The meeting between the company and representatives of the Treasury Department happened last month, The Wall Street Journal (WSJ) reported late Friday (April 11), citing sources familiar with the matter.

The meeting came while Binance was also exploring a business arrangement with a Trump family crypto venture, the sources added.

Some of those sources said Binance wants the Treasury to remove a government-appointed monitor who oversees the company’s compliance with anti-money laundering (AML) laws. Such a move would be the first step in returning Binance to the U.S. market following its 2023 guilty plea to AML violations.

Other sources said Biannce is also in talks to list a new stablecoin from World Liberty Financial, a crypto venture backed by President Donald Trump’s sons. That listing could open the coin to a vast new market — Binance has 250 million users — a potential multibillion-dollar payday for the Trump family.

Binance paid a record $4.3 billion fine for allowing bad actors to move billions through its exchange. It also removed all U.S. customers and agreed to report all suspicious transactions.

If the government agreed to relax its oversight of Binance, it would mark the latest in a series of moves designed to roll back earlier crypto enforcement efforts.

Last week saw a report that the Department of Justice (DOJ) was planning to limit its crypto-related investigations to focus on the use of digital assets in things like terrorism, drug trafficking and fraud.

Deputy Attorney General Todd Blanche said in a memo cited by Bloomberg News that this change is meant to leave crypto-related activities to regulators, a change from the Biden administration’s use of the Justice Department to pursue “regulation by prosecution.”

Meanwhile, Securities and Exchange Commission (SEC) Acting Chairman Mark T. Uyeda said last month that the regulator has changed how it regulates digital assets.

“This approach of using notice-and-comment rulemaking or explaining the Commission’s thought process through releases — rather than through enforcement actions — should have been considered for classifying crypto assets under the federal securities laws,” Uyeda said during a roundtable centered on the regulation of digital assets.

One week later, the Federal Deposit Insurance Corp. (FDIC) issued new guidance saying that FDIC-supervised institutions can conduct crypto-related activities without prior FDIC approval, provided they adequately manage the associated risks.

The post Binance Reportedly Sought Looser Regulation From US Treasury appeared first on PYMNTS.com.

James wrote a letter to congressional leadership Tuesday (April 8), saying lawmakers should mandate that crypto companies register with a federal regulatory agency and establish minimum listing standards for crypto tokens.

“Countless New Yorkers invest in cryptocurrency and digital assets, and more must be done to protect them and their money,” James said in a Thursday (April 10) press release announcing the letter. “Thousands of investors in New York and across the country have lost millions of dollars to cryptocurrency scams and fraud that could be prevented with stronger federal regulations.”

The letter comes as Congress prepares to pass the GENIUS Act, which would for the first time create rules for stablecoins, a type of crypto pegged to assets like the U.S. dollar. James’ letter said Congress should require stablecoin issuers to have a presence in the United States and deposit U.S. Treasuries and other cash equivalents in U.S. banks.

Meanwhile, a separate stablecoin bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, has gotten some pushback from some state regulators. The Conference of State Bank Supervisors expressed concerns over the bill’s approach, which it said represents a dangerous expansion of federal oversight at the expense of state regulatory authority.

This week, lawmakers heard from attorneys and executives from the crypto sector who said that securities laws need to be readjusted to account for some of the unique properties of digital assets.

“While many of crypto’s early use cases have been financial, crypto is a general-purpose technology with countless applications,” testified Rodrigo Seira, special counsel at Cooley. “Crypto provides new ways for individuals to be economically rewarded for their contribution to networks and other public goods, opening the door to people around the country that lack the traditional advantages of capital and credentials.”

The current securities regulatory framework is “not a viable option” to regulate cryptocurrencies, Seira said. In practice, “virtually no crypto projects have successfully registered their tokens under federal securities laws and lived to tell the tale.”

Projects that tried to comply with the Securities and Exchange Commission’s requirements ultimately failed or wound up “in a state of regulatory uncertainty,” he told lawmakers.

The post NY AG: ‘More Must Be Done’ to Regulate Crypto appeared first on PYMNTS.com.

The collaboration will yield the only dogecoin exchange-traded products (ETPs) endorsed by the Dogecoin Foundation, according to a Thursday (April 10) press release.

“This partnership represents a significant step toward providing registered, institutional-grade exposure to dogecoin, one of the most community-driven and widely recognized digital assets,” the release said.

To cement the partnership, 21Shares filed a registration statement with the U.S. Securities and Exchange Commission to roll out a dogecoin ETF in the United States, pending regulatory approval, per the release.

Dogecoin launched in 2013 as a “light-hearted alternative to bitcoin,” but it has since become more mainstream, accepted by brands like Microsoft and AMC Theatres as a method of payment, the release said.

“For dogecoin to reach its full potential as a global currency, institutional support and corporate partnerships are essential,” Dogecoin Foundation Co-Executive Director Jens Wiechers said in the release. “This initiative with 21Shares provides a regulated path for institutions to participate in and amplify the ‘Dogecoin is Money’ vision, while still honoring the community’s spirit. Global adoption is critical, and we’re excited to take this next step — ensuring dogecoin stays fun but gains the credibility and backing needed to thrive at scale.”

Meanwhile, stablecoins — cryptocurrencies pegged to fiat currencies such as the U.S. dollar — have moved from niche assets to instruments that could redefine how money moves, where it is stored and who controls it.

“Banks rely on customer deposits to fund loans and support economic activity at the local level,” PYMNTS reported Thursday. “Stablecoins, if adopted widely, could potentially threaten to siphon off those deposits.”

Users might decide they would rather hold stablecoins in digital wallets over keeping money in checking or savings accounts. This potential migration of capital could rob traditional banks of their primary funding source, hindering their ability to lend and compete.

However, this future, if realized, remains far on the horizon.

“The use of stablecoins in U.S. domestic payments is roughly zero at the moment,” Adam Shapiro, co-founder and partner at Klaros Group, told PYMNTS. “They’re used in crypto, as a store of value for people who don’t have access to the U.S. banking system, and by people making international payments to avoid costs. We see a lot of interest — for example, instant settlement in the intrabank market — but that’s in the future.”

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Stablecoins — cryptocurrencies pegged to fiat currencies such as the U.S. dollar — have moved from niche assets to instruments that could redefine how money moves, where it is stored and who controls it.

For traditional banks, stablecoins represent a dual-edged proposition: both a disruptive force and a potential avenue for innovation. With the news that Tether is considering offering a U.S.-only stablecoin, the central question is whether banks will be disintermediated, or whether they can co-opt the technology to evolve their roles in a changing financial landscape.

The U.S. Securities and Exchange Commission’s (SEC) Division of Corporate Finance also earlier determined that stablecoins are not securities and do not need to be registered, and the shifting domestic regulatory landscape has opened the door for financial service stakeholders to dip their toes into the crypto space with the Office of the Comptroller of the Currency (OCC) reclarifying certain crypto banking permissions last month.

The potential for banks to act as custodians, compliance partners or even validators in blockchain networks could open up avenues for growth that align with their core strengths. In today’s changing landscape, inertia is increasingly no longer an option.

Read more: OCC Says Banks Can Hold Crypto, but Should They?

The Deposit Drain Dilemma

At the heart of the issue is the role of bank deposits in the financial system. Banks rely on customer deposits to fund loans and support economic activity at the local level. Stablecoins, if adopted widely, could potentially threaten to siphon off those deposits. Users might prefer holding stablecoins in digital wallets over parking money in checking or savings accounts. This potential migration of capital could starve traditional banks of their primary funding source, challenging their ability to lend and compete.

However, this future, if realized, remains far away on the horizon.

“The use of stablecoins in U.S. domestic payments is roughly zero at the moment. They’re used in crypto, as a store of value for people who don’t have access to the U.S. banking system, and by people making international payments to avoid costs. We see a lot of interest — for example, instant settlement in the intrabank market — but that’s in the future,” Adam Shapiro, co-founder and partner at Klaros Group, told PYMNTS in an interview.

“The fact is that people generally don’t want to be responsible for looking after large amounts of their money in self-custodied wallets — they want banks to look after it. If stablecoins do become more commonly used in domestic transactions, banks will simply need to integrate with stablecoins the same way they integrated with platforms like Zelle,” Shapiro added.

Still, some banks are already choosing to engage rather than retreat. JPMorgan has launched JPM Coin, a blockchain-based stablecoin for institutional clients. Others, like BNY Mellon, are building custody solutions for digital assets, anticipating a future in which banks serve as trusted intermediaries for crypto and tokenized assets.

See also: Stablecoins Keep Racking Up Milestones, but Can They Crack B2B Payments?

The Crypto Landscape’s Regulatory Crossroads

Stablecoins face hurdles of their own: regulatory clarity, scalability and user trust. But payments are becoming faster, cheaper and more programmable. Consumers and businesses are beginning to ask why moving money should still be slow and expensive.

But banks are heavily regulated, risk-averse and operationally complex — a sharp contrast to the nimble, sometimes unregulated players dominating the stablecoin space. For collaboration to thrive, banks must overcome cultural and structural barriers.

The creation of a federal framework governing stablecoins is important for industry confidence, Chainalysis Co-founder and CEO Jonathan Levin said in an interview with PYMNTS CEO Karen Webster published Monday (April 7).

“Without a federal framework, it is incredibly difficult for financial services firms and international enterprises to really get comfortable in using stablecoins at scale,” Levin said.

The U.S. is currently working on such a federal framework. With it in place, forward-looking institutions could become vital nodes in a hybrid financial system, offering compliance, risk management and financial literacy in a digital age.

Banks might become stablecoin issuers themselves, leveraging their reputations and customer bases to offer branded digital dollars. Alternatively, they could serve as the back end for FinTech platforms, providing the regulatory and custodial scaffolding for digital asset ecosystems.

Ultimately, the question is not whether stablecoins are a threat or opportunity, but whether banks are prepared to reimagine themselves. That requires more than just digital transformation. It demands a willingness to cede control, adopt new business models and engage with communities far outside the traditional banking sphere.

The post Are Stablecoins a Threat or an Opportunity for Banks? appeared first on PYMNTS.com.

As of 2:55 p.m. ET, bitcoin’s price had surged 7.6% over the previous 24 hours and got back above the $80,000 mark, Seeking Alpha reported Wednesday.

Several other tokens saw gains of between 14% and 23% at that point in the day, including ondo, hedera hashgraph, sui, pepe, chainlink and avalanche, according to the report.

Several crypto-related stocks also rose along with the broader market, the report said. Crypto exchange Coinbase Global, corporate bitcoin holder Strategy, crypto asset manager Galaxy Digital and six bitcoin miners saw gains after Trump’s announcement on tariffs, per the report.

Trump’s announcement came in a Wednesday post on Truth Social. He said that for 75 countries that have contacted representatives of the U.S. to negotiate a solution to trade issues, and have not “retaliated in any way, shape or form against the United States,” he authorized a 90-day pause and lowered reciprocal tariffs to 10%, effective immediately.

In the same post, Trump said he was raising the tariff on China to 125%, effective immediately, after that country announced retaliatory moves.

It was reported Monday (April 7) that the cryptocurrency prices, including bitcoin and ether, had sunk amid a “tariff-driven pullback.” The losses happened as Trump refused to budge on the widespread tariffs that had already erased trillions in value from U.S. equities.

Before the announcements of tariffs, digital asset prices had been soaring since the election victory of the pro-crypto Trump, with the price of bitcoin hitting record levels on the day of his inauguration.

When cryptocurrency stocks fell Thursday (April 3) following one of the rounds of White House tariffs, it was reported that the new levies had left investors shaken and led them to sell riskier assets.

While Trump appears more crypto-friendly than his predecessor, wider economic instability tied to the sector could still affect some companies. However, some analysts argued that the price drops were less dramatic than those seen in other industries.

The post Cryptocurrencies and Crypto-Related Stocks Rise After Trump Pauses Tariffs appeared first on PYMNTS.com.

The hearing, titled “American Innovation and the Future of Digital Assets Aligning the U.S. Securities Laws for the Digital Age,” came against a backdrop of wild trading in crypto holdings. The Trump administration paused recently instituted tariffs for the vast majority of trading partners, while jacking up tariffs on China. Bitcoin, in one example, surged 7% through the day.

In his opening remarks, Subcommittee Chairman Rep. Bryan Steil, R-Wis., said the passage last week of the STABLE Act out of committee was a step forward in the digital assets realm,  and, “Today, we will resume our efforts on advancing the second half of this agenda — comprehensive digital asset market structure legislation.” Rep. French Hill, R-Ark., chairman of the House Financial Services Committee, said that legislation would be coming, in draft form, to address market structure.

Existing Frictions

The problem with the current regulatory constructs in place are evident as Rodrigo Seira, special counsel at Cooley, said in his testimony, “While many of crypto’s early use cases have been financial, crypto is a general-purpose technology with countless applications. Crypto provides new ways for individuals to be economically rewarded for their contribution to networks and other public goods, opening the door to people around the country that lack the traditional advantages of capital and credentials.”   

He added, “It is clear that the current securities regulatory framework is not a viable option to regulate crypto. It fails to achieve its stated policy goals. … In practice, however, virtually no crypto projects have successfully registered their tokens under federal securities laws and lived to tell the tale. Projects that tried to comply with the SEC’s [U.S. Securities and Exchange Commission] current requirements expended significant resources and effort, only to fail or survive in a state of regulatory uncertainty,” he told the panel.   

Alexandra Thornton, a senior director at the Center for American Progress, said in her testimony, “Congress appears determined to pass legislation establishing a light regulatory regime for stablecoins and now for other digital assets” and maintained that “the digital asset markets have not functioned well so far, with massive asset value swings, billion-dollar losses to investors from hacks, and billions more from frauds,” and said, “The SEC has dropped enforcement actions against crypto firms. … The CFPB [Consumer Financial Protection Bureau], which likely would have overseen payment systems for digital platforms, has been kneecapped.”

Testimony of Tiffany J. Smith, partner at WilmerHale, indicated that regulatory clarity has been lacking: “In various speeches, market participants were urged to register with the SEC without a clear path, a number of enforcement actions were brought against market participants, and, in the context of the SEC’s general rulemaking agenda, digital assets were identified in certain proposals but final rules were never adopted.”

Jacob Werrett, the chief legal officer representing Polygon Labs, a software development company, told lawmakers that “to preserve the use cases and important blockchain features … successful legislation should accommodate and encourage decentralization,” adding that “various tests can be applied to determine whether a blockchain, protocol or token are decentralized. Legislation should consider all parts of the technology stack, such as blockchains, protocols built on those blockchains, applications associated with various protocols, and governance of blockchains and protocols.”

The post Hill Hearing Focuses on Regulatory Structure of Crypto and Digital Asset Oversight appeared first on PYMNTS.com.

The collaboration will allow Kraken customers in the United Kingdom and Europe to spend crypto assets at more than 150 million merchants that accept Mastercard, according to a Tuesday (April 8) press release.

“Crypto is transforming the payments industry, and we envision a future where global commerce and everyday payments are powered by crypto assets,” Kraken co-CEO David Ripley said in the news release. “Our customers want to be able to easily pay for real-world goods and services with their cryptocurrencies or stablecoins. Our partnership with Mastercard is a major step in realizing this vision. Together, we will unlock the full potential of crypto assets in everyday life, ensuring their long-term relevance and utility.”

The partnership follows the January launch of Kraken Pay, a feature that allows for instant, borderless payments in more than 300 cryptocurrencies and fiat currencies, per the release. More than 200,000 Kraken customers use the service.

Via its partnership with Mastercard, Kraken will expand its payment offering with the launch of physical and digital debit cards in the weeks ahead, “to bridge the gap between the crypto economy and everyday spending,” the release said.

Last month, the Securities and Exchange Commission decided to dismiss its lawsuit against Kraken. The SEC in 2023 had charged Kraken with running an unregistered securities exchange, broker, dealer and clearing agency, while also accusing the company of depriving its investors of “significant protections.”

Kraken attributed the move to a change in leadership at the White House and the SEC and said the suit was always without merit.

“Instead of engaging in that hard but necessary work, prior leadership at the SEC and throughout the government took a regulation-by-enforcement approach that stifled progress and disadvantaged the U.S. against other countries who fostered innovation through fair and transparent digital asset regulatory regimes,” Kraken said March 3.

Meanwhile, PYMNTS wrote Wednesday (April 9) about the importance of added security protocols for the crypto space amid the rise of artificial intelligence agents.

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Deputy Attorney General Todd Blanche said in a Monday (April 7) memo that this change is meant to leave crypto-related activities to regulators, marking a change from the Biden administration’s use of the Justice Department to pursue “regulation by prosecution,” Bloomberg reported Tuesday (April 8), citing the memo it had seen.

The Justice Department did not immediately reply to PYMNTS’ request for comment.

According to the Bloomberg report, the memo also said that the Justice Department has disbanded its National Cryptocurrency Enforcement Team, plans to close existing investigations that don’t align with its new priorities, and will no longer target crypto-related organizations for “acts of their end users or unwitting violations of regulations.”

Reuters reported on the memo Tuesday, saying that Blanche said the basis for the memo is an executive order from President Donald Trump that said the government must ensure users can access “open blockchain networks without persecution.”

In that Jan. 23 executive order, Trump said his administration supports the responsible use of digital assets, blockchain technology and related technologies.

“The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership,” the order said.

Among other things, the order directs departments and agencies to identify regulations and other actions affecting the digital asset sector that should be rescinded or modified.

On March 21, Securities and Exchange Commission (SEC) Acting Chairman Mark T. Uyeda said the SEC has changed how it regulates digital assets.

“This approach of using notice-and-comment rulemaking or explaining the Commission’s thought process through releases — rather than through enforcement actions — should have been considered for classifying crypto assets under the federal securities laws,” Uyeda said during a roundtable focused on the regulation of digital assets.

On March 28, the Federal Deposit Insurance Corp. (FDIC) provided new guidance saying that FDIC-supervised institutions can engage in crypto-related activities without receiving prior FDIC approval, provided they adequately manage the associated risks.

The post Report: Justice Department to End ‘Regulation by Prosecution’ of Crypto-Related Activities appeared first on PYMNTS.com.

The asset-pegged digital tokens, designed to maintain their stability and facilitate non-volatile financial applications across blockchains, have to-date grown so much that there exist around $234 billion in circulation.

But while the top 10 stablecoins by market share, representing well over 90% of the tokens in issuance, are U.S. dollar-denominated, the U.S. still does not have a regulatory framework in place to govern the sector.

Lawmakers are trying to change that, particularly in light of the current administration’s comparatively warm embrace of the crypto space. Still, as Congress wrestles with establishing a coherent regulatory framework for stablecoins, the recently introduced Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act has sparked sharp opposition from certain areas.

In an April 1 letter addressed to Representatives French Hill and Maxine Waters of the House Financial Services Committee, the Conference of State Bank Supervisors (CSBS) expressed significant concerns over the bill’s approach, which it argues dangerously expands federal oversight at the expense of state regulatory authority.

The CSBS, a nationwide organization representing state banking and financial regulators, supports the concept of a comprehensive national framework for payment stablecoin issuers (PSIs). However, it emphasizes that the STABLE Act, as currently drafted, could undermine the established state regulatory systems and disrupt the delicate balance of cooperative federalism that has fostered American financial innovation.

Read also: Stablecoins Keep Racking Up Milestones, but Can They Crack B2B Payments?

State Regulators Push Back Against Federal Preemption

According to the CSBS, the STABLE Act’s attempt to centralize power over the emerging stablecoin industry within a single federal agency jeopardizes a decade of progress made at the state level. States like California, New York, Louisiana, Texas and Wyoming have established frameworks governing digital asset firms and have successfully regulated over $50 billion in stablecoin activity.

The STABLE Act, however, seeks to preempt state authority over various PSI-related activities. Specifically, it extends federal preemption to PSI subsidiaries of both national and state-chartered banks, as well as to non-stablecoin activities approved by federal regulators. The CSBS contends that such a sweeping grant of power could destabilize existing state systems and create operational risks that extend beyond the financial stability of PSIs.

The CSBS also highlights inadequacies in the bill’s capital and liquidity requirements, which it claims are insufficient to mitigate financial stability risks. By restricting capital to amounts necessary for ongoing operations and prohibiting leverage and risk-based capital requirements, the bill fails to address potential redemption runs and liquidity risks.

At the same time, the letter raises concerns over consumer protection in the event of issuer bankruptcy. The bill’s provisions regarding bankruptcy procedures are described as inadequate, with customers potentially facing prolonged delays in accessing their funds. The CSBS recommends implementing safeguards such as requiring reserves to be held in off-balance sheet trusts, which would render consumer funds bankruptcy remote and facilitate faster resolution of claims.

Read more: Why Banks Might Want to Have a Blockchain Strategy

Looking to the Road Ahead for Stablecoins in the US

Ultimately, the CSBS argues that the STABLE Act, in its current form, represents a missed opportunity to establish a balanced, effective and cooperative regulatory framework for stablecoins. While a national framework is necessary to provide consistency and consumer protection, the CSBS warns against allowing a single federal agency to exert unilateral control over the industry.

Still, the creation of a federal framework governing stablecoins is important for industry confidence, Chainalysis Co-founder and CEO Jonathan Levin said in an interview with PYMNTS CEO Karen Webster published Monday (April 7).

“Without a federal framework, it is incredibly difficult for financial services firms and international enterprises to really get comfortable in using stablecoins at scale,” Levin said.

The letter comes against a backdrop where America’s changing cryptocurrency landscape could soon bring Tether’s stablecoin to the U.S. The Trump administration has invigorated the crypto sector with its deregulatory focus and laudatory promises to make the U.S. the “crypto capital of the world,” and the Securities and Exchange Commission’s (SEC) Division of Corporate Finance also recently determined that stablecoins are not securities and do not need to be registered.

Meanwhile, a separate Senate stablecoin bill, the GENIUS Act, is reportedly on a “fast track” after being advanced by an 18-6 vote with bipartisan support in the Senate Banking Committee. This bill is said to be a priority for President Donald Trump.

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According to a Bloomberg News report, Bitcoin lost around 7% of its value Sunday (April 6) night into Monday morning in Singapore, hitting a low of $77,077. The second-most-popular crypto token, Ether, fell to $1,538, an intra-day low unseen since October of 2023.

These losses are happening as President Donald Trump refuses to budge on the widespread tariffs that have already erased trillions in value from U.S. equities. U.S. equity-index futures, the report added, fell while the yen surged, signaling increasing upheaval in the financial markets.

The report cites data from CoinGlass showing that around $745 million in “bullish crypto wagers” had been liquidated in the previous 24 hours, the highest level in almost six weeks.

Monday’s drop continued a trend that began last week following the reveal of new tariffs on countries throughout the world. 

“For now — markets hate uncertainty, so we can expect to see even more choppy trading in the coming weeks/months and a delay to the next spike up (either way it is only a delay) — that is unless President Trump has yet another strong statement about the crypto industry up his ever-expanding sleeve,” said Stephen Wundke, director of strategy and revenue at quantitative digital asset investment firm Algoz. 

“The one thing we know for certain is that nothing, currently emanating from the White House, is certain.”

Digital asset prices had been soaring since the pro-crypto Trump’s election victory last fall, with the price of bitcoin hitting record levels on the day of his inauguration.

As Bloomberg notes, digital assets had managed to withstand some of the shakiness that hit the market when Trump first announced his tariff program. This latest selloff could mark a change.

“Macro is driving the action right now,” Cosmo Jiang, general partner at Pantera Capital, told Bloomberg. “The tariff-driven pullback is idiosyncratic and not because of deeper issues in our economy. Just like it was artificially injected in, so too can it be taken out after the Trump administration feels it has won concessions from other countries.”

As covered here Monday, every single category tracked in PYMNTS’ CE 100 Index was down last week, with even the “best” performing group up just 4%.

“Banking names lost nearly 16% for the week, as credit risks seem to be deepening; payments-focused names lost 11% as consumer spending is now at risk of being impacted by sticker shock on everything from cars to avocados,” the report said.

Meanwhile, PYMNTS wrote last week about the most recent jobs report, which showed trends that indicate a gradual cooling. However, that was before the tariff announcements shook up the stock market, which could in turn lead businesses to become more hesitant on hiring. Thus, the cooling could turn into a “chilling,” the report added.

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