The United States Senate Banking Committee elected to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 vote.

None of the amendments proposed by Senator Elizabeth Warren made it into the bill, including her proposal to limit stablecoin issuance to banking institutions.

“Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” Warren argued.

Senator Warren argues for amendments to be included in the bill. Source: US Senate Banking Committee GOP

Senator Tim Scott, chairman of the Senate Banking Committee, characterized the bill as a victory for innovation. The Senator said:

“The GENIUS Act establishes Common Sense rules that require stablecoin issuers to maintain reserves backed one-to-one, comply with anti-money laundering laws, and ultimately protect American consumers while promoting the US dollar’s strength in the global economy.”

The bill must still pass a vote in both chambers of Congress before it is turned over to President Trump and ultimately signed into law.

However, the Senate Banking Committee advancing the bill represents the first step in clear, comprehensive legislation requested by the crypto industry.

Senator Tim Scott, chairman of the Senate Banking Committee, leads the hearing. Source: US Senate Banking Committee GOP

Related: The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec

GENIUS Act gets overhaul to feature stricter provisions

Senator Bill Hagerty, who introduced the bill in February 2025, defended the legislation against the proposed amendments from Senator Warren, arguing that the bill already includes provisions for consumer protection, Anti-Money Laundering, and crime prevention.

On March 10, Hagerty announced that the bill was updated to include stricter reserve requirements for stablecoin issuers, AML provisions, safeguards against terrorist financing, transparent risk management procedures, and stipulations for sanctions compliance.

According to Dom Kwok, founder of the Web3 learning platform Easy A, the newly added provisions will make it harder for foreign stablecoin issuers to comply, giving US-based firms a competitive edge.

Senator Bill Hagerty defends his bill from proposed amendments. Source: Senate Banking Committee GOP

Attorney Jeremy Hogan said the GENIUS Act signals an impending merger of the traditional financial system with stablecoins.

“The legislation is explicitly making plans for stablecoins to interact with the traditional digital banking system. The ‘merge’ is being planned,” the attorney wrote in a March 10 X post.

During the March 7 White House Crypto Summit, US Treasury Secretary Scott Bessent explicitly said that the Trump administration would leverage stablecoins to protect the US dollar’s global reserve status.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

The United States Senate Banking Committee elected to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 vote.

None of the amendments proposed by Senator Elizabeth Warren made it into the bill, including her proposal to limit stablecoin issuance to banking institutions.

“Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” Warren argued.

Senator Warren argues for amendments to be included in the bill. Source: US Senate Banking Committee GOP

Senator Tim Scott, chairman of the Senate Banking Committee, characterized the bill as a victory for innovation. The Senator said:

“The GENIUS Act establishes Common Sense rules that require stablecoin issuers to maintain reserves backed one-to-one, comply with anti-money laundering laws, and ultimately protect American consumers while promoting the US dollar’s strength in the global economy.”

The bill must still pass a vote in both chambers of Congress before it is turned over to President Trump and ultimately signed into law.

However, the Senate Banking Committee advancing the bill represents the first step in clear, comprehensive legislation requested by the crypto industry.

Senator Tim Scott, chairman of the Senate Banking Committee, leads the hearing. Source: US Senate Banking Committee GOP

Related: The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec

GENIUS Act gets overhaul to feature stricter provisions

Senator Bill Hagerty, who introduced the bill in February 2025, defended the legislation against the proposed amendments from Senator Warren, arguing that the bill already includes provisions for consumer protection, Anti-Money Laundering, and crime prevention.

On March 10, Hagerty announced that the bill was updated to include stricter reserve requirements for stablecoin issuers, AML provisions, safeguards against terrorist financing, transparent risk management procedures, and stipulations for sanctions compliance.

According to Dom Kwok, founder of the Web3 learning platform Easy A, the newly added provisions will make it harder for foreign stablecoin issuers to comply, giving US-based firms a competitive edge.

Senator Bill Hagerty defends his bill from proposed amendments. Source: Senate Banking Committee GOP

Attorney Jeremy Hogan said the GENIUS Act signals an impending merger of the traditional financial system with stablecoins.

“The legislation is explicitly making plans for stablecoins to interact with the traditional digital banking system. The ‘merge’ is being planned,” the attorney wrote in a March 10 X post.

During the March 7 White House Crypto Summit, US Treasury Secretary Scott Bessent explicitly said that the Trump administration would leverage stablecoins to protect the US dollar’s global reserve status.

Magazine: Bitcoin payments are being undermined by centralized stablecoins

Bitcoin (BTC) price has risen 8% from its March 11 low of $76,703, driven in part by large investors aggressively buying the dip with leverage.

Margin longs on Bitfinex surged to their highest level since November 2024, adding 13,787 BTC over 17 days. Currently standing at $5.7 billion, this bullish leveraged positioning signals confidence in Bitcoin’s upside potential despite recent price weakness.

Bitcoin/USD (orange, left) vs. Bitfinex BTC margin longs (right). Source: TradingView / Cointelegraph

Some analysts argue that Bitcoin’s price is closely linked to the global monetary base, meaning it tends to rise as central banks inject liquidity.

With recession risks mounting, the likelihood of expansionary monetary policies increasing the money supply grows. If this correlation holds, Bitfinex whales could be well-positioned to capitalize on a rally above $105,000 in the next two months.

Source: pakpakchicken

For instance, X user Pakpakchicken claims to have identified an 82% correlation between the global money supply (M2) and Bitcoin’s price.

When central banks drain liquidity by raising interest rates or reducing bond holdings, traders become more risk-averse, leading to weaker demand for Bitcoin. Conversely, periods of monetary easing tend to fuel greater investor interest in the asset, increasing its price potential.

Bitfinex whales go long BTC as M2 bottoms

In early September 2024, Bitfinex margin traders added 7,840 BTC in long positions, coinciding with a period of bearish momentum as Bitcoin struggled to reclaim the $50,000 level for over three months.

Despite the downturn, Bitfinex whales held their positions, and Bitcoin’s price surged past $75,000 less than two months later. Notably, the global M2 money supply bottomed out around the same time these traders increased their Bitcoin exposure, further reinforcing the correlation.

It may be impossible to establish a direct cause-and-effect relationship between money supply and investors’ willingness to accumulate Bitcoin, especially given the influence of major events during these periods.

For example, Donald Trump’s election as US president in November 2024 significantly fueled Bitcoin’s rally due to the new administration’s pro-crypto stance, regardless of global M2 trends and liquidity conditions.

Spot Bitcoin ETF net flows, USD. Source: CoinGlass

Similarly, Michael Saylor’s latest plan to raise up to $21 billion in fresh capital for Strategy to acquire more Bitcoin could shift market dynamics, even accounting for the $4.1 billion in net outflows from Bitcoin spot exchange-traded funds (ETFs) since Feb. 24.

Strategy remains the largest corporate Bitcoin holder, with 499,096 BTC acquired at a total cost of $33.1 billion, reinforcing its long-term bullish strategy.

Clearer crypto regulation, Strategy capital increase

In essence, the expansion of the global money supply may have influenced the increase in Bitfinex margin longs, but Bitcoin’s push toward $105,000 could be primarily driven by industry-specific news and events.

A Wall Street Journal report on March 13 revealed that representatives of Donald Trump have held discussions about potentially acquiring a stake in Binance.

Related: US Bitcoin ETFs break outflow streak with $13.3M inflow

So far, the market impact of a more crypto-friendly US government has yet to yield concrete benefits.

For example, the Office of the Comptroller of the Currency (OCC) has not yet clarified whether banks can custody digital assets and manage stablecoins without prior approval.

Similarly, Acting SEC Chairman Mark Uyeda announced plans to remove crypto-specific provisions from a proposed rule that would expand exchange definitions.

The US Securities and Exchange Commission is currently reviewing requests from spot Bitcoin ETF issuers to permit in-kind creations and redemptions, allowing shares to be exchanged directly for Bitcoin instead of using the traditional cash-based method.

Meanwhile, global macroeconomic conditions have deteriorated, putting pressure on Bitcoin’s price. However, these same factors gradually push governments toward economic stimulus measures and expand the M2 money supply.

If this trend continues, it should ultimately create conditions for Bitcoin’s price to meet Pakpakchicken’s $105,000 prediction by May 2025 and possibly go even higher.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bankers and their allies in the US Senate are pushing back against the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act over fears that stablecoins will disintermediate banks and erode banking market share.

According to an article from American Banker, the bill requires 60 votes to pass in the Senate, meaning that at least seven Democrats will have to vote with Republicans to push through the Act.

This could prove a difficult proposition, as US Senator Elizabeth Warren, one of crypto’s staunchest political critics, is proposing an amendment prohibiting tech firms from issuing stablecoins. Warren wrote:

“If these firms want to engage in payments, they must partner with, or facilitate transactions among, regulated financial institutions. But this stablecoin bill breaks that status quo by green-lighting big tech companies and other commercial conglomerates to issue their own stablecoins.”

Digital assets continue to be a disruptive force in finance and banking due to near-instant settlement times and cheaper transaction fees, which significantly reduce the burden of cross-border payments and introduce peer-to-peer transactions.

Page one of the GENIUS Act of 2025. Source: US Senate

Related: The GENIUS stablecoin bill is a CBDC trojan horse — DeFi exec

Stablecoins: The way forward for USD in the 21st century?

The GENIUS stablecoin bill was introduced by Senator Bill Hagerty on Feb. 4 as a comprehensive regulatory framework for tokenized US dollars.

Shortly after the bill was introduced to the US Senate, Federal Reserve Bank Governor Christopher Waller said non-banks should be allowed to issue stablecoins.

Waller argued that stablecoins could expand payment use cases, particularly in the developing world, due to their cost-savings and efficiency.

Stablecoin fees vs. legacy payment processing solutions. Source: Simon Taylor

Bank of America CEO Brian Moynihan told an audience at the Economic Club of Washington DC that the bank may enter the stablecoin business — likely launching its own dollar-pegged stable token.

During the first White House Crypto Summit on March 7, Treasury Secretary Scott Bessent said the US will use stablecoins to extend US dollar dominance.

Overcollateralized stablecoin issuers are collectively the 18th largest buyers of US government debt in the world — putting these firms ahead of countries like Germany and South Korea.

By adopting pro-stablecoin policies and promoting stablecoin usage worldwide, the US government can use stablecoins as a sponge to soak up inflation and protect the dollar’s status as the global reserve currency.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Robinhood has listed memecoins Pengu (PENGU), Pnut (PNUT) and Popcat (POPCAT) as the online brokerage doubles down on cryptocurrency trading, it said on March 13. 

The listings mark Robinhood’s latest effort to expand its crypto offerings and compete with incumbent exchange Coinbase.

Memecoin trading has become a key battleground as rival exchanges — including Coinbase and Binance.US — accelerate new coin listings after US President Donald Trump’s November election win.

Robinhood listed new memecoins. Source: Robinhood

Related: Robinhood tips Singapore launch, touts memecoin interest: Report

Strong demand

In February, Robinhood Crypto said its customers had shown strong demand for more memecoin trading options. 

In addition to its newly launched coins, Robinhood lists Dogecoin (DOGE), the largest memecoin by market capitalization. It also launched crypto futures trading in January. 

“We don’t want to make decisions for the customer but if customers are asking for something and we feel like we have a way to offer it safely, we will do it,” Johann Kerbrat, Robinhood Crypto’s vice president and general manager, reportedly told Bloomberg. 

Robinhood, best known as a stock trading platform, has been investing heavily in crypto products since last year. 

In February, the online brokerage reported a 700% year-over-year jump in crypto revenues. 

Trump’s election win and rising market prices fueled across-the-board increases in crypto trading in the fourth quarter of 2024.

Robinhood’s change in trading volumes for equities, options contracts and crypto. Source: Robinhood

Regulatory reversal

Trump — who has promised to make America the “world’s crypto capital” — has appointed industry-friendly leadership to key regulatory positions. 

In February, the US Securities and Exchange Commission said most memecoins do not qualify as securities and thus do not fall under the regulators’ jurisdiction. 

This was a stark reversal from its stance under Joe Biden’s administration when former SEC Chair Gary Gensler said he thought most cryptocurrencies constituted securities. 

The same month, the agency dropped an enforcement action against Robinhood for alleged securities law violations tied to its crypto trading platform. 

X Hall of Flame: Memecoins will die and DeFi will rise again — Sasha Ivanov 

Cryptocurrency payments company MoonPay is expanding its presence in the enterprise stablecoin market with the acquisition of Iron, an API-focused stablecoin infrastructure developer, for an undisclosed amount. 

According to a March 13 announcement, the acquisition will give MoonPay’s enterprise customers the ability to accept stablecoin payments instantly and at a low cost. Iron’s integration also means companies can manage their stablecoin treasuries in real time and use the funds to acquire yield-bearing assets like US Treasury bonds. 

Source: MoonPay

“With Iron’s technology, we’re putting the power of instant, programmable payments into the hands of enterprises, fintechs, and global merchants,” said Ivan Soto-Wright, MoonPay’s CEO.

The Iron deal marks MoonPay’s second high-profile acquisition this year. In January, the company acquired Helio, a Solana-based blockchain payment processor, for $175 million. Helio’s existing integrations with Shopify and Discord give MoonPay further inroads into crypto on-ramp services and payment solutions. 

MoonPay isn’t the only company making inroads into stablecoin payments. As Cointelegraph recently reported, Tether-backed fintech Mansa raised $10 million to further expand its cross-border stablecoin payment infrastructure.

Related: Bitcoin may benefit from US stablecoin dominance push

Business integrations driving stablecoin adoption

At more than $230 billion in circulation, stablecoins have become one of blockchain’s most viable use cases. The industry’s success is largely owed to stablecoin integrations by major fintech payment providers, according to Polygon Labs CEO Marc Boiron. 

In a recent interview with Cointelegraph, Boiron said, “Companies like Stripe and PayPal integrating stablecoins is likely the primary catalyst for their growth.”

From regulatory scrutiny to widespread industry adoption, the stablecoin market has grown rapidly since 2020. Source: S&P Global

Boiron said one of the industry’s most promising developments is yield-bearing stablecoins, which allow holders to earn decentralized finance yield through traditional collateralization. 

Yield-bearing stablecoin alternatives are on the cusp of a major breakthrough after the US Securities and Exchange Commission approved the first yield-bearing stablecoin security in February. The approval goes hand in hand with regulatory efforts to establish clear stablecoin laws in the United States. 

Magazine: Bitcoin payments are being undermined by centralized stablecoins

Former Binance CEO Changpeng “CZ” Zhao has denied many of the claims in a Wall Street Journal report suggesting that he has been actively seeking a federal pardon from US President Donald Trump.

In a March 13 X post following the release of the report, Zhao said he had no discussions regarding a business deal between the Trump family and Binance.US. He further denied claims that he wanted a presidential pardon from Trump, which could potentially allow him to assume an operational or management role at Binance.

“No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA [Bank Secrecy Act] charge,” said CZ. “Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work.”

CZ’s statement on a March 13 Wall Street Journal report. Source: Changpeng Zhao

In November 2023, Binance reached a deal with US authorities requiring the exchange to pay $4.3 billion and Zhao to plead guilty to one count of violating the Bank Secrecy Act for failure to maintain an effective Anti-Money Laundering program at the exchange. CZ stepped down as CEO, was later sentenced to four months in prison, and reportedly was permanently enjoined from operating or managing Binance as part of the deal.

What would a president pardon do for CZ now?

Having already served time in prison, CZ seeking any potential pardon from Trump would not erase the former CEO’s felony charge. However, according to the US Justice Department, a pardon will “facilitate removal of legal disabilities imposed because of the conviction” — e.g., potentially removing any restrictions on Zhao’s involvement with the crypto industry.

Related: Abu Dhabi’s MGX backs Binance with $2B stablecoin investment

The 2023 deal with Binance did not resolve the US Securities and Exchange Commission’s civil case with the crypto exchange. However, after the departure of former SEC Chair Gary Gensler and the appointment of Commissioner Mark Uyeda as acting chair, the regulator filed for a 60-day pause in court. 

Since Trump took office in January, the SEC has dropped several investigations and enforcement actions against major crypto firms, including those who donated to his campaign or inauguration fund.

In addition to halting Binance’s case, the SEC may be considering wrapping up its civil suit against Ripple Labs.

Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’

Former Binance CEO Changpeng “CZ” Zhao has denied many of the claims in a Wall Street Journal report suggesting that he has been actively seeking a federal pardon from US President Donald Trump.

In a March 13 X post following the release of the report, Zhao said he had no discussions regarding a business deal between the Trump family and Binance.US. He further denied claims that he wanted a presidential pardon from Trump, which could potentially allow him to assume an operational or management role at Binance.

“No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA [Bank Secrecy Act] charge,” said CZ. “Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work.”

CZ’s statement on a March 13 Wall Street Journal report. Source: Changpeng Zhao

This is a developing story, and further information will be added as it becomes available.

Former Binance CEO Changpeng “CZ” Zhao has denied many of the claims in a Wall Street Journal report suggesting that he has been actively seeking a federal pardon from US President Donald Trump.

In a March 13 X post following the release of the report, Zhao said he had no discussions regarding a business deal between the Trump family and Binance.US. He further denied claims that he wanted a presidential pardon from Trump, which could potentially allow him to assume an operational or management role at Binance.

“No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA [Bank Secrecy Act] charge,” said CZ. “Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work.”

CZ’s statement on a March 13 Wall Street Journal report. Source: Changpeng Zhao

This is a developing story, and further information will be added as it becomes available.

Solana (SOL) price completed a “death cross” on the one-day chart on March 12, as the altcoin consolidated near its long-term support level at $125.

This could potentially accelerate the SOL price sell-off in the near term for a drop below $100 for the first time since February 2024.

Solana’s 1-day chart. Source: Cointelegraph/TradingView

A death cross occurs when a bearish crossover occurs between the 50-day and 200-day simple moving averages (SMAs), with the long-term indicator above the short-term indicator.

Last month, the 50-day and 200-day exponential moving averages (EMAs) triggered a death cross on Solana’s one-day chart, after which prices dropped 17%, from $137 to $122.

While the SMA and EMA death crosses carry similar implications, the EMA triggers the death cross faster since it responds more quickly to price changes. A double death cross from the SMA and EMA will likely increase the possibility of a correction.

Historically, the odds are neutral for Solana. Since its inception, SOL’s price has witnessed a death cross three times (including 2025) when prices have been on a 90-day or higher downtrend.

The first death cross in 2022 triggered a 90% collapse, but the FTX’s fiasco escalated its severity. The second death cross occurred in September 2024, but it reversed within a month, leading to the Trump rally.

Related: 3 reasons why Ethereum can outperform its rivals after crashing to 17-month lows

Yet, the current structure and sentiment mirror the 2022 death cross when we compare market conditions. On both occasions, a new all-time high preceded the downtrend, which led to the death cross.

As Cointelegraph reported, Solana’s revenue dropped 93% since January, dropping from $238 million to $32 million. This indicates a current lack of activity on Solana’s network after the end of the memecoin frenzy.

Can Solana traders defend $125?

Based on its technicals, Solana remains in a tricky spot when comparing previous death cross returns and collective market sentiment.

Solana must hold support between $125 and $110 for a bullish reversal. Since March 2024, SOL prices have rebounded six times after testing the support range, closing above $125 on each weekly retest.

Solana 1-week chart. Source: Cointelegraph/TradingView

A weekly close below $125 will signal market weakness, potentially increasing the likelihood of a drop below $100. The immediate price target after $110 is around $80 for Solana, which is a significant 30% correction. The downtrend target carries confluence with the weekly 0.5 Fibonacci retracement line.

Solana bullish divergences on the 1-day and 4-hour chart. Source: Cointelegraph/TradingView

However, the bulls will pin their hopes on a bullish divergence between the price and relative strength index (RSI) on the 1-day and 4-hour charts.

If Solana manages to avoid another lower low, the divergences will remain valid, which can push prices higher above $125, enabling Solana to avoid a drop below $100 and possibly establish a bottom at $112.

Related: Will Bitcoin price reclaim $95K before the end of March?

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.