The U.S. Senate loses another crypto tax reform advocate, Daines has confirmed he will not seek re-election.

FATF proposes granting more control rights to stablecoin issuers

The FATF recommends that countries mandate stablecoin issuers to integrate smart contract functions to prevent money laundering and illegal funding. It warns of vulnerabilities in unhosted wallets and the use of stablecoins by cybercriminals. Meanwhile, the European Central Bank raises concerns about stablecoins' impact on bank deposits and monetary policy. Despite this, USD-pegged stablecoin supply has risen significantly, with Tether holding the majority.

Kalshi refuses $54 million payout, insider trading controversy heats up in prediction markets

The prediction market platform Kalshi refused to pay users' expected $54 million payout, citing that its contract "exit" definition does not include assassination scenarios. The incident has sparked insider trading allegations against competitor Polymarket. U.S. senators plan to introduce legislation to ban prediction contracts related to government actions, arguing that such markets distort public judgment.

U.S. banking industry strongly opposes Kraken's access to the Federal Reserve, Trump angrily accuses of obstructing crypto agenda

Cryptocurrency exchange Kraken becomes the first company to hold a main account with the U.S. Federal Reserve, allowing direct settlement of USD transactions. However, this has sparked strong opposition from the banking industry, which is concerned about potential threats to financial stability. Stablecoins could lead to a $6.6 trillion outflow of deposits, affecting lending costs. Trump supports the crypto agenda, accusing banks of obstructing legislation, indicating his political stance and vested interests.

E-commerce giant Coupang begins building a legal team for stablecoin

Coupang Pay is expanding its legal team to pursue stablecoin ambitions, hiring a new attorney and a senior legal advisor focused on fintech regulations and global payment partnerships, especially in light of South Korea's evolving stablecoin framework.

Forecasting market regulation framework launched! SEC and CFTC submit plans to the White House

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have submitted regulatory proposals to the White House, focusing on the classification of crypto assets and rules for prediction markets. The SEC plans to establish token classification standards to clarify regulatory responsibilities for different types of tokens, while the CFTC proposes to develop formal regulations for prediction markets. This submission reflects significant changes in the financial regulatory process, highlighting the White House's increased influence on the regulatory agenda.

Sources: UK and US have disagreements on cryptocurrency cooperation

Regulatory agencies in the UK and the US have disagreements regarding testing blockchain financial securities. The UK favors "sandbox" testing, while the US is more supportive of "exemption relief." Although there is consensus on stablecoin regulations, the two sides still have differing opinions on specific testing approaches, and recommendation reports are expected to be submitted before summer.