Verge – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Wed, 04 Jun 2025 00:27:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Verge – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Dems Say They're Blocked From Info on Verge of Crypto Market Structure Bill Hearings https://earlybirdsinvest.com/dems-say-theyre-blocked-from-info-on-verge-of-crypto-market-structure-bill-hearings/ https://earlybirdsinvest.com/dems-say-theyre-blocked-from-info-on-verge-of-crypto-market-structure-bill-hearings/#respond Wed, 04 Jun 2025 00:27:53 +0000 https://earlybirdsinvest.com/dems-say-theyre-blocked-from-info-on-verge-of-crypto-market-structure-bill-hearings/

On the eve of a U.S. House of Representatives hearing to scrutinize a bill to establish rules for the crypto markets, Democrats said they’ve been stymied from seeking technical information about its effects from the U.S. Securities and Exchange Commission, according to staffers.

Regulatory agencies such as the SEC routinely give technical analysis to lawmakers, answering questions about the potential effects of legislative efforts such as the Digital Asset Market Clarity Act that would establish regulatory guardrails for digital assets. Democratic staff on the House Financial Services Committee submitted questions to the SEC about the bill and in a briefing were denied basic answers that were previously given to Republicans, according to the Democratic aides who asked not to be named. The agency also didn’t offer its subject-matter experts for the discussion, they said.

On Tuesday, the panel’s ranking Democrat, Representative Maxine Waters of California, prepared a letter to SEC Chairman Paul Atkins to demand “comprehensive technical and impact analysis” of the crypto market structure bill. She included several pages of questions in a draft reviewed by CoinDesk, contending that “fulsome answers to the questions raised above are necessary for the American people, through their representatives in Congress, to determine whether this legislative proposal addresses the unique risks related to crypto, and would foster the needed environment for responsible innovation to take root.”

The SEC “provides technical assistance to any Member of Congress who seeks it, including on these crypto-related bills,” a spokesperson told CoinDesk when asked about the complaints.

One of the staffers said that the SEC Crypto Task Force’s Landon Zinda, who moved to the agency from crypto advocacy group Coin Center in February, was meant to brief them but was unable to answer basic questions.

The House committee is set to hold the Clarity Act hearing on Wednesday after having recently introduced the long-negotiated legislation, a successor of the last sessions’ Financial Innovation and Technology for the 21st Century Act (FIT21). The House Agriculture Committee, which also has jurisdiction over the regulation of digital assets, is running its own hearing at the same time.

This bill represents the central policy goal of the crypto industry, which contends that it needs clear U.S. regulations to encourage investors who’ve waited on the sidelines and to keep crypto innovators from moving overseas.

The Democratic staffers say that members have concerns about the traditional securities firms finding loopholes in this major legislation that will allow them to skirt existing securities regulations.

But congressional Democrats haven’t acted as a block when it comes to this and a related stablecoin bill also making its way through the legislative process. While some leaders, including Waters, have opposed advancing crypto legislation, other Democrats have joined with Republicans to move bills forward in both the House and Senate.

Read More: Planned Crypto Hearing in U.S. House Derailed by Democrat Revolt

UPDATE (June 3, 2025, 20:01 UTC): Updates with a response from the SEC and further information from sources.

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Mitsubishi UFJ ‘On Verge of Launching Japan’s First Stablecoin’ https://earlybirdsinvest.com/mitsubishi-ufj-on-verge-of-launching-japans-first-stablecoin/ https://earlybirdsinvest.com/mitsubishi-ufj-on-verge-of-launching-japans-first-stablecoin/#respond Fri, 04 Apr 2025 01:04:10 +0000 https://earlybirdsinvest.com/mitsubishi-ufj-on-verge-of-launching-japans-first-stablecoin/ The Japanese megabank Mitsubishi UFJ Trust and Banking is set to issue the nation’s first fiat-pegged stablecoin.

Per reports from the newspaper Yomiuri Shimbun and the media outlet CoinPost, the firm said it completed development on the coin “at the end of last year.”

Mitsubishi UFJ: Stablecoin Ready to Roll Out

Hiroshi Kubota, who took up the role of Mitsubishi UFJ Trust and Banking CEO on April 1 this year, said the company was making “final adjustments” on the coin prior to rollout.

A branch of Mitsubishi UFJ Trust and Banking in Osaka, Japan.

The newspaper wrote that the stablecoin will initially be used in the carbon credits trading sphere.

The bank plans to “expand” the coin’s use to “trade settlements and other uses” at a later, unspecified date, Yomiuri wrote. Kubota said:

“[Stablecoins] are low-cost and allow for faster settlement. [The coin] is revolutionary and will contribute to the solving of social issues.”

Japanese financial players think that stablecoins will help “eliminate the burden” of having “multiple banks involved in current cross-border settlements.” They say that the current process “incurs high fees.”

This stablecoin will be classified as an “electronic payment instrument” under the terms of the Japanese Payment Services Act.

The newspaper added that Mitsubishi UFJ’s banking arm was “working with the digital infrastructure company [and affiliate] Progmat and others” on the “preparations” for the coin.

Hiroshi Kubota, the CEO of the Mitsubishi UFJ Trust and Banking Corporation.

More Banks Ready to Move into Stablecoins Space

Mitsubishi UFJ Trust and Banking Corporation is part of the wider Mitsubishi UFJ Financial Group. The latter is one of the world’s largest financial services players.

The firm has been working on stablecoins and stablecoin interoperability platforms for several years.

In addition to Progmat, the firm has also been working with cryptoasset sector partners such as the domestic crypto exchange Bitbank.

More Japanese banks are widely expected to enter the stablecoin sector in the months ahead.

Earlier this week, Japanese media outlets reported that the Mitsubishi UFJ rival Sumitomo Mitsui Financial Group was readying its own stablecoin.

The bank is working with the blockchain player Ava Labs and crypto infrastructure firm Fireblocks on its project.

Key amendments to the Payment Services Act came into effect in June 2023. These allow “qualified” Japanese firms to issue and distribute legal tender-backed stablecoins by qualified administrators.

Progmat has been operating within these new legal frameworks. It has been working mainly with top public blockchain networks like Ethereum.

CoinPost wrote that the Mitsubishi UFJ “initiative” was “attracting attention,” due to the fact that it “opens up new possibilities for the tokenization of real assets (RWAs) and stablecoin payments.”

Kubota, meanwhile, also revealed his intention to ensure the bank posts gross profits of at least 30 billion yen (over $206 million) by 2034.

He explained he hoped to reach the goal by pursuing “new business.” He said this would be done in areas such as stablecoin-related projects and collaborations with startups. Kubota concluded:

“If we meet social needs, that will lead to big business opportunities. If we do not continue to find new business avenues, there will be no reason for this company to exist.”

The post Mitsubishi UFJ ‘On Verge of Launching Japan’s First Stablecoin’ appeared first on Cryptonews.

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