A high-stakes lobbying war is unfolding in Washington as traditional banks clash with the cryptocurrency industry over regulatory boundaries. The conflict centers on whether crypto exchanges should be permitted to offer interest-like payments on digital assets. With trillions of dollars potentially at stake, both sides are intensifying their efforts to influence upcoming legislation that could fundamentally reshape the financial landscape.
about Banks vs Crypto: Lobbying Battle Over Digital Asset InterestSummer Mersinger
0 posts last weekSEC Plans Innovation Exemption for Crypto Projects
The U.S. Securities and Exchange Commission is accelerating plans to formalize an ‘innovation exemption’ that would streamline compliance for crypto projects and foster technological advancement. SEC Chair Paul Atkins announced the framework could be implemented by late 2025 or early 2026, marking a significant departure from the agency’s previous regulatory approach and signaling a new era of support for digital asset innovation within American borders.
about SEC Plans Innovation Exemption for Crypto ProjectsWhite House Withdraws Brian Quintenz CFTC Chair Nomination
The White House has withdrawn Brian Quintenz’s nomination to chair the Commodity Futures Trading Commission, creating a leadership vacuum at a critical financial regulator. The unexpected move follows reported pressure from prominent cryptocurrency figures and comes amid ongoing government instability, leaving the CFTC without permanent leadership during a period of significant market uncertainty.
about White House Withdraws Brian Quintenz CFTC Chair NominationUS House to Hold Hearing on Crypto Tax Policy Framework
The US House Committee on Ways and Means and Oversight Subcommittee has announced a July 16 hearing titled ‘Ensuring Digital Asset Policy Built for the 21st Century.’ The hearing will focus on creating a tax policy framework for digital assets, aligning with Republican-led efforts to advance crypto-related bills on CBDCs, stablecoins, and market structure. While the hearing notice did not specify witnesses, the Senate Banking Committee recently discussed similar market structure legislation with industry leaders like Ripple CEO Brad Garlinghouse. This hearing underscores growing legislative attention to crypto regulation and taxation.
about US House to Hold Hearing on Crypto Tax Policy FrameworkRipple CEO to Testify on Crypto Legislation Before Senate
Ripple CEO Brad Garlinghouse will testify before the U.S. Senate Banking Committee on July 9, advocating for clear crypto market structure legislation. The hearing, ‘From Wall Street to Web3,’ will include discussions on the GENIUS ACT, which mandates 100% reserve backing for stablecoins, and the CLARITY Act, aiming to define crypto tokens as securities or commodities. Garlinghouse’s testimony underscores Ripple’s push for regulatory clarity, especially for XRP, amid ongoing legal battles with the SEC. Ripple is also seeking a national bank charter and a Federal Reserve master account, positioning itself as a crypto-native firm with FDIC-insured services. The outcome could shape the future of crypto regulation in the U.S., with XRP’s price showing modest gains ahead of the hearing.
about Ripple CEO to Testify on Crypto Legislation Before SenateRipple CEO Testifies as XRP Faces SEC or CFTC Oversight
Ripple CEO Brad Garlinghouse will testify before the Senate Banking Committee on July 9, addressing the need for crypto market structure legislation. The hearing coincides with XRP forming a bullish inverse head-and-shoulders pattern, suggesting a potential 12% price surge. Meanwhile, Ripple’s legal battle with the SEC continues, with a denied settlement motion and lingering questions over XRP’s classification. The Senate hearing precedes ‘Crypto Week,’ where lawmakers will discuss key bills, including the CLARITY Act, which could define XRP’s regulatory status. A favorable ruling could place XRP under CFTC oversight, providing clarity for investors and the broader crypto market.
about Ripple CEO Testifies as XRP Faces SEC or CFTC OversightBrian Quintenz’s CFTC Nomination Advances to Senate Hearing
Brian Quintenz, nominated by former President Donald Trump to chair the CFTC, is set for a Senate Agriculture Committee hearing on June 10. The hearing comes after the departures of commissioners Summer Mersinger and Christy Goldsmith Romero, reducing the five-seat panel to just two confirmed members. If confirmed, Quintenz would lead a near-total leadership transition, as acting chair Caroline Pham and Commissioner Kristin Johnson have also announced plans to depart. The CFTC, a key financial regulator, faces significant changes amid this reshuffling.
about Brian Quintenz's CFTC Nomination Advances to Senate HearingBitcoin Holds Steady at $109K Amid Institutional ETF Inflows
Bitcoin (BTC) has stabilized around $109,000 after hitting an all-time high of $111,970, supported by $934.8 million in spot BTC ETF inflows, led by BlackRock’s IBIT. Despite $112 million in BTC long liquidations, whales continue holding, signaling potential rebound strength. Cardano (ADA) maintains key support levels despite a minor dip, with bullish sentiment fueled by its upcoming ‘Ouroboros Leios’ upgrade. Dogwifhat (WIF) outperforms the market with double-digit gains, driven by meme coin speculation and event-driven interest. Regulatory anticipation grows as the CFTC’s Summer Mersinger hints at perpetual futures, which could further boost crypto exposure.
about Bitcoin Holds Steady at $109K Amid Institutional ETF InflowsUS Nears Approval for Crypto Perpetual Futures Contracts
Outgoing CFTC Commissioner Summer Mersinger has indicated that crypto perpetual futures contracts could receive regulatory approval in the US “very soon.” Speaking to Bloomberg TV, Mersinger noted that applications are already being reviewed, and these products may begin trading shortly. This move could help bring crypto derivatives trading back to US-regulated markets, enhancing oversight and investor protection. The development marks a significant step in the integration of crypto assets into traditional financial frameworks.
about US Nears Approval for Crypto Perpetual Futures ContractsU.S. May Soon Approve Crypto Perpetual Futures: CFTC
CFTC Commissioner Summer Mersinger announced that crypto perpetual futures may soon debut in the U.S., citing pending applications and potential economic benefits. However, the agency faces upheaval as four commissioners, including Mersinger, prepare to depart, potentially delaying enforcement and rulemaking. While proponents argue perpetual futures could enhance U.S. market participation, critics warn of risks to investors. The CFTC’s reduced leadership may slow regulatory progress, increasing pressure on the Senate to confirm new appointees swiftly.
about U.S. May Soon Approve Crypto Perpetual Futures: CFTCCFTC’s Christy Goldsmith Romero to Step Down May 31
Christy Goldsmith Romero, a commissioner at the US Commodity Futures Trading Commission (CFTC), will step down on May 31, earlier than initially planned, pending Brian Quintenz’s confirmation as chair. Her resignation leaves three seats open at the regulator, just a day after Commissioner Summer Mersinger departs to become CEO of the Blockchain Association. Romero, reflecting on her 23-year federal service, emphasized the CFTC’s critical role in safeguarding financial markets. The departures signal a significant shift in leadership at the CFTC amid growing regulatory scrutiny in crypto and traditional finance.
about CFTC's Christy Goldsmith Romero to Step Down May 31Ex-CFTC Commissioner Mersinger Joins Blockchain Association as CEO
Summer Mersinger, a former CFTC commissioner known for her pro-crypto stance, will lead the Blockchain Association starting June 2, leaving most of her second term unfinished. Her appointment arrives during a critical juncture for crypto policy, as Congress debates shifting regulatory authority from the SEC to the more lenient CFTC. While industry leaders applaud her leadership, concerns linger over potential conflicts of interest due to her swift transition from regulator to lobbyist. The Blockchain Association, backed by major firms like Coinbase and Ripple, sees her as pivotal in advancing crypto’s regulatory agenda. Meanwhile, optics around the ‘revolving door’ between government and private sector intensify, with the CFTC also poised to welcome a new chair from Andreessen Horowitz.
about Ex-CFTC Commissioner Mersinger Joins Blockchain Association as CEO