David Sacks: The crypto industry has made concessions on stablecoin yields, and banks should respond accordingly

The U.S. Congress promotes the "Promoting Blockchain Development and Innovation Act," proposing to amend Section 1960 to establish a "safe harbor" for open-source developers.

U.S. bipartisan lawmakers recently introduced the "Promoting Blockchain Development and Innovation Act," aimed at clarifying the legal responsibilities of blockchain developers and preventing misclassification as remittance institutions. The bill focuses on amending Section 1960 and proposes providing legal immunity for open-source software developers to address industry concerns over regulatory ambiguity. The bill has garnered broad support and could reshape the U.S. cryptocurrency regulatory framework.

The negotiations for the CLARITY Act are still ongoing, and the battle over stablecoin yields is heating up. March 1 is not the final deadline.

Negotiations between the crypto industry and the banking sector regarding the stablecoin yield provisions in the CLARITY Act are ongoing, despite rumors that talks are near collapse. Multiple sources indicate that discussions are still in progress, and March 1 is not the deadline. Both parties are debating the yield mechanism, with disagreements centered on its impact on traditional deposits. Although there are short-term differences, the negotiation channels remain open, and future legislation will influence the business models of stablecoins and the banking system.

OCC Expands Trust Bank Services, Ripple Opens U.S. Banking System Channel

The U.S. Office of the Comptroller of the Currency has revised trust bank regulations, allowing national trust banks to engage in non-trust activities, eliminating previous compliance concerns. As a result, crypto companies like Ripple and Circle can now enter the U.S. banking system, promoting integration between the industry and traditional finance. At the same time, the Federal Reserve plans to streamline main accounts, which will allow these companies to access payment systems, but they face opposition from the banking industry.

Japan's Financial Services Agency supports cryptocurrency anti-money laundering pilot programs, with the participation of several well-known companies

The Japanese Financial Services Agency announced that it will support a pilot program for anti-money laundering in cryptocurrency assets, involving 13 companies including Hitachi and GMO Coin. The experiment will be conducted in 2026 to verify the effectiveness of sharing suspicious wallet address information.

Hong Kong's Financial Services and the Treasury Bureau plans to hire additional personnel responsible for AI and virtual asset regulation, aiming to investigate companies involved in virtual asset trading.

The Hong Kong Institute of Certified Public Accountants submitted the financial budget to the Legislative Council, proposing a 3.5% salary increase and the creation of 15 new positions to support regulatory work in emerging fields such as AI and virtual assets. Meanwhile, the report pointed out that virtual asset trading firms will be a focus of investigation, and auditors face multiple challenges, including verifying asset existence and valuation complexities.

SEC Chair Gensler: Missed the Opportunity for Effective Cryptocurrency Regulation, Now Working Hard to Fill the Gap

The Chair of the U.S. Securities and Exchange Commission (SEC), Atkinson, criticized the enforcement approach during former Chair Gensler's tenure, believing it hindered regulatory innovation in cryptocurrency and caused the U.S. to lose its competitive edge. Atkinson emphasized that a cryptocurrency working group will be established in the future to advance the regulatory framework for tokenized assets, and the first tokenized treasury bond money market fund has been approved. Additionally, he plans to expand into tokenized bank deposits in an effort to restore America's leadership in global crypto finance.