Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto: Galaxy Digital said the latest draft crypto market structure bill would give the US Treasury new powers to freeze transactions and deploy Patriot Act–style measures, corporate crypto accumulation has outpaced Bitcoin mining production by three times over since July, and JPMorgan executives warned that some stablecoin designs could threaten the regulated banking system.
Galaxy Digital warned that a draft crypto market structure bill released by the US Senate Banking Committee would hand the Treasury Department sweeping new surveillance and enforcement tools, describing it as the biggest expansion of financial oversight authority since the US Patriot Act.
In a research note published Tuesday, Galaxy said the Senate proposal goes far beyond the House-passed CLARITY Act, particularly on illicit finance provisions. At the center of Galaxy’s warning is a new crypto-specific “special measures” authority.
