Blockchain Association Backs Treasury's Proposed GENIUS Act Rules for
Stablecoin Issuers
Stablecoins
“The Blockchain Association has filed a letter in support of several U.S. federal agencies' joint proposed rules for stablecoin issuers under the GENIUS Act, a landmark stablecoin framework signed into law last year. The industry group announced Monday that it submitted a comment letter on Friday in response to the rules proposed by the Treasury's Financial Crimes Enforcement Network, Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration. Comments on the proposed rules closed on Aug. 21. The GENIUS Act sets out rules deciding who can issue payment stablecoins, what those tokens must be backed by, and how holders can redeem them. Specifically, the act requires permitted payment stablecoin issuers (PPSIs) to maintain an effective customer identification program (CIP).”
Source: The Block
Gemini to Provide Crypto Prediction Markets Venue for Apex's Brokerage Clients
Prediction Markets
“Gemini Space Station Inc. and Apex Fintech Solutions Inc. announced on Monday that they have signed a letter of intent for the distribution of crypto prediction markets. According to the press release, Gemini Titan, the prediction market subsidiary of the crypto trading platform, would become the exclusive regulated venue for crypto event contracts distributed through Apex's Futures Commission Merchant (FCM) to Apex's brokerage customers. 'Under the alliance, brokerages that offer crypto event contracts through Apex's FCM will use Gemini for execution and clearing,' the release said. The two may further collaborate on other event contract categories, such as sports, economics, and financial markets, on a non-exclusive basis.”
Source: The Block
Strategy Sets Up Reserve That Can Be Used to Buy Bitcoin
Treasury Companies
“Michael Saylor’s Strategy Inc. is adding a new pool of cash to its balance-sheet toolkit, part of an effort to preserve flexibility as its once-powerful financing model remains under pressure. The company said Monday that USD Cash will sit alongside its existing reserve and can be used to buy Bitcoin, fund preferred-stock dividends and debt payments, repurchase securities or meet other corporate needs. Strategy said the newly established USD Cash pool currently holds $1.59 billion. The original reserve — now $5.1 billion — may be used only to support the payment of dividends on Strategy’s preferred stock and interest on outstanding indebtedness. Any other use will require board authorization. The initial reserve was part of a new capital management framework Strategy unveiled in June.”
Source: Bloomberg
Coinbase-backed Crypto Advocacy Group Endorses 32 US Midterm Candidates
Policy
“Stand With Crypto, an advocacy group backed by crypto giant Coinbase, on Monday endorsed 32 incumbent congressional candidates for the November midterm elections, as the industry cements influence in Washington. The endorsements, first reported by Reuters, come as the Clarity Act, the crypto industry's top policy priority, stalls in the Senate amid opposition from some lawmakers. All the candidates endorsed voted last year to pass the bill out of the House of Representatives, and Stand With Crypto hopes to return those industry-friendly candidates to office. Crypto companies say the legislation would give them long-sought legal clarity. Stand With Crypto's 2026 campaign builds on its 2024 effort, the first cycle that the group was active, Mason Lynaugh, executive director of Stand With Crypto, said in an interview.”
Source: Reuters
Standard Chartered Becomes First Bank to Distribute Hong Kong Dollar Stablecoin
Stablecoins
“Standard Chartered (STAN) has become the first bank to become a distributor of one of Hong Kong’s two regulated stablecoins. The London-based bank said it will initially help its eligible institutional clients and partners to integrate the Hong Kong dollar stablecoin issued by Anchorpoint Financial (HDAKP), of which it is a majority shareholder, in an emailed announcement on Monday Standard Chartered also said it has plans to roll-out a number of new HKDAP commercial applications over the coming month. Use cases include market fund subscriptions, settlement with asset managers, intragroup settlement across the bank’s global network and cross-border payments, Standard Chartered said.”
Source: CoinDesk
