POLICY: The U.S. Treasury has opened a 60-day public comment period on proposed stablecoin regulations under the GENIUS Act.

Alabama's governor has signed legislation creating a legal framework for DAO-style nonprofit entities.

The U.S. Commodity Futures Trading Commission (CFTC) said Wednesday it has issued a supplemental consent order in its enforcement case against Nishad Singh, FTX's former head of engineering. Under the order, Singh must disgorge $3.7 million in ill-gotten gains and faces a five-year ban on trading along with an eight-year ban on registration, blocking him from obtaining licenses required to operate in the industry. The CFTC's Director of Enforcement said the sanctions reflect Singh's cooperation with authorities. Singh has been the subject of actions by the CFTC, the U.S. Securities and Exchange Commission (SEC) and the Department of Justice tied to FTX's collapse in November 2022 and the misuse of customer funds. His SEC matter was resolved in December 2025 with an eight-year industry bar. In the criminal case, Singh received three years of supervised release after completing his prison term, avoiding a much longer sentence following his testimony against former CEO Sam BankmanFried and cooperation with prosecutors.

The long-awaited compromise text on stablecoin yield may not be released publicly this week, raising fresh questions about the timeline for broader crypto legislation including the CLARITY Act. A spokesperson for Senator Thom Tillis said the draft "is no longer expected to be released publicly this week," according to reporter Eleanor Terrett (@EleanorTerrett). Senate aides say timing is driving the hesitation. Circulating the stablecoin yield language ahead of a markup could give opponents room to mobilize and shape the debate. The markup is now expected in the second half of April. Lawmakers and industry participants view the slippage as a potential drag on the wider legislative push, as each additional week gives critics more time to organize. Discussions between crypto and banking groups remain ongoing.

The chairman of Huione, a crypto scam marketplace, has been extradited to China to face criminal charges.

Alabama Governor Kay Ivey has officially signed the Decentralized Unincorporated Nonprofit Association Act (DUNA Act, Senate Bill 277), establishing Alabama as the second U.S. state, following Wyoming, to confer legal entity status upon decentralized autonomous organizations (DAOs). The bill, introduced in February by Republican Senator Lance Bell, passed the House with significant bipartisan support. Under the DUNA Act, DAOs must comprise at least 100 members and operate for a shared nonprofit purpose, with governance potentially managed entirely on-chain via blockchain and smart contracts. This recognition grants DAOs the ability to own property, enter into contracts, and participate in legal proceedings, while also extending liability protection to members and managers. Miles Jennings of a16z Crypto emphasized the legislation's role in providing legal certainty for decentralized communities. A similar measure is currently awaiting signature in West Virginia, according to Cointelegraph.

Coinbase's chief legal officer, Paul Grewal, said negotiations over the CLARITY Act's stablecoin rewards provision have advanced to the point that an agreement could be finalized within 48 hours. The legislation is designed to clarify how digital assets are regulated in the U.S., including whether oversight falls to the Securities and Exchange Commission or the Commodity Futures Trading Commission. Grewal described the bill as the next major step after last year's GENIUS Act, which set baseline rules for stablecoins but left open questions around broader market structure and jurisdiction. The sticking point has been stablecoin rewards. Traditional banks have argued that allowing crypto platforms to offer yields on stablecoins could pull customer funds away from deposits. Crypto companies counter that curbs on rewards would weaken competition and reduce benefits for users. Lawmakers including Thom Tillis and Angela Alsobrooks floated a compromise that would prohibit passive rewards on idle stablecoin balances while allowing incentives tied to activity such as payments, transfers, or platform usage. Coinbase has pushed back, arguing the proposed limits remain overly expansive. If a deal is reached, the bill would still need to clear the Senate, be reconciled with the House version, and then be signed into law by Donald Trump. Polymarket pricing implies a 61.5% chance Trump signs the CLARITY Act this year if it passes, though analysts warn continued delays could shift the timetable into 2026 amid midterm-election dynamics.

EDX Markets, a crypto exchange backed by Citadel Securities, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, according to a public filing released Wednesday. The filing comes as U.S. regulators under the Trump administration have taken a more welcoming stance toward crypto firms looking to operate under federal banking charters. EDX Chief Executive Tony Acuña‑Rohter, who is expected to join the proposed trust bank's board, told Bloomberg the company believes large banks will lead the next wave of crypto adoption. He said an OCC trust charter would strengthen EDX's ability to serve those institutions. A national trust charter would allow EDX to operate nationwide under a single federal supervisor instead of securing multiple state money-transmitter licenses, easing the delivery of digital-asset custody, settlement and fiduciary services. In its application, EDX said many digital-asset platforms combine brokerage, exchange, market-making and custody within vertically integrated firms, creating conflicts of interest and single points of failure. Shifting custody, asset management and trade settlement into an OCC-chartered national trust bank would offer customers the "most secure regulatory structure possible," the company said, and would mirror the separation of functions common in traditional equities and derivatives markets. EDX joins a growing list of crypto companies pursuing similar structures. In December last year, five firms, including Circle (CRCL) and Ripple, received conditional approval for trust charters. Some incumbent banks and industry groups have objected, arguing that expanding trust-bank charters to crypto firms goes beyond the charter's historical purpose and could introduce new risks. Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America, said conditional approvals could put consumers at risk and create institutions the OCC may find difficult to oversee. She also warned the framework could allow stablecoin operators into the federal banking system without meeting the capital and regulatory requirements imposed on full-service, deposit-taking banks. OCC leadership has defended the approvals. Comptroller of the Currency Jonathan Gould said new entrants can bring new products and services and increase competition, which he said would benefit consumers and the broader banking sector.

Coinbase Chief Legal Officer Paul Grewal (@iampaulgrewal) said he believes negotiators could reach an agreement by Friday on how the CLARITY Act would address stablecoin yields. Speaking on FOX Business, Grewal argued the crypto industry needs to "finish the job" after last year's passage of the GENIUS Act. The treatment of stablecoin yield has emerged as the main sticking point, as banks and crypto firms remain divided over whether crypto companies should be allowed to distribute yields to customers. Grewal also described the CLARITY Act as pivotal for drawing clearer lines on which tokens fall under SEC oversight versus CFTC jurisdiction.