Crypto Bill Gains Momentum Amid Bipartisan Support
In a significant development, the crypto bill in the United States continues to gain traction in Congress. Coinbase CEO Brian Armstrong has expressed optimism, noting that the legislation aimed at defining regulatory oversight for the crypto industry has garnered substantial bipartisan backing. Armstrong’s recent meetings with lawmakers have bolstered confidence in the Digital Asset Market Clarity Act, a legislative effort designed to delineate the roles of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other financial bodies in overseeing the crypto market.
“The Senate is strongly supportive of getting this done,” Armstrong stated, emphasizing the collaborative spirit among lawmakers. The draft bill is currently under review, with industry participants expected to provide input soon. Armstrong is optimistic about the bill’s prospects, describing it as “a freight train leaving the station,” indicating a high likelihood of passage.
Wormhole Tokenomics Overhaul: A New Era for Stakers
Meanwhile, the interoperability protocol Wormhole has unveiled revamped tokenomics for its native Wormhole token, introducing a reserve and enhanced yields for stakers. This overhaul could significantly impact the protocol’s governance, as staked tokens will determine voting power among delegates. Key changes include a newly established W reserve funded through protocol fees and revenue, a 4% base yield for staking, and biweekly unlocks instead of bulk releases.
According to Wormhole, these modifications aim to expand asset transfer and messaging volume over the next few years. The updated tokenomics have already sparked a surge in the token’s value, with a notable 6.3% increase following the announcement.
UK FCA’s Forward-Thinking Approach to Crypto Regulation
In a parallel development, the UK Financial Conduct Authority (FCA) has proposed new standards for crypto companies, aiming to balance innovation with consumer protection. The regulator’s consultation paper outlines the minimum requirements that crypto firms must adhere to as the industry becomes formally regulated. David Geale, Executive Director of Payments and Digital Finance, emphasized the importance of maintaining market integrity while fostering a competitive environment.
The FCA’s proposals include aligning crypto regulations with those of traditional financial institutions, particularly regarding operational resilience and anti-financial crime controls. The consultation also seeks input on whether the UK’s Consumer Duty should apply to crypto activities, ensuring that firms deliver positive outcomes for consumers.
Feedback on these proposals is being solicited, with final rules expected to be published in 2026. This initiative reflects the FCA’s commitment to developing a sustainable and trustworthy crypto sector.
As the crypto landscape evolves, these developments underscore the dynamic interplay between regulation and innovation, highlighting the ongoing efforts to create a robust framework that fosters growth while safeguarding stakeholders.
