over $110 million lost to Bitcoin ATM scams.

Nebraska’s law mirrors efforts in Illinois, where Senator Dick Durbin proposed similar consumer protections. However, Nebraska stands out for balancing crypto regulation with a business-friendly approach, signaling that the state wants to attract digital asset firms while protecting consumers.

The Nebraska Department of Banking will oversee enforcement, ensuring ATM operators comply with the new safeguards. Regulators hope the law will serve as a model for other states looking to regulate crypto kiosks without stifling innovation.

Cboe pushes for Solana ETF

Financial exchange Cboe has filed to list a Solana ETF, following Franklin Templeton’s application last week.

If approved, the fund would allow traditional investors to gain exposure to Solana without directly holding the asset. The SEC has 240 days to decide, as demand for crypto ETFs grows.

Solana has seen increasing institutional interest, despite the broader crypto market downturn. The token is currently trading at $124, down 50% from January highs, when meme coin hype fueled massive gains.

Solana ETFs would join a growing list of crypto investment products. Since their launch, Bitcoin ETFs have exploded to nearly $100 billion in assets, while Ethereum ETFs have gained $2.5 billion in net inflows.

Industry analysts believe Solana’s ETF approval could drive a new wave of mainstream adoption, similar to the impact of Bitcoin ETF approvals earlier this year. However, the SEC’s stance on altcoin funds remains uncertain, leaving investors waiting for a final decision.

India arrests crypto exchange founder

Indian police arrested Garantex co-founder Aleksej Besciokov, accused of money laundering for criminals.

Authorities say Besciokov helped process illicit transactions, including funds tied to North Korean hacking groups like Lazarus, which allegedly laundered stolen crypto through Garantex.

His arrest follows a U.S. request for international law enforcement cooperation. Just last week, American agencies shut down the Garantex website, marking an escalation in global crypto crime enforcement.

Garantex was previously sanctioned by the U.S. Treasury Department in 2022, yet it continued to operate within Russia, allegedly serving cybercriminals.

Besciokov was apprehended while attempting to flee India, showing that international authorities are tightening their grip on illicit crypto activities.

Global crypto rules take different paths

• U.S. lawmakers debate stablecoin rules, with big tech’s influence under scrutiny.
• U.S. state Nebraska enforces Bitcoin ATM protections, aiming to reduce fraud while fostering crypto growth.
• Solana ETF filings surge, putting pressure on the U.S. SEC to approve new investment products.
• Russia cautiously opens crypto trading, but only for wealthy investors and institutions.
• India intensifies crypto crime enforcement, arresting a key figure in a sanctioned exchange case.