4 stories credited to Cryptoinamerica
Latest story Apr 15, 2026 · on ChamberLight since Apr 2026
A story can appear as several articles (copies of the same piece), so counts of stories and of articles differ.
Scores for Cryptoinamerica
Writing quality not enough rated stories yet: 3 of 10. How it is measured
Scores last checked Sep 24, 2026.
Stories ChamberLight collected, by month
Stories credited to Cryptoinamerica, by publication date. ChamberLight collects articles that mention the officials it tracks, so this shows its own coverage of this source, not how much the source publishes.
- Stories from Cryptoinamerica
- Shaded: ChamberLight collected no stories, or almost none, from any outlet (a gap in its collection, not in the outlet’s publishing)
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| Month | Stories | All outlets |
|---|---|---|
| April 2026 | 4 | 4,233 |
| May 2026 | 0 | none collected |
| June 2026 | 0 | none collected |
| July 2026 | 0 | none collected |
| August 2026 | 0 | 1 (collection gap) |
| September 2026 | 0 | 598 |
Top topics
Share of this source’s stories tagged with each topic. A story can carry several topics, so the shares do not add up to 100%.
- Economy4
100% of 4 stories · 26% across all outlets
- Technology/Privacy4
100% of 4 stories · 10% across all outlets
- Budget/Spending2
50% of 4 stories · 33% across all outlets
- Ethics/Corruption2
50% of 4 stories · 62% across all outlets
The thin mark on each bar is the topic’s share across all outlets.
Who they cover
Party of the officials these stories are mainly about, across all 7 officials named. A story counts once for each official it is mainly about, so the split is over 11 story–official pairs, from 4 stories.
- Republican91% · 10 pairs
- Democrat9% · 1 pair
Most covered
Stories mainly about each official, and their share of the source’s 4 stories.
Article tone
ChamberLight’s article analysis assigns each story a tone toward the official it covers. It describes the coverage of that official, not Cryptoinamerica’s stance, and reader votes do not change it. 4 stories.
- Good Look
- 2 (50%)
- Mixed
- 2 (50%)
- Informational
- 0 (0%)
- Bad Look
- 0 (0%)
Challenges to these scores
No one has challenged a score on this page yet. Anyone can; editors publish every outcome here.
Articles served from cryptoinamerica.com
11
Clarity Act Markup Date Slips as Fed Chair Hearing Takes Center Stage
Welcome to the Wednesday edition of the Crypto In America newsletter! What you’ll read: A nomination hearing for Fed Chair nominee Kevin Warsh will take priority over a Clarity Act markup next week; Kraken and Galaxy Digital face cybersecurity threats; Solana’s Lily Liu sits down with Crypto In America, and the headlines driving news this week. Kevin Warsh | AP File Photo With Fed Chair hopeful Kevin Warsh’s nomination hearing set for Tuesday, a Senate Banking markup of the Clarity Act is likely to slip to the final week of April, or potentially into the second week of May (the Senate is out the first week), depending on how quickly remaining issues are resolved. Banking Committee Chair Tim Scott (R-SC) released next week’s schedule, which did not mention a Clarity Act markup, sparking fears on social media that the bill could “die” if it doesn’t get voted on by the end of the month. But Paradigm’s VP of Regulatory Affairs, Justin Slaughter, pushed back on that idea, saying the actual time crunch doesn’t begin until after Memorial Day. So, Senators still have roughly six to seven weeks to move the Clarity Act out of the Senate Banking committee and across the Senate floor. Where things stand: Senate Banking Committee members and staff are adding finishing touches to the bill. Key areas still under discussion include ethics and tokenization, according to sources involved in the negotiations, suggesting that thornier issues like DeFi and stablecoin yield have largely been resolved. Senator Thom Tillis (R-NC) told Politico on Monday he’s aiming to release text outlining the stablecoin yield compromise reached between banks and crypto firms this week, though Crypto In America has learned timing could shift depending on when the markup is scheduled. Ethics could come into sharper focus following the recent public dispute between TRON founder Justin Sun and Trump-backed World Liberty Financial. Sun, an early investor in the WLFI platform, has accused the company of misleading investors. It isn’t yet clear whether Democratic senators pushing for stricter ethics provisions, including Adam Schiff (D-CA), will use the episode to bolster their case. While some on social media lamented the delay of the Clarity Act markup, others welcomed indications that would-be Fed Chair Warsh may be more bullish on crypto than previously thought. According to his 69-page financial disclosure, Warsh holds over $100 million in assets, including early-stage investments in roughly a dozen crypto and blockchain companies through venture fund structures. That makes him likely one of the wealthiest Fed Chair nominees in history, and certainly among those with the closest ties to digital assets. Some of Warsh’s investments include DeFi lending platform Compound, decentralized exchange dYdX, Solana, and Ethereum scaling networks like Optimism and Blast, alongside exposure to trading platforms and crypto infrastructure firms. Such links may make for a potentially complex recusal process for Warsh, who’s poised to take over what is shaping up to be a more crypto-friendly central bank. Notably, the Fed granted Kraken Financial access to the coveted master account in January, making it the first crypto company to access the Fed’s payment rails. Warsh’s crypto ties will almost certainly come up during his hearing next week, as senators probe potential financial conflicts of interest, and how he plans to unwind some of the more complicated LP stakes. The Onchain IPO Era with Solana’s Lily Liu This week on the podcast, we sat down with Lily Liu, president of the Solana Foundation, at the Solana Policy Institute’s Washington x Wall Street Summit to talk about where crypto fits into the future of global financial markets. Liu laid out her vision for blockchains like Solana serving as infrastructure for the underlying rails of capital markets. We also dug into why she believes the world’s largest IPOs could move onchain by 2027; how “Netflix-style” distribution of assets could reshape access to investing; and why the next phase of the AI economy will require crypto-native payments. Liu also shared her outlook on U.S. regulation, and how it’s shaping where innovation happens next. Watch this episode on all platforms here. Invest as you spend with the Gemini Credit Card®. Earn up to 4% crypto back on every purchase with no annual fee. Gemini-branded credit products are issued by WebBank. This is not investment advice and trading crypto involves risk. See Rates & Fees. Kraken Faces Extortion as Cyber Threats Hit Crypto Firms Crypto exchange Kraken says it’s being extorted by a criminal group that’s threatening to release videos allegedly showing access to Kraken’s internal systems containing client data. Kraken’s chief security and information officer, Nick Percoco, attributed two incidents — one in February 2025 and another more recently — to inappropriate access by individuals within its support team. He wrote in a post on X that its systems were never breached and no funds were at risk. “We will not pay these criminals; we will not ever negotiate with bad actors,” he said. Roughly 2,000 accounts, or about 0.02% of Kraken’s user base, were potentially viewed, and its affected clients have already been notified, the exchange said. Kraken says it is working with federal authorities, and that it has sufficient evidence to identify and arrest those responsible. Galaxy Digital also disclosed a cybersecurity incident around the same time, saying hackers accessed an isolated research and development workspace, resulting in less than $10,000 in losses. The company claims there was no impact to client funds or core systems. Both incidents come as Drift Protocol grapples with the aftermath of a $280 million dollar hack attributed to North Korean state-sponsored actors, underscoring that cyber threats remain one of crypto’s biggest vulnerabilities. Midweek Recap Photo by Roman Kraft on Unsplash ICYMI: Here are some of the biggest stories making headlines this week. SEC staff released guidance saying certain crypto interfaces, including DeFi front ends, wallet extensions, and apps, may operate without broker-dealer registrations if they meet certain conditions. Ripple partnered with Kyobo Life Insurance to pilot Korea’s first tokenized government bond settlement on blockchain using Ripple Custody. X rolled out Cashtags, allowing users to track stocks and crypto using live charts inside the app. Goldman Sachs is entering the Bitcoin ETF race, filing with the SEC for a Bitcoin Premium Income ETF. The U.S. Justice Department has opened a compensation process for victims of the $4B OneCoin crypto fraud, which ran from 2014 to 2017 and became one of the largest scams in crypto history. Ondo Finance has sought a no action letter from the SEC, requesting clarity on the use of Ethereum for securities recordkeeping. Remember: New editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
Clarity Act Markup Date Slips as Fed Chair Hearing Takes Center Stage
Welcome to the Wednesday edition of the Crypto In America newsletter! What you’ll read: A nomination hearing for Fed Chair nominee Kevin Warsh will take priority over a Clarity Act markup next week; Kraken and Galaxy Digital face cybersecurity threats; Solana’s Lily Liu sits down with Crypto In America, and the headlines driving news this week. Kevin Warsh | AP File Photo With Fed Chair hopeful Kevin Warsh’s nomination hearing set for Tuesday, a Senate Banking markup of the Clarity Act is likely to slip to the final week of April, or potentially into the second week of May (the Senate is out the first week), depending on how quickly remaining issues are resolved. Banking Committee Chair Tim Scott (R-SC) released next week’s schedule, which did not mention a Clarity Act markup, sparking fears on social media that the bill could “die” if it doesn’t get voted on by the end of the month. But Paradigm’s VP of Regulatory Affairs, Justin Slaughter, pushed back on that idea, saying the actual time crunch doesn’t begin until after Memorial Day. So, Senators still have roughly six to seven weeks to move the Clarity Act out of the Senate Banking committee and across the Senate floor. Where things stand: Senate Banking Committee members and staff are adding finishing touches to the bill. Key areas still under discussion include ethics and tokenization, according to sources involved in the negotiations, suggesting that thornier issues like DeFi and stablecoin yield have largely been resolved. Senator Thom Tillis (R-NC) told Politico on Monday he’s aiming to release text outlining the stablecoin yield compromise reached between banks and crypto firms this week, though Crypto In America has learned timing could shift depending on when the markup is scheduled. Ethics could come into sharper focus following the recent public dispute between TRON founder Justin Sun and Trump-backed World Liberty Financial. Sun, an early investor in the WLFI platform, has accused the company of misleading investors. It isn’t yet clear whether Democratic senators pushing for stricter ethics provisions, including Adam Schiff (D-CA), will use the episode to bolster their case. While some on social media lamented the delay of the Clarity Act markup, others welcomed indications that would-be Fed Chair Warsh may be more bullish on crypto than previously thought. According to his 69-page financial disclosure, Warsh holds over $100 million in assets, including early-stage investments in roughly a dozen crypto and blockchain companies through venture fund structures. That makes him likely one of the wealthiest Fed Chair nominees in history, and certainly among those with the closest ties to digital assets. Some of Warsh’s investments include DeFi lending platform Compound, decentralized exchange dYdX, Solana, and Ethereum scaling networks like Optimism and Blast, alongside exposure to trading platforms and crypto infrastructure firms. Such links may make for a potentially complex recusal process for Warsh, who’s poised to take over what is shaping up to be a more crypto-friendly central bank. Notably, the Fed granted Kraken Financial access to the coveted master account in January, making it the first crypto company to access the Fed’s payment rails. Warsh’s crypto ties will almost certainly come up during his hearing next week, as senators probe potential financial conflicts of interest, and how he plans to unwind some of the more complicated LP stakes. The Onchain IPO Era with Solana’s Lily Liu This week on the podcast, we sat down with Lily Liu, president of the Solana Foundation, at the Solana Policy Institute’s Washington x Wall Street Summit to talk about where crypto fits into the future of global financial markets. Liu laid out her vision for blockchains like Solana serving as infrastructure for the underlying rails of capital markets. We also dug into why she believes the world’s largest IPOs could move onchain by 2027; how “Netflix-style” distribution of assets could reshape access to investing; and why the next phase of the AI economy will require crypto-native payments. Liu also shared her outlook on U.S. regulation, and how it’s shaping where innovation happens next. Watch this episode on all platforms here. Invest as you spend with the Gemini Credit Card®. Earn up to 4% crypto back on every purchase with no annual fee. Gemini-branded credit products are issued by WebBank. This is not investment advice and trading crypto involves risk. See Rates & Fees. Kraken Faces Extortion as Cyber Threats Hit Crypto Firms Crypto exchange Kraken says it’s being extorted by a criminal group that’s threatening to release videos allegedly showing access to Kraken’s internal systems containing client data. Kraken’s chief security and information officer, Nick Percoco, attributed two incidents — one in February 2025 and another more recently — to inappropriate access by individuals within its support team. He wrote in a post on X that its systems were never breached and no funds were at risk. “We will not pay these criminals; we will not ever negotiate with bad actors,” he said. Roughly 2,000 accounts, or about 0.02% of Kraken’s user base, were potentially viewed, and its affected clients have already been notified, the exchange said. Kraken says it is working with federal authorities, and that it has sufficient evidence to identify and arrest those responsible. Galaxy Digital also disclosed a cybersecurity incident around the same time, saying hackers accessed an isolated research and development workspace, resulting in less than $10,000 in losses. The company claims there was no impact to client funds or core systems. Both incidents come as Drift Protocol grapples with the aftermath of a $280 million dollar hack attributed to North Korean state-sponsored actors, underscoring that cyber threats remain one of crypto’s biggest vulnerabilities. Midweek Recap Photo by Roman Kraft on Unsplash ICYMI: Here are some of the biggest stories making headlines this week. SEC staff released guidance saying certain crypto interfaces, including DeFi front ends, wallet extensions, and apps, may operate without broker-dealer registrations if they meet certain conditions. Ripple partnered with Kyobo Life Insurance to pilot Korea’s first tokenized government bond settlement on blockchain using Ripple Custody. X rolled out Cashtags, allowing users to track stocks and crypto using live charts inside the app. Goldman Sachs is entering the Bitcoin ETF race, filing with the SEC for a Bitcoin Premium Income ETF. The U.S. Justice Department has opened a compensation process for victims of the $4B OneCoin crypto fraud, which ran from 2014 to 2017 and became one of the largest scams in crypto history. Ondo Finance has sought a no action letter from the SEC, requesting clarity on the use of Ethereum for securities recordkeeping. Remember: New editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
Giancarlo Leaves Law Firm to Focus on Crypto and AI
Welcome to the Monday edition of the Crypto In America newsletter! What you’ll read: Former CFTC Chair Chris Giancarlo is leaving full-time law to go all in on crypto; the Senate is back with the Clarity Act in the spotlight; and bankers respond to the White House stablecoin report. Plus, our usual slate of what to watch this week. J. Christopher Giancarlo Former CFTC Chairman Chris Giancarlo is stepping down from his role as Senior Counsel at white-shoe law firm Willkie Farr & Gallagher to focus full-time on digital assets and AI, Crypto In America has learned. Giancarlo, who many in the industry call “Crypto Dad,” says he is retiring from practicing law at the end of April to focus on strategic advisory work, private investing, research and writing on public policy issues relating to crypto, and philanthropic initiatives. At Willkie, Giancarlo advised digital asset firms on regulatory strategy and helped build the firm’s crypto-focused legal practice. “After six years building Willkie Digital Works, I’ve decided to head out on an exciting new road toward the crypto future of finance,” Giancarlo told Crypto In America. “I look forward to continuing to assist digital asset innovators in building the crypto architecture of 21st Century finance. There has never been a more promising time in America than now.” Giancarlo will also be promoting his upcoming book, “The New Adventures of CryptoDad: The Quest for Financial Freedom in the 21st Century,” set for release in October. The book chronicles the evolution of the crypto industry through the 2024 presidential election, the first year of the second Trump administration, and the broader shift toward an “Internet of Value.” In addition to more regular performances with his band, Crypto Kings, Giancarlo said he’ll share more details on new projects and initiatives in the coming months. 👀 What To Watch This Week Photo by Harold Mendoza on Unsplash Monday The Senate is back in session, and all eyes are on the Banking Committee to notice a markup for the Clarity Act. In the past, markups have been noticed the week prior, so if Chairman Tim Scott (R-SC) and Republican leadership are targeting the week of the 20th, we could see a notice as soon as this week. If the markup slips to the final week of April, a notice would likely come next week instead. Additionally, ears are to the ground for any statements from Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) on the final stablecoin yield compromise. White House Crypto Council Executive Director Patrick Witt told Crypto In America on Friday that a compromise has been reached and that he is confident the various parties will stand by it. “We’ll know we got it right when both sides are equally unhappy…and I think we probably arrived at that place,” Witt said. It remains unclear whether the text will be released publicly ahead of the markup. Witt also said he believed lingering issues around DeFi, tokenization and ethics could be resolved in the days ahead. Elsewhere …. 11:00 a.m.: The Solana Policy Institute will kick off its “Washington x Wall Street” event in Brooklyn, featuring speakers such as White House Crypto Council Executive Director Patrick Witt, Congressman William Timmons (R-SC), former Virginia Governor Terry McAuliffe, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, and others. Crypto In America will host a live, on-stage podcast episode with Lily Liu, president of the Solana Foundation, at 2:20 p.m. Comment period closes for the National Credit Union Administration’s proposed rule on permitted payment stablecoin issuer applications. Tuesday The House is back in session. JPMorgan and BlackRock report quarterly results before markets open. 8:15 a.m.: Treasury Secretary Scott Bessent speaks at the Institute of International Finance. 8:30 a.m.: We’ll get a read on inflation when the Bureau of Labor Statistics releases the March Producer Price Index (PPI). 2:00 p.m.: Brookings Institute hosts an event on prediction markets featuring a discussion with Senator Jeff Merkley (D-OR). Wednesday Happy Tax Day! Morgan Stanley reports quarterly results before the opening bell. 10:15 a.m.: The House Budget Committee holds a hearing with Office of Management and Budget Director Russ Vought. 2:00 p.m.: The Fed publishes its latest Beige Book, giving a snapshot of economic conditions across the country ahead of its next policy meeting. Thursday 10:00 a.m.: CFTC Chairman Michael Selig is set to testify in front of the House Agriculture Committee. Vought will testify before the Senate Budget Committee. The House Financial Services Subcommittee on Financial Institutions will hold a hearing entitled, “Promoting Access to Credit for Everyday Americans” Friday Bank of New York (BNY) reports quarterly results before the opening bell. 2:00 p.m.: Fed Governor Christopher Waller discusses the economic outlook at Auburn University. Banks Respond to White House Stablecoin Report The American Bankers Association is pushing back on the White House’s stablecoin report, arguing that it understates the risks of allowing yield on payment stablecoins. In a new blog post released Monday morning, the trade group representing banks of all sizes across the U.S. said the Council of Economic Advisers (CEA) is asking the wrong question by focusing on the impact of banning yield, rather than what happens if yield is allowed to scale. The banks’ core concern here is that yield-bearing stablecoins could accelerate deposit flight, particularly from community banks, raising funding costs and reducing local lending. While the CEA found that prohibiting yield would have a minimal impact on lending, the banks are arguing that the analysis is based on today’s relatively small stablecoin market, and doesn’t account for a scenario where the sector grows to $1 trillion to $2 trillion. The banks are also pushing back on the idea that deposits would simply be “reshuffled” within the banking system, warning that even if total deposits remain stable, shifts away from smaller banks could reduce credit availability in local communities. In response to the blog, White House Crypto Council Executive Director Patrick Witt told Crypto In America, “The degree to which banks are tilting at windmills over the issue of stablecoin rewards is enough to make Don Quixote blush.” It’s unclear what impact, if any, the bankers’ view will have on the current state of the stablecoin compromise. Tracking GENIUS Act Rulemaking: New Dashboard from Paradigm Finding it tough to keep track of all the GENIUS Act rulemakings? So are we. Paradigm just dropped a new dashboard tracking the 22 proposed rules across six federal agencies involved in the rulemaking process. It shows each rule’s stage, days since enactment and implementation timeline. Check it out here. Weekend News Flash Photo by Matt Botsford on Unsplash ICYMI: The biggest headlines from Friday and the weekend. In a spat on X, TRON founder Justin Sun accused World Liberty Financial of opaque governance and unfair token lockups, prompting a response from the Trump-backed platform: “see you in court.” Tokens linked to President Trump took a nosedive over the weekend, with memecoin TRUMP down 91% and World Liberty Financial down 75% from highs. Coinbase CEO Brian Armstrong said, “It’s time to pass the Clarity Act,” responding to an op-ed from Treasury Secretary Scott Bessent urging the same. Circle responded to the Drift exploit, arguing that its ability to freeze funds is a legal obligation rather than a discretionary power. It also warned that gaps between fast-moving technology and slower legal frameworks are limiting the industry’s ability to respond to exploits. Remember: New editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
Giancarlo Leaves Law Firm to Focus on Crypto and AI
Welcome to the Monday edition of the Crypto In America newsletter! What you’ll read: Former CFTC Chair Chris Giancarlo is leaving full-time law to go all in on crypto; the Senate is back with the Clarity Act in the spotlight; and bankers respond to the White House stablecoin report. Plus, our usual slate of what to watch this week. J. Christopher Giancarlo Former CFTC Chairman Chris Giancarlo is stepping down from his role as Senior Counsel at white-shoe law firm Willkie Farr & Gallagher to focus full-time on digital assets and AI, Crypto In America has learned. Giancarlo, who many in the industry call “Crypto Dad,” says he is retiring from practicing law at the end of April to focus on strategic advisory work, private investing, research and writing on public policy issues relating to crypto, and philanthropic initiatives. At Willkie, Giancarlo advised digital asset firms on regulatory strategy and helped build the firm’s crypto-focused legal practice. “After six years building Willkie Digital Works, I’ve decided to head out on an exciting new road toward the crypto future of finance,” Giancarlo told Crypto In America. “I look forward to continuing to assist digital asset innovators in building the crypto architecture of 21st Century finance. There has never been a more promising time in America than now.” Giancarlo will also be promoting his upcoming book, “The New Adventures of CryptoDad: The Quest for Financial Freedom in the 21st Century,” set for release in October. The book chronicles the evolution of the crypto industry through the 2024 presidential election, the first year of the second Trump administration, and the broader shift toward an “Internet of Value.” In addition to more regular performances with his band, Crypto Kings, Giancarlo said he’ll share more details on new projects and initiatives in the coming months. 👀 What To Watch This Week Photo by Harold Mendoza on Unsplash Monday The Senate is back in session, and all eyes are on the Banking Committee to notice a markup for the Clarity Act. In the past, markups have been noticed the week prior, so if Chairman Tim Scott (R-SC) and Republican leadership are targeting the week of the 20th, we could see a notice as soon as this week. If the markup slips to the final week of April, a notice would likely come next week instead. Additionally, ears are to the ground for any statements from Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) on the final stablecoin yield compromise. White House Crypto Council Executive Director Patrick Witt told Crypto In America on Friday that a compromise has been reached and that he is confident the various parties will stand by it. “We’ll know we got it right when both sides are equally unhappy…and I think we probably arrived at that place,” Witt said. It remains unclear whether the text will be released publicly ahead of the markup. Witt also said he believed lingering issues around DeFi, tokenization and ethics could be resolved in the days ahead. Elsewhere …. 11:00 a.m.: The Solana Policy Institute will kick off its “Washington x Wall Street” event in Brooklyn, featuring speakers such as White House Crypto Council Executive Director Patrick Witt, Congressman William Timmons (R-SC), former Virginia Governor Terry McAuliffe, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, and others. Crypto In America will host a live, on-stage podcast episode with Lily Liu, president of the Solana Foundation, at 2:20 p.m. Comment period closes for the National Credit Union Administration’s proposed rule on permitted payment stablecoin issuer applications. Tuesday The House is back in session. JPMorgan and BlackRock report quarterly results before markets open. 8:15 a.m.: Treasury Secretary Scott Bessent speaks at the Institute of International Finance. 8:30 a.m.: We’ll get a read on inflation when the Bureau of Labor Statistics releases the March Producer Price Index (PPI). 2:00 p.m.: Brookings Institute hosts an event on prediction markets featuring a discussion with Senator Jeff Merkley (D-OR). Wednesday Happy Tax Day! Morgan Stanley reports quarterly results before the opening bell. 10:15 a.m.: The House Budget Committee holds a hearing with Office of Management and Budget Director Russ Vought. 2:00 p.m.: The Fed publishes its latest Beige Book, giving a snapshot of economic conditions across the country ahead of its next policy meeting. Thursday 10:00 a.m.: CFTC Chairman Michael Selig is set to testify in front of the House Agriculture Committee. Vought will testify before the Senate Budget Committee. The House Financial Services Subcommittee on Financial Institutions will hold a hearing entitled, “Promoting Access to Credit for Everyday Americans” Friday Bank of New York (BNY) reports quarterly results before the opening bell. 2:00 p.m.: Fed Governor Christopher Waller discusses the economic outlook at Auburn University. Banks Respond to White House Stablecoin Report The American Bankers Association is pushing back on the White House’s stablecoin report, arguing that it understates the risks of allowing yield on payment stablecoins. In a new blog post released Monday morning, the trade group representing banks of all sizes across the U.S. said the Council of Economic Advisers (CEA) is asking the wrong question by focusing on the impact of banning yield, rather than what happens if yield is allowed to scale. The banks’ core concern here is that yield-bearing stablecoins could accelerate deposit flight, particularly from community banks, raising funding costs and reducing local lending. While the CEA found that prohibiting yield would have a minimal impact on lending, the banks are arguing that the analysis is based on today’s relatively small stablecoin market, and doesn’t account for a scenario where the sector grows to $1 trillion to $2 trillion. The banks are also pushing back on the idea that deposits would simply be “reshuffled” within the banking system, warning that even if total deposits remain stable, shifts away from smaller banks could reduce credit availability in local communities. In response to the blog, White House Crypto Council Executive Director Patrick Witt told Crypto In America, “The degree to which banks are tilting at windmills over the issue of stablecoin rewards is enough to make Don Quixote blush.” It’s unclear what impact, if any, the bankers’ view will have on the current state of the stablecoin compromise. Tracking GENIUS Act Rulemaking: New Dashboard from Paradigm Finding it tough to keep track of all the GENIUS Act rulemakings? So are we. Paradigm just dropped a new dashboard tracking the 22 proposed rules across six federal agencies involved in the rulemaking process. It shows each rule’s stage, days since enactment and implementation timeline. Check it out here. Weekend News Flash Photo by Matt Botsford on Unsplash ICYMI: The biggest headlines from Friday and the weekend. In a spat on X, TRON founder Justin Sun accused World Liberty Financial of opaque governance and unfair token lockups, prompting a response from the Trump-backed platform: “see you in court.” Tokens linked to President Trump took a nosedive over the weekend, with memecoin TRUMP down 91% and World Liberty Financial down 75% from highs. Coinbase CEO Brian Armstrong said, “It’s time to pass the Clarity Act,” responding to an op-ed from Treasury Secretary Scott Bessent urging the same. Circle responded to the Drift exploit, arguing that its ability to freeze funds is a legal obligation rather than a discretionary power. It also warned that gaps between fast-moving technology and slower legal frameworks are limiting the industry’s ability to respond to exploits. Remember: New editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
Giancarlo Leaves Law Firm to Focus on Crypto and AI
Welcome to the Monday edition of the Crypto In America newsletter! What you’ll read: Former CFTC Chair Chris Giancarlo is leaving full-time law to go all in on crypto; the Senate is back with the Clarity Act in the spotlight; and bankers respond to the White House stablecoin report. Plus, our usual slate of what to watch this week. J. Christopher Giancarlo Former CFTC Chairman Chris Giancarlo is stepping down from his role as Senior Counsel at white-shoe law firm Willkie Farr & Gallagher to focus full-time on digital assets and AI, Crypto In America has learned. Giancarlo, who many in the industry call “Crypto Dad,” says he is retiring from practicing law at the end of April to focus on strategic advisory work, private investing, research and writing on public policy issues relating to crypto, and philanthropic initiatives. At Willkie, Giancarlo advised digital asset firms on regulatory strategy and helped build the firm’s crypto-focused legal practice. “After six years building Willkie Digital Works, I’ve decided to head out on an exciting new road toward the crypto future of finance,” Giancarlo told Crypto In America. “I look forward to continuing to assist digital asset innovators in building the crypto architecture of 21st Century finance. There has never been a more promising time in America than now.” Giancarlo will also be promoting his upcoming book, “The New Adventures of CryptoDad: The Quest for Financial Freedom in the 21st Century,” set for release in October. The book chronicles the evolution of the crypto industry through the 2024 presidential election, the first year of the second Trump administration, and the broader shift toward an “Internet of Value.” In addition to more regular performances with his band, Crypto Kings, Giancarlo said he’ll share more details on new projects and initiatives in the coming months. 👀 What To Watch This Week Photo by Harold Mendoza on Unsplash Monday The Senate is back in session, and all eyes are on the Banking Committee to notice a markup for the Clarity Act. In the past, markups have been noticed the week prior, so if Chairman Tim Scott (R-SC) and Republican leadership are targeting the week of the 20th, we could see a notice as soon as this week. If the markup slips to the final week of April, a notice would likely come next week instead. Additionally, ears are to the ground for any statements from Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) on the final stablecoin yield compromise. White House Crypto Council Executive Director Patrick Witt told Crypto In America on Friday that a compromise has been reached and that he is confident the various parties will stand by it. “We’ll know we got it right when both sides are equally unhappy…and I think we probably arrived at that place,” Witt said. It remains unclear whether the text will be released publicly ahead of the markup. Witt also said he believed lingering issues around DeFi, tokenization and ethics could be resolved in the days ahead. Elsewhere …. 11:00 a.m.: The Solana Policy Institute will kick off its “Washington x Wall Street” event in Brooklyn, featuring speakers such as White House Crypto Council Executive Director Patrick Witt, Congressman William Timmons (R-SC), former Virginia Governor Terry McAuliffe, Anthony Scaramucci, founder and managing partner of SkyBridge Capital, and others. Crypto In America will host a live, on-stage podcast episode with Lily Liu, president of the Solana Foundation, at 2:20 p.m. Comment period closes for the National Credit Union Administration’s proposed rule on permitted payment stablecoin issuer applications. Tuesday The House is back in session. JPMorgan and BlackRock report quarterly results before markets open. 8:15 a.m.: Treasury Secretary Scott Bessent speaks at the Institute of International Finance. 8:30 a.m.: We’ll get a read on inflation when the Bureau of Labor Statistics releases the March Producer Price Index (PPI). 2:00 p.m.: Brookings Institute hosts an event on prediction markets featuring a discussion with Senator Jeff Merkley (D-OR). Wednesday Happy Tax Day! Morgan Stanley reports quarterly results before the opening bell. 10:15 a.m.: The House Budget Committee holds a hearing with Office of Management and Budget Director Russ Vought. 2:00 p.m.: The Fed publishes its latest Beige Book, giving a snapshot of economic conditions across the country ahead of its next policy meeting. Thursday 10:00 a.m.: CFTC Chairman Michael Selig is set to testify in front of the House Agriculture Committee. Vought will testify before the Senate Budget Committee. The House Financial Services Subcommittee on Financial Institutions will hold a hearing entitled, “Promoting Access to Credit for Everyday Americans” Friday Bank of New York (BNY) reports quarterly results before the opening bell. 2:00 p.m.: Fed Governor Christopher Waller discusses the economic outlook at Auburn University. Banks Respond to White House Stablecoin Report The American Bankers Association is pushing back on the White House’s stablecoin report, arguing that it understates the risks of allowing yield on payment stablecoins. In a new blog post released Monday morning, the trade group representing banks of all sizes across the U.S. said the Council of Economic Advisers (CEA) is asking the wrong question by focusing on the impact of banning yield, rather than what happens if yield is allowed to scale. The banks’ core concern here is that yield-bearing stablecoins could accelerate deposit flight, particularly from community banks, raising funding costs and reducing local lending. While the CEA found that prohibiting yield would have a minimal impact on lending, the banks are arguing that the analysis is based on today’s relatively small stablecoin market, and doesn’t account for a scenario where the sector grows to $1 trillion to $2 trillion. The banks are also pushing back on the idea that deposits would simply be “reshuffled” within the banking system, warning that even if total deposits remain stable, shifts away from smaller banks could reduce credit availability in local communities. In response to the blog, White House Crypto Council Executive Director Patrick Witt told Crypto In America, “The degree to which banks are tilting at windmills over the issue of stablecoin rewards is enough to make Don Quixote blush.” It’s unclear what impact, if any, the bankers’ view will have on the current state of the stablecoin compromise. Tracking GENIUS Act Rulemaking: New Dashboard from Paradigm Finding it tough to keep track of all the GENIUS Act rulemakings? So are we. Paradigm just dropped a new dashboard tracking the 22 proposed rules across six federal agencies involved in the rulemaking process. It shows each rule’s stage, days since enactment and implementation timeline. Check it out here. Weekend News Flash Photo by Matt Botsford on Unsplash ICYMI: The biggest headlines from Friday and the weekend. In a spat on X, TRON founder Justin Sun accused World Liberty Financial of opaque governance and unfair token lockups, prompting a response from the Trump-backed platform: “see you in court.” Tokens linked to President Trump took a nosedive over the weekend, with memecoin TRUMP down 91% and World Liberty Financial down 75% from highs. Coinbase CEO Brian Armstrong said, “It’s time to pass the Clarity Act,” responding to an op-ed from Treasury Secretary Scott Bessent urging the same. Circle responded to the Drift exploit, arguing that its ability to freeze funds is a legal obligation rather than a discretionary power. It also warned that gaps between fast-moving technology and slower legal frameworks are limiting the industry’s ability to respond to exploits. Remember: New editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
White House Report Finds Stablecoin Yield Poses Limited Risk to Banks
Welcome to the Wednesday edition of the Crypto In America newsletter! What you’ll read: A White House report suggests stablecoin yield may not be the threat to banks they’ve warned of; Roman Storm returns to court; Mysten Labs co-founder and CEO Evan Cheng joins the podcast; and the news driving headlines this week. Photo by David Everett Strickler on Unsplash A report from the White House Council of Economic Advisers released Wednesday morning finds that prohibiting yield on stablecoins would have only a minimal impact on preventing deposit flight from banks, suggesting those concerns may be overstated. The report comes amid a months-long standoff between banking and crypto lobbyists that has stalled market structure legislation in the Senate, with banks warning that yield-bearing stablecoins would drive deposit flight and hit lending, and the crypto industry arguing there’s little evidence to back that up. It also follows weeks of pressure from Senate Banking lawmakers, including Senators Thom Tillis (R-NC), Bill Hagerty (R-TN), and Cynthia Lummis (R-WY), on the White House to release the report to inform ongoing negotiations with industry, as Crypto In America reported last month. The White House analysis is model-based, using current market conditions to simulate how stablecoin yield would affect deposits and lending under different scenarios. Under those conditions, the model finds that eliminating yield would increase bank lending by just $2.1 billion, about 0.02% of total loans, while resulting in a roughly $800 million net welfare loss, meaning the costs to consumers outweigh the benefits to the system. The report also tests a worst-case scenario where stablecoins could more meaningfully impact lending, but only under conditions that do not reflect today’s system, including zero excess reserves and a major shift in Fed policy. “The yield prohibition in the GENIUS Act—and its proposed reinforcement through the CLARITY Act—may be motivated by the concern that competitive stablecoin returns will draw deposits out of the banking system and contract lending,” the report says. “Our model shows that this concern is quantitatively small.” The conclusions align more closely with the crypto industry’s view that allowing customers to earn yield on stablecoins would have limited impact on bank business models. “The facts matter, and it’s good to see the Council of Economic Advisers confirm that stablecoins aren’t a threat to community banks. Stablecoins are a big win for consumers and a big opportunity for banks. Rewards are critical to preserving those benefits,” said Coinbase Chief Policy Officer Faryar Shirzad, whose company has been a leading advocate for allowing customers to earn yield after CEO Brian Armstrong withdrew support for the market structure bill in January, citing excessive deference to banks on the issue. It’s unclear what, if any, implications the study could have on a potential deal between banks and the crypto industry on allowing yield and rewards on stablecoins. As Crypto In America reported on Monday, parties close to the negotiations have remained largely silent on where things stand, though two sources close to the process expressed hope that negotiations are in a good place. Crypto In America reached out to spokespeople for Sen. Tillis and Sen. Alsobrooks, the two senators leading negotiations on the yield compromise, as well as banking representatives, but did not hear back in time for publication. Invest as you spend with the Gemini Credit Card®. Earn up to 4% crypto back on every purchase with no annual fee. Gemini-branded credit products are issued by WebBank. This is not investment advice and trading crypto involves risk. See Rates & Fees. Roman Storm Returns to Court Eight months after Tornado Cash developer Roman Storm was found guilty in the Southern District of New York of operating an unlicensed money-transmitting business, a federal judge will hear arguments Thursday on whether that conviction should be thrown out. Quick recap: In August 2025, a jury deadlocked on more serious charges tied to money laundering and sanctions violations, and Storm was released on bail following his conviction on a single count of operating an unlicensed money-transmitting business. His defense is now asking the court to throw out that conviction, arguing the government failed to prove he knowingly agreed to facilitate illicit activity through the privacy mixer he co-founded. The DOJ has also indicated it plans to retry the case on the two unresolved counts, with a tentative retrial set for October. New wrinkle: Just days before the hearing, federal prosecutors pushed back on Storm’s attempt to lean on a recent Supreme Court ruling (Cox v. Sony), calling it irrelevant. The defense had argued the case — which limits liability for platforms over user behavior — could support Storm’s position that he should not be held liable for how bad actors used Tornado Cash. The DOJ disagrees, arguing in a letter to the court that Storm failed to take meaningful steps to prevent illicit activity and had direct knowledge of illegal funds flowing through Tornado Cash, including those tied to a $600M North Korea-linked hack. In response, Storm’s defense lawyer Keri Curtis Axel told Crypto In America, “We look forward to addressing the government’s letter at the hearing on Thursday.” Why it matters: Judge Failla’s decision will be another key indicator of how U.S. law treats open-source software developers at a crucial time for the industry, as key legislation moves through Congress that includes protections for developers. It also comes amid recent guidance from the U.S. Treasury acknowledging lawful uses for blockchain privacy tools. For more on the case, check out this blog post from our friends at the DeFi Education Fund. Sui Founder on Building for Institutions, Stablecoin Yield Policy, and the AI–Crypto Future This week on the podcast, we sat down with Evan Cheng, co-founder and CEO of Mysten Labs, the team behind the Sui blockchain, to talk about how crypto is evolving from experimental infrastructure into the backbone of modern financial technology. Cheng walked through building Mysten Labs and Sui in a shifting U.S. regulatory environment, how that clarity is unlocking new business models, and where institutions are leaning in today. We also dig into what limits on stablecoin yield could mean for bank competitiveness amid the broader policy debate in Washington, and why he believes AI-driven agents will reshape payments and position blockchain as the trust layer for an automated economy. Watch this episode on all platforms here. Midweek Recap Photo by Roman Kraft on Unsplash ICYMI: Here are some of the biggest stories making headlines this week. Bitcoin jumped following the announcement of a two-week ceasefire between the U.S. and Iran on Tuesday, pushing the asset above $71,000, while oil fell roughly 16% to around $90–$95 as the Strait of Hormuz reopened. Morgan Stanley’s Bitcoin ETF launched on NYSE Arca under the ticker MSBT, marking the first time a major U.S. bank has issued a spot Bitcoin ETF under its own name. The Federal Deposit Insurance Corporation (FDIC) approved a proposed rule to govern stablecoin issuers under the GENIUS Act, setting capital, liquidity, and custody standards, with Chair Travis Hill reaffirming that tokenized deposits will be treated as traditional bank deposits. The rule will be open for a 60-day comment period. Robinhood and BNY Mellon have been tapped by the U.S. Treasury to serve as trustee and build the brokerage platform for Trump Accounts, custodial retirement accounts for children under 18. SEC Chair Paul Atkins said a safe harbor proposal for capital raising in crypto has advanced to White House review, with a formal rule expected shortly. Binance founder CZ released his autobiography “Freedom of Money,” recounting the building of the exchange, its run-ins with regulators, and his time in prison. CME Group announced plans to launch Avalanche and Sui futures on May 4 pending regulatory approval. The U.S. Treasury’s FinCEN proposed sweeping changes to bank anti-money laundering programs, with a renewed focus on combating illicit finance. Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
White House Report Finds Stablecoin Yield Poses Limited Risk to Banks
Welcome to the Wednesday edition of the Crypto In America newsletter! What you’ll read: A White House report suggests stablecoin yield may not be the threat to banks they’ve warned of; Roman Storm returns to court; Mysten Labs co-founder and CEO Evan Cheng joins the podcast; and the news driving headlines this week. Photo by David Everett Strickler on Unsplash A report from the White House Council of Economic Advisers released Wednesday morning finds that prohibiting yield on stablecoins would have only a minimal impact on preventing deposit flight from banks, suggesting those concerns may be overstated. The report comes amid a months-long standoff between banking and crypto lobbyists that has stalled market structure legislation in the Senate, with banks warning that yield-bearing stablecoins would drive deposit flight and hit lending, and the crypto industry arguing there’s little evidence to back that up. It also follows weeks of pressure from Senate Banking lawmakers, including Senators Thom Tillis (R-NC), Bill Hagerty (R-TN), and Cynthia Lummis (R-WY), on the White House to release the report to inform ongoing negotiations with industry, as Crypto In America reported last month. The White House analysis is model-based, using current market conditions to simulate how stablecoin yield would affect deposits and lending under different scenarios. Under those conditions, the model finds that eliminating yield would increase bank lending by just $2.1 billion, about 0.02% of total loans, while resulting in a roughly $800 million net welfare loss, meaning the costs to consumers outweigh the benefits to the system. The report also tests a worst-case scenario where stablecoins could more meaningfully impact lending, but only under conditions that do not reflect today’s system, including zero excess reserves and a major shift in Fed policy. “The yield prohibition in the GENIUS Act—and its proposed reinforcement through the CLARITY Act—may be motivated by the concern that competitive stablecoin returns will draw deposits out of the banking system and contract lending,” the report says. “Our model shows that this concern is quantitatively small.” The conclusions align more closely with the crypto industry’s view that allowing customers to earn yield on stablecoins would have limited impact on bank business models. “The facts matter, and it’s good to see the Council of Economic Advisers confirm that stablecoins aren’t a threat to community banks. Stablecoins are a big win for consumers and a big opportunity for banks. Rewards are critical to preserving those benefits,” said Coinbase Chief Policy Officer Faryar Shirzad, whose company has been a leading advocate for allowing customers to earn yield after CEO Brian Armstrong withdrew support for the market structure bill in January, citing excessive deference to banks on the issue. It’s unclear what, if any, implications the study could have on a potential deal between banks and the crypto industry on allowing yield and rewards on stablecoins. As Crypto In America reported on Monday, parties close to the negotiations have remained largely silent on where things stand, though two sources close to the process expressed hope that negotiations are in a good place. Crypto In America reached out to spokespeople for Sen. Tillis and Sen. Alsobrooks, the two senators leading negotiations on the yield compromise, as well as banking representatives, but did not hear back in time for publication. Invest as you spend with the Gemini Credit Card®. Earn up to 4% crypto back on every purchase with no annual fee. Gemini-branded credit products are issued by WebBank. This is not investment advice and trading crypto involves risk. See Rates & Fees. Roman Storm Returns to Court Eight months after Tornado Cash developer Roman Storm was found guilty in the Southern District of New York of operating an unlicensed money-transmitting business, a federal judge will hear arguments Thursday on whether that conviction should be thrown out. Quick recap: In August 2025, a jury deadlocked on more serious charges tied to money laundering and sanctions violations, and Storm was released on bail following his conviction on a single count of operating an unlicensed money-transmitting business. His defense is now asking the court to throw out that conviction, arguing the government failed to prove he knowingly agreed to facilitate illicit activity through the privacy mixer he co-founded. The DOJ has also indicated it plans to retry the case on the two unresolved counts, with a tentative retrial set for October. New wrinkle: Just days before the hearing, federal prosecutors pushed back on Storm’s attempt to lean on a recent Supreme Court ruling (Cox v. Sony), calling it irrelevant. The defense had argued the case — which limits liability for platforms over user behavior — could support Storm’s position that he should not be held liable for how bad actors used Tornado Cash. The DOJ disagrees, arguing in a letter to the court that Storm failed to take meaningful steps to prevent illicit activity and had direct knowledge of illegal funds flowing through Tornado Cash, including those tied to a $600M North Korea-linked hack. In response, Storm’s defense lawyer Keri Curtis Axel told Crypto In America, “We look forward to addressing the government’s letter at the hearing on Thursday.” Why it matters: Judge Failla’s decision will be another key indicator of how U.S. law treats open-source software developers at a crucial time for the industry, as key legislation moves through Congress that includes protections for developers. It also comes amid recent guidance from the U.S. Treasury acknowledging lawful uses for blockchain privacy tools. For more on the case, check out this blog post from our friends at the DeFi Education Fund. Sui Founder on Building for Institutions, Stablecoin Yield Policy, and the AI–Crypto Future This week on the podcast, we sat down with Evan Cheng, co-founder and CEO of Mysten Labs, the team behind the Sui blockchain, to talk about how crypto is evolving from experimental infrastructure into the backbone of modern financial technology. Cheng walked through building Mysten Labs and Sui in a shifting U.S. regulatory environment, how that clarity is unlocking new business models, and where institutions are leaning in today. We also dig into what limits on stablecoin yield could mean for bank competitiveness amid the broader policy debate in Washington, and why he believes AI-driven agents will reshape payments and position blockchain as the trust layer for an automated economy. Watch this episode on all platforms here. Midweek Recap Photo by Roman Kraft on Unsplash ICYMI: Here are some of the biggest stories making headlines this week. Bitcoin jumped following the announcement of a two-week ceasefire between the U.S. and Iran on Tuesday, pushing the asset above $71,000, while oil fell roughly 16% to around $90–$95 as the Strait of Hormuz reopened. Morgan Stanley’s Bitcoin ETF launched on NYSE Arca under the ticker MSBT, marking the first time a major U.S. bank has issued a spot Bitcoin ETF under its own name. The Federal Deposit Insurance Corporation (FDIC) approved a proposed rule to govern stablecoin issuers under the GENIUS Act, setting capital, liquidity, and custody standards, with Chair Travis Hill reaffirming that tokenized deposits will be treated as traditional bank deposits. The rule will be open for a 60-day comment period. Robinhood and BNY Mellon have been tapped by the U.S. Treasury to serve as trustee and build the brokerage platform for Trump Accounts, custodial retirement accounts for children under 18. SEC Chair Paul Atkins said a safe harbor proposal for capital raising in crypto has advanced to White House review, with a formal rule expected shortly. Binance founder CZ released his autobiography “Freedom of Money,” recounting the building of the exchange, its run-ins with regulators, and his time in prison. CME Group announced plans to launch Avalanche and Sui futures on May 4 pending regulatory approval. The U.S. Treasury’s FinCEN proposed sweeping changes to bank anti-money laundering programs, with a renewed focus on combating illicit finance. Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
White House Report Finds Stablecoin Yield Poses Limited Risk to Banks
Welcome to the Wednesday edition of the Crypto In America newsletter! What you’ll read: A White House report suggests stablecoin yield may not be the threat to banks they’ve warned of; Roman Storm returns to court; Mysten Labs co-founder and CEO Evan Cheng joins the podcast; and the news driving headlines this week. Photo by David Everett Strickler on Unsplash A report from the White House Council of Economic Advisers released Wednesday morning finds that prohibiting yield on stablecoins would have only a minimal impact on preventing deposit flight from banks, suggesting those concerns may be overstated. The report comes amid a months-long standoff between banking and crypto lobbyists that has stalled market structure legislation in the Senate, with banks warning that yield-bearing stablecoins would drive deposit flight and hit lending, and the crypto industry arguing there’s little evidence to back that up. It also follows weeks of pressure from Senate Banking lawmakers, including Senators Thom Tillis (R-NC), Bill Hagerty (R-TN), and Cynthia Lummis (R-WY), on the White House to release the report to inform ongoing negotiations with industry, as Crypto In America reported last month. The White House analysis is model-based, using current market conditions to simulate how stablecoin yield would affect deposits and lending under different scenarios. Under those conditions, the model finds that eliminating yield would increase bank lending by just $2.1 billion, about 0.02% of total loans, while resulting in a roughly $800 million net welfare loss, meaning the costs to consumers outweigh the benefits to the system. The report also tests a worst-case scenario where stablecoins could more meaningfully impact lending, but only under conditions that do not reflect today’s system, including zero excess reserves and a major shift in Fed policy. “The yield prohibition in the GENIUS Act—and its proposed reinforcement through the CLARITY Act—may be motivated by the concern that competitive stablecoin returns will draw deposits out of the banking system and contract lending,” the report says. “Our model shows that this concern is quantitatively small.” The conclusions align more closely with the crypto industry’s view that allowing customers to earn yield on stablecoins would have limited impact on bank business models. “The facts matter, and it’s good to see the Council of Economic Advisers confirm that stablecoins aren’t a threat to community banks. Stablecoins are a big win for consumers and a big opportunity for banks. Rewards are critical to preserving those benefits,” said Coinbase Chief Policy Officer Faryar Shirzad, whose company has been a leading advocate for allowing customers to earn yield after CEO Brian Armstrong withdrew support for the market structure bill in January, citing excessive deference to banks on the issue. It’s unclear what, if any, implications the study could have on a potential deal between banks and the crypto industry on allowing yield and rewards on stablecoins. As Crypto In America reported on Monday, parties close to the negotiations have remained largely silent on where things stand, though two sources close to the process expressed hope that negotiations are in a good place. Crypto In America reached out to spokespeople for Sen. Tillis and Sen. Alsobrooks, the two senators leading negotiations on the yield compromise, as well as banking representatives, but did not hear back in time for publication. Invest as you spend with the Gemini Credit Card®. Earn up to 4% crypto back on every purchase with no annual fee. Gemini-branded credit products are issued by WebBank. This is not investment advice and trading crypto involves risk. See Rates & Fees. Roman Storm Returns to Court Eight months after Tornado Cash developer Roman Storm was found guilty in the Southern District of New York of operating an unlicensed money-transmitting business, a federal judge will hear arguments Thursday on whether that conviction should be thrown out. Quick recap: In August 2025, a jury deadlocked on more serious charges tied to money laundering and sanctions violations, and Storm was released on bail following his conviction on a single count of operating an unlicensed money-transmitting business. His defense is now asking the court to throw out that conviction, arguing the government failed to prove he knowingly agreed to facilitate illicit activity through the privacy mixer he co-founded. The DOJ has also indicated it plans to retry the case on the two unresolved counts, with a tentative retrial set for October. New wrinkle: Just days before the hearing, federal prosecutors pushed back on Storm’s attempt to lean on a recent Supreme Court ruling (Cox v. Sony), calling it irrelevant. The defense had argued the case — which limits liability for platforms over user behavior — could support Storm’s position that he should not be held liable for how bad actors used Tornado Cash. The DOJ disagrees, arguing in a letter to the court that Storm failed to take meaningful steps to prevent illicit activity and had direct knowledge of illegal funds flowing through Tornado Cash, including those tied to a $600M North Korea-linked hack. In response, Storm’s defense lawyer Keri Curtis Axel told Crypto In America, “We look forward to addressing the government’s letter at the hearing on Thursday.” Why it matters: Judge Failla’s decision will be another key indicator of how U.S. law treats open-source software developers at a crucial time for the industry, as key legislation moves through Congress that includes protections for developers. It also comes amid recent guidance from the U.S. Treasury acknowledging lawful uses for blockchain privacy tools. For more on the case, check out this blog post from our friends at the DeFi Education Fund. Sui Founder on Building for Institutions, Stablecoin Yield Policy, and the AI–Crypto Future This week on the podcast, we sat down with Evan Cheng, co-founder and CEO of Mysten Labs, the team behind the Sui blockchain, to talk about how crypto is evolving from experimental infrastructure into the backbone of modern financial technology. Cheng walked through building Mysten Labs and Sui in a shifting U.S. regulatory environment, how that clarity is unlocking new business models, and where institutions are leaning in today. We also dig into what limits on stablecoin yield could mean for bank competitiveness amid the broader policy debate in Washington, and why he believes AI-driven agents will reshape payments and position blockchain as the trust layer for an automated economy. Watch this episode on all platforms here. Midweek Recap Photo by Roman Kraft on Unsplash ICYMI: Here are some of the biggest stories making headlines this week. Bitcoin jumped following the announcement of a two-week ceasefire between the U.S. and Iran on Tuesday, pushing the asset above $71,000, while oil fell roughly 16% to around $90–$95 as the Strait of Hormuz reopened. Morgan Stanley’s Bitcoin ETF launched on NYSE Arca under the ticker MSBT, marking the first time a major U.S. bank has issued a spot Bitcoin ETF under its own name. The Federal Deposit Insurance Corporation (FDIC) approved a proposed rule to govern stablecoin issuers under the GENIUS Act, setting capital, liquidity, and custody standards, with Chair Travis Hill reaffirming that tokenized deposits will be treated as traditional bank deposits. The rule will be open for a 60-day comment period. Robinhood and BNY Mellon have been tapped by the U.S. Treasury to serve as trustee and build the brokerage platform for Trump Accounts, custodial retirement accounts for children under 18. SEC Chair Paul Atkins said a safe harbor proposal for capital raising in crypto has advanced to White House review, with a formal rule expected shortly. Binance founder CZ released his autobiography “Freedom of Money,” recounting the building of the exchange, its run-ins with regulators, and his time in prison. CME Group announced plans to launch Avalanche and Sui futures on May 4 pending regulatory approval. The U.S. Treasury’s FinCEN proposed sweeping changes to bank anti-money laundering programs, with a renewed focus on combating illicit finance. Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
Stakeholders Mum on Yield Details as Late-April Markup Expectations Build
Welcome to the Monday edition of the Crypto In America newsletter! What you’ll read: The tick-tock on stablecoin yield and the Clarity Act, what to watch this week, and the headlines you might have missed. Photo by Sara Cottle on Unsplash Senators have one more week of calm before returning to a storm of spring activity: confirming Federal Reserve Chair nominee Kevin Warsh, advancing a reconciliation package and, most important to the crypto industry, passing the Clarity Act. As it stands, the key issue holding up the bill — a debate between banks and crypto over how companies can offer rewards on customers’ stablecoin holdings without triggering deposit flight — appears to be at an inflection point after a second round of meetings with Senate staffers late last week. According to two industry sources who spoke with Crypto In America on condition of anonymity because they were not authorized to comment, one from crypto and one from banking, stakeholders reviewed the latest compromise language Thursday, with banks briefed Friday. Neither would discuss details but said they were hopeful a workable solution had been reached this time. The revised deal follows two months of tense negotiations that ended in industry dissatisfaction with a late-March draft from Sens. Thom Tillis (R-NC), Angela Alsobrooks (D-MD), and the White House, which some stakeholders, including Coinbase and Stripe, balked at. A Stripe spokesperson declined to comment. A Coinbase spokesperson also declined to comment, though its Chief Legal Officer Paul Grewal sparked some excitement following a TV interview last Wednesday in which the host said Coinbase had indicated “a deal could come together within 48 hours.” Asked if he believed that to be true, Grewal said he was “very confident” he would see progress. So far, silence, and it remains unclear whether the Senate Banking Committee plans to release the deal text publicly ahead of a markup many expect Chair Tim Scott (R-SC) to schedule in the final two weeks of April. Meanwhile, a White House Council of Economic Advisers study on stablecoin yield and its potential impact on deposit flight and bank lending has yet to be released, as Banking Committee members continue to press for its publication. Crypto In America first reported on the study last month after a Senate Republican meeting on market structure, where Tillis and others pressed White House Crypto Council Executive Director Patrick Witt to make it public. The study is said to include economic analysis that leans positive for crypto in the debate over deposit flight. It’s not clear why the White House appears to be holding back the report. If the yield issue is indeed moving to the back burner, it means Banking Committee staff and members, once they return, have the next two weeks to close out, as best they can, remaining issues related to DeFi, tokenization, and token classification. With time ticking down, ethics concerns may ramp up again as Democrats grow wary of an April 25 event for TRUMP memecoin holders at Mar-a-Lago, set to feature the president around the same time as a potential markup. 👀 What To Watch This Week Photo by Pierre Borthiry - Peiobty on Unsplash Monday The House and Senate are out on Easter break. 9:00 a.m.: Vanderbilt University and the Blockchain Association will host the Digital Assets and Emerging Technology Policy Summit, featuring speakers including Senator Bill Hagerty (R-TN), House Financial Services Committee Chairman French Hill (R-AR), Rep. William Timmons (R-SC), SEC Chairman Paul Atkins, and CFTC Chairman Michael Selig. Crypto In America’s Eleanor Terrett will moderate a discussion with Reps. Hill and Timmons at 1:30 p.m. CT. Tuesday 11:00 a.m.: SEC Chair Atkins will deliver a keynote at the Texas Stock Exchange’s “BOOM BELT” event in Miami alongside Govs. Ron DeSantis and Greg Abbott. 1:00 p.m.: The Federal Deposit Insurance Corporation (FDIC) will hold a board meeting to vote on proposed stablecoin rules, as part of a broader push to establish prudential standards for issuers. Wednesday 9:00 a.m.: Token Americas, a stablecoin and digital payments summit, kicks off at the University of Miami. 2:00 p.m.: The Fed releases its March meeting minutes, detailing policymakers’ latest views on inflation, interest rates, and the economic outlook. Thursday 8:30 a.m.: Personal Consumption Expenditures (PCE), the Fed’s preferred inflation gauge, is out from the Bureau of Economic Analysis, tracking price changes in consumer spending. The Commerce Department publishes its second estimate of Q4 GDP. Friday 8:30 a.m.: CPI data, another inflation gauge, from the Bureau of Labor Statistics, is due. PCE and CPI data will test whether the Fed can keep holding off on rate cuts. 10:00 a.m.: University of Michigan preliminary consumer sentiment data due, offering a snapshot of how consumers view the economy. Weekend News Flash Photo by Matt Botsford on Unsplash ICYMI: The biggest headlines from Friday and the weekend. Drift Protocol said the $285 million April 1 hack was carried out through a months-long, targeted social engineering operation by North Korean hackers. Bitcoin climbed toward $70,000 over the weekend on signs of possible de-escalation in the Iran conflict, plus a short squeeze that liquidated more than $270 million in short positions. Todd Blanche, author of the DOJ memo that scaled back federal crypto enforcement, is now serving as interim U.S. Attorney General following Pam Bondi’s departure. The CFTC sued Illinois, Arizona, and Connecticut over efforts to block prediction market platforms it says fall under its exclusive federal oversight. The Treasury Department released a notice of proposed rulemaking seeking public comment on its implementation of the GENIUS Act. Coinbase received conditional approval for a national trust charter from the OCC, joining Circle, Ripple, Paxos, and other crypto firms that received similar approvals in December. Charles Schwab teased Bitcoin and Ethereum trading for customers is coming “soon” under a new ‘Schwab Crypto’ initiative and has opened signups for updates and potential early access. The International Monetary Fund (IMF) says tokenized finance, where trades settle instantly, could reshape finance by cutting out intermediaries but may also accelerate market stress in downturns. Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
Stakeholders Mum on Yield Details as Late-April Markup Expectations Build
Welcome to the Monday edition of the Crypto In America newsletter! What you’ll read: The tick-tock on stablecoin yield and the Clarity Act, what to watch this week, and the headlines you might have missed. Photo by Sara Cottle on Unsplash Senators have one more week of calm before returning to a storm of spring activity: confirming Federal Reserve Chair nominee Kevin Warsh, advancing a reconciliation package and, most important to the crypto industry, passing the Clarity Act. As it stands, the key issue holding up the bill — a debate between banks and crypto over how companies can offer rewards on customers’ stablecoin holdings without triggering deposit flight — appears to be at an inflection point after a second round of meetings with Senate staffers late last week. According to two industry sources who spoke with Crypto In America on condition of anonymity because they were not authorized to comment, one from crypto and one from banking, stakeholders reviewed the latest compromise language Thursday, with banks briefed Friday. Neither would discuss details but said they were hopeful a workable solution had been reached this time. The revised deal follows two months of tense negotiations that ended in industry dissatisfaction with a late-March draft from Sens. Thom Tillis (R-NC), Angela Alsobrooks (D-MD), and the White House, which some stakeholders, including Coinbase and Stripe, balked at. A Stripe spokesperson declined to comment. A Coinbase spokesperson also declined to comment, though its Chief Legal Officer Paul Grewal sparked some excitement following a TV interview last Wednesday in which the host said Coinbase had indicated “a deal could come together within 48 hours.” Asked if he believed that to be true, Grewal said he was “very confident” he would see progress. So far, silence, and it remains unclear whether the Senate Banking Committee plans to release the deal text publicly ahead of a markup many expect Chair Tim Scott (R-SC) to schedule in the final two weeks of April. Meanwhile, a White House Council of Economic Advisers study on stablecoin yield and its potential impact on deposit flight and bank lending has yet to be released, as Banking Committee members continue to press for its publication. Crypto In America first reported on the study last month after a Senate Republican meeting on market structure, where Tillis and others pressed White House Crypto Council Executive Director Patrick Witt to make it public. The study is said to include economic analysis that leans positive for crypto in the debate over deposit flight. It’s not clear why the White House appears to be holding back the report. If the yield issue is indeed moving to the back burner, it means Banking Committee staff and members, once they return, have the next two weeks to close out, as best they can, remaining issues related to DeFi, tokenization, and token classification. With time ticking down, ethics concerns may ramp up again as Democrats grow wary of an April 25 event for TRUMP memecoin holders at Mar-a-Lago, set to feature the president around the same time as a potential markup. 👀 What To Watch This Week Photo by Pierre Borthiry - Peiobty on Unsplash Monday The House and Senate are out on Easter break. 9:00 a.m.: Vanderbilt University and the Blockchain Association will host the Digital Assets and Emerging Technology Policy Summit, featuring speakers including Senator Bill Hagerty (R-TN), House Financial Services Committee Chairman French Hill (R-AR), Rep. William Timmons (R-SC), SEC Chairman Paul Atkins, and CFTC Chairman Michael Selig. Crypto In America’s Eleanor Terrett will moderate a discussion with Reps. Hill and Timmons at 1:30 p.m. CT. Tuesday 11:00 a.m.: SEC Chair Atkins will deliver a keynote at the Texas Stock Exchange’s “BOOM BELT” event in Miami alongside Govs. Ron DeSantis and Greg Abbott. 1:00 p.m.: The Federal Deposit Insurance Corporation (FDIC) will hold a board meeting to vote on proposed stablecoin rules, as part of a broader push to establish prudential standards for issuers. Wednesday 9:00 a.m.: Token Americas, a stablecoin and digital payments summit, kicks off at the University of Miami. 2:00 p.m.: The Fed releases its March meeting minutes, detailing policymakers’ latest views on inflation, interest rates, and the economic outlook. Thursday 8:30 a.m.: Personal Consumption Expenditures (PCE), the Fed’s preferred inflation gauge, is out from the Bureau of Economic Analysis, tracking price changes in consumer spending. The Commerce Department publishes its second estimate of Q4 GDP. Friday 8:30 a.m.: CPI data, another inflation gauge, from the Bureau of Labor Statistics, is due. PCE and CPI data will test whether the Fed can keep holding off on rate cuts. 10:00 a.m.: University of Michigan preliminary consumer sentiment data due, offering a snapshot of how consumers view the economy. Weekend News Flash Photo by Matt Botsford on Unsplash ICYMI: The biggest headlines from Friday and the weekend. Drift Protocol said the $285 million April 1 hack was carried out through a months-long, targeted social engineering operation by North Korean hackers. Bitcoin climbed toward $70,000 over the weekend on signs of possible de-escalation in the Iran conflict, plus a short squeeze that liquidated more than $270 million in short positions. Todd Blanche, author of the DOJ memo that scaled back federal crypto enforcement, is now serving as interim U.S. Attorney General following Pam Bondi’s departure. The CFTC sued Illinois, Arizona, and Connecticut over efforts to block prediction market platforms it says fall under its exclusive federal oversight. The Treasury Department released a notice of proposed rulemaking seeking public comment on its implementation of the GENIUS Act. Coinbase received conditional approval for a national trust charter from the OCC, joining Circle, Ripple, Paxos, and other crypto firms that received similar approvals in December. Charles Schwab teased Bitcoin and Ethereum trading for customers is coming “soon” under a new ‘Schwab Crypto’ initiative and has opened signups for updates and potential early access. The International Monetary Fund (IMF) says tokenized finance, where trades settle instantly, could reshape finance by cutting out intermediaries but may also accelerate market stress in downturns. Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now
Stakeholders Mum on Yield Details as Late-April Markup Expectations Build
Welcome to the Monday edition of the Crypto In America newsletter! What you’ll read: The tick-tock on stablecoin yield and the Clarity Act, what to watch this week, and the headlines you might have missed. Photo by Sara Cottle on Unsplash Senators have one more week of calm before returning to a storm of spring activity: confirming Federal Reserve Chair nominee Kevin Warsh, advancing a reconciliation package and, most important to the crypto industry, passing the Clarity Act. As it stands, the key issue holding up the bill — a debate between banks and crypto over how companies can offer rewards on customers’ stablecoin holdings without triggering deposit flight — appears to be at an inflection point after a second round of meetings with Senate staffers late last week. According to two industry sources who spoke with Crypto In America on condition of anonymity because they were not authorized to comment, one from crypto and one from banking, stakeholders reviewed the latest compromise language Thursday, with banks briefed Friday. Neither would discuss details but said they were hopeful a workable solution had been reached this time. The revised deal follows two months of tense negotiations that ended in industry dissatisfaction with a late-March draft from Sens. Thom Tillis (R-NC), Angela Alsobrooks (D-MD), and the White House, which some stakeholders, including Coinbase and Stripe, balked at. A Stripe spokesperson declined to comment. A Coinbase spokesperson also declined to comment, though its Chief Legal Officer Paul Grewal sparked some excitement following a TV interview last Wednesday in which the host said Coinbase had indicated “a deal could come together within 48 hours.” Asked if he believed that to be true, Grewal said he was “very confident” he would see progress. So far, silence, and it remains unclear whether the Senate Banking Committee plans to release the deal text publicly ahead of a markup many expect Chair Tim Scott (R-SC) to schedule in the final two weeks of April. Meanwhile, a White House Council of Economic Advisers study on stablecoin yield and its potential impact on deposit flight and bank lending has yet to be released, as Banking Committee members continue to press for its publication. Crypto In America first reported on the study last month after a Senate Republican meeting on market structure, where Tillis and others pressed White House Crypto Council Executive Director Patrick Witt to make it public. The study is said to include economic analysis that leans positive for crypto in the debate over deposit flight. It’s not clear why the White House appears to be holding back the report. If the yield issue is indeed moving to the back burner, it means Banking Committee staff and members, once they return, have the next two weeks to close out, as best they can, remaining issues related to DeFi, tokenization, and token classification. With time ticking down, ethics concerns may ramp up again as Democrats grow wary of an April 25 event for TRUMP memecoin holders at Mar-a-Lago, set to feature the president around the same time as a potential markup. 👀 What To Watch This Week Photo by Pierre Borthiry - Peiobty on Unsplash Monday The House and Senate are out on Easter break. 9:00 a.m.: Vanderbilt University and the Blockchain Association will host the Digital Assets and Emerging Technology Policy Summit, featuring speakers including Senator Bill Hagerty (R-TN), House Financial Services Committee Chairman French Hill (R-AR), Rep. William Timmons (R-SC), SEC Chairman Paul Atkins, and CFTC Chairman Michael Selig. Crypto In America’s Eleanor Terrett will moderate a discussion with Reps. Hill and Timmons at 1:30 p.m. CT. Tuesday 11:00 a.m.: SEC Chair Atkins will deliver a keynote at the Texas Stock Exchange’s “BOOM BELT” event in Miami alongside Govs. Ron DeSantis and Greg Abbott. 1:00 p.m.: The Federal Deposit Insurance Corporation (FDIC) will hold a board meeting to vote on proposed stablecoin rules, as part of a broader push to establish prudential standards for issuers. Wednesday 9:00 a.m.: Token Americas, a stablecoin and digital payments summit, kicks off at the University of Miami. 2:00 p.m.: The Fed releases its March meeting minutes, detailing policymakers’ latest views on inflation, interest rates, and the economic outlook. Thursday 8:30 a.m.: Personal Consumption Expenditures (PCE), the Fed’s preferred inflation gauge, is out from the Bureau of Economic Analysis, tracking price changes in consumer spending. The Commerce Department publishes its second estimate of Q4 GDP. Friday 8:30 a.m.: CPI data, another inflation gauge, from the Bureau of Labor Statistics, is due. PCE and CPI data will test whether the Fed can keep holding off on rate cuts. 10:00 a.m.: University of Michigan preliminary consumer sentiment data due, offering a snapshot of how consumers view the economy. Weekend News Flash Photo by Matt Botsford on Unsplash ICYMI: The biggest headlines from Friday and the weekend. Drift Protocol said the $285 million April 1 hack was carried out through a months-long, targeted social engineering operation by North Korean hackers. Bitcoin climbed toward $70,000 over the weekend on signs of possible de-escalation in the Iran conflict, plus a short squeeze that liquidated more than $270 million in short positions. Todd Blanche, author of the DOJ memo that scaled back federal crypto enforcement, is now serving as interim U.S. Attorney General following Pam Bondi’s departure. The CFTC sued Illinois, Arizona, and Connecticut over efforts to block prediction market platforms it says fall under its exclusive federal oversight. The Treasury Department released a notice of proposed rulemaking seeking public comment on its implementation of the GENIUS Act. Coinbase received conditional approval for a national trust charter from the OCC, joining Circle, Ripple, Paxos, and other crypto firms that received similar approvals in December. Charles Schwab teased Bitcoin and Ethereum trading for customers is coming “soon” under a new ‘Schwab Crypto’ initiative and has opened signups for updates and potential early access. The International Monetary Fund (IMF) says tokenized finance, where trades settle instantly, could reshape finance by cutting out intermediaries but may also accelerate market stress in downturns. Remember, new editions of the Crypto In America newsletter drop every Monday and Wednesday. If you like what you’re reading, don’t forget to subscribe! Subscribe now