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- Senator Hagerty Unveils Stablecoin Legislation with State Regulations
Senator Hagerty Unveils Stablecoin Legislation with State Regulations
Senator Bill Hagerty has proposed the Clarity for Payment Stablecoins Act of 2024, which aims to regulate smaller stablecoin issuers at the state level and allow larger issuers to pursue federal waivers.
Steven Walgenbach
October 12, 2024
Breaking Crypto Stories
Here are the top stories today:
Sen. Hagerty introduces Clarity for Payment Stablecoins Act of 2024
MicroStrategy Soars to 25-Year High, With 'NAV Premium' the Widest Since 2021
Crypto-stealing malware discovered in Python Package Index — Checkmarx
Trump-Backed WLFI Token Public Sale Launches on Oct. 15
Mt Gox Creditor Repayments Delayed Until 2025
Chris Larsen Makes $1 Million Crypto Donation to Kamala Harris
Question of the Day
Will we have a decentralized market of stablecoin providers or will the industry be dominated by one player in the future?
Senator Bill Hagerty has introduced a discussion draft of the Clarity for Payment Stablecoins Act of 2024, refining McHenry’s 2023 stablecoin bill by adding state-level regulatory provisions for smaller issuers and seeking comments through Nov. 1.
Hagerty’s bill allows stablecoin issuers with less than $10 billion in market cap to be regulated at the state level, with larger issuers potentially seeking waivers to remain under state regulation.
The 2024 bill builds on McHenry’s 2023 legislation, with significant changes in the regulatory roles of states and federal agencies, aiming to facilitate innovation and consumer protection.
Hagerty’s stablecoin legislation marks continued bipartisan efforts to create a comprehensive regulatory framework, alongside competing proposals like the Lummis-Gillibrand bill still under Senate consideration.
Shares of MicroStrategy (MSTR) have surged, expanding the premium to the value of its Bitcoin holdings to its highest level in over three years, driven by aggressive Bitcoin accumulation and outperformance compared to Bitcoin itself.
MicroStrategy's NAV premium has reached a 2.5x multiple, its highest since February 2021, with MSTR shares soaring 11% to a 25-year high, outpacing Bitcoin's 3% gain.
Since the launch of Bitcoin ETFs in January, MicroStrategy stock has surged over 240%, significantly outperforming Bitcoin, which has declined by 16% since its March high.
MicroStrategy's aggressive strategy of using equity and debt financing to increase its Bitcoin holdings has been accretive to shareholders, with a rising "Bitcoin Yield" of 5.1% in Q2 2024.
Researchers at Checkmarx discovered malware on the Python Package Index (PyPI) that steals private keys and mnemonic phrases, affecting cryptocurrency wallets, and has been downloaded over 3,700 times.
Malware uploaded to PyPI mimicked popular wallet decoding applications like MetaMask and TronLink, enabling hackers to steal private keys and take control of cryptocurrency wallets.
The malware was initially detected and removed in March 2024, but it reappeared in October, affecting over 3,700 users.
This incident is part of a growing trend of sophisticated malware targeting crypto wallets and using AI to lower the barrier for cybercriminals to create malicious programs.
The WLFI Token public sale, supported by Donald Trump's family, starts on Oct. 15.
The WLFI Token public sale starts on October 15, offering investors a chance to acquire tokens at an initial price point.
The project is backed by Donald Trump's family, highlighting Trump's growing support for cryptocurrency and its potential to revolutionize finance.
High demand and limited supply are expected, making it crucial for interested investors to act swiftly.
The Mt. Gox creditor repayments have been delayed until 2025, leaving Bitcoin investors uncertain about the future.
Mt. Gox creditor repayments, originally expected in 2023, have been delayed until 2025 due to legal and logistical complications.
The delay raises concerns about potential market volatility as creditors may sell off Bitcoin holdings once repayments begin.
Continued postponements of repayments undermine investor confidence, highlighting the risks of investing in cryptocurrencies and the need for diversified portfolios.
Chris Larsen, co-founder of Ripple, donates $1 million in cryptocurrency to Kamala Harris, signaling a new era for crypto in political campaigns.
Chris Larsen made a groundbreaking $1 million crypto donation to Kamala Harris, signaling the rising role of cryptocurrency in political campaigns.
Crypto donations offer advantages like transparency, security, and global reach, making them an appealing option for political fundraising.
This donation reflects Larsen’s support for Harris' vision of technology-driven policies and may encourage more crypto-backed political contributions in the future.
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