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Nvidia Powers Up U.S. AI Factories With $500B Investment

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  • Nvidia ramps U.S. chip and AI supercomputer production
  • AI supercomputers to be mass-produced in Texas within 15 months
  • $500B plan aims to strengthen U.S. AI supply chain and resilience

Nvidia has launched the production of AI supercomputers in the United States.  The company plans to expand its domestic operations to reduce reliance on overseas production and improve supply chain resilience in the U.S. This initiative comes amid geopolitical tensions and shifts in global trade policies.

Nvidia has partnered with major manufacturers to establish and run production facilities in Texas and Arizona. The company announced that Blackwell chip production has kicked off at TSMC’s Phoenix plant. Moreover, the supercomputer manufacturing facilities are under construction in Houston and Dallas.

These developments come amid increased market demand for sophisticated AI infrastructure systems. Nvidia plans to reach full scale mass production in both Texas facilities within 12 to 15 months. The facilities will manufacture special AI systems that power modern data centers.

Nvidia’s AI Supercomputers and Chips

As part of its investment approach, the company will develop more than one million square feet of new production spaces. This capacity expansion seeks to support the complete production cycle of AI supercomputers. The production life cycle includes chip manufacturing, packaging, assembly, and finally testing the system.

Nvidia’s U.S. production network includes TSMC, Foxconn, Wistron, Amkor, and SPIL, who are expected to perform vital roles. TSMC produces semiconductors, while Amkor and SPIL manage the packaging and testing operations. Wistron and Foxconn will lead the construction of supercomputer plants in Texas.

The initiative supports Nvidia’s $500 billion AI infrastructure investment plan in the next four years. The project seeks to meet the spike in demand for AI systems and develop long-term production capabilities. Additionally, it minimizes exposure to global supply chain shocks due to trade wars and policy changes.

Nvidia Launches AI data centers 

Nvidia’s AI supercomputers will establish the foundation for dedicated data centers and AI factories. These data centers are designed to train artificial intelligence and distribute inference and workloads. The demand for scale and performance has motivated the company to innovate across all phases of its products.

Nvidia’s state-of-the-art robotics, automation, and digital twin technologies will be integrated in the facilities. The company’s Omniverse platform will simulate factory operations before implementation. Moreover, the company will use its Isaac GR00T robot to automate important production processes.

The company’s domestic expansion could boost widespread economic growth. The initiative could create several new jobs across manufacturing, logistics, and technology services. These initiatives could produce trillions of dollars in economic value in the next few decades.

Kraken Expands Services with Commission-Free Stock and ETF Trading to Select U.S. States

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  • Kraken introduces commission-free stock and ETF trading for U.S. clients.
  • U.S. clients can now trade stocks, crypto and stablecoins on Kraken’s platform.
  • Kraken plans to expand equities trading to international markets in the future.

Cryptocurrency exchange Kraken, has expanded to provide trading services for US stocks and exchange-traded funds beyond its digital asset offerings. The trading platform allows U.S.-based clients from specific states to access commission-free trading over 11,000 U.S. listed stocks alongside exchange-traded funds (ETFs). 

Through this expansion of services, Kraken continues to evolve into a multi-asset platform. Moreover, Kraken’s addition of stock and ETF trading demonstrates its dedication to uniting traditional financial instruments with digital assets while establishing an easy trading experience between different asset classes.

Bridging Digital and Traditional Finance

The cryptocurrency exchange’s equity expansion allows users to bridge traditional financial assets with digital currency markets. U.S. clients in states like New Jersey, Rhode Island, Wyoming, and Connecticut can now manage stocks and digital assets such as cryptocurrencies and stablecoins using a single platform. Through fractional trading, the cryptocurrency exchange enables users to own portions of high-priced stocks, which broadens investment opportunities for more potential investors.

Kraken Securities, a FINRA-regulated division of Kraken, is integrated to enable it’s entry into equities while achieving high standards of regulation. This feature allows users to trade stocks, crypto, and cash seamlessly on the mobile app and the Pro web platform. The all-in-one experience is geared toward investors who want to have traditional and digital asset classes without needing multiple platforms.

Future Expansion Plans and Tokenization Prospects

In addition, Kraken aims to roll out this offering to additional U.S. states in the coming months and expand internationally to the U.K., Europe, and Australia. Although the cryptocurrency exchange is currently not offering tokenized equities, the crypto exchange has stated that it plans to incorporate blockchain technology into trading traditional assets. The ability to tokenize would enable 24/7 trading and faster settlement times increasing flexibility in how assets are traded.

Despite facing regulatory challenges in the US and Europe, the cryptocurrency exchange is preparing to utilize blockchain technology as soon as regulations become clearer. Furthermore, the crypto exchange has partnered with Alpaca to handle order execution, clearance and settlement. However, the company is already exploring tokenized solutions.

With this move, Kraken is seen as a natural progression to introducing equities trading to fill the gap between traditional finance and cryptocurrency markets. Co-CEO Arjun Sethi stated that this ongoing market expansion would support the transformation of traditional assets into tokens.

The crypto exchange continues to lead in the crypto space while advancing the integration of traditional finance systems with digital assets. The cryptocurrency exchange expects this strategic move to drive its growth trajectory as it develops a borderless trading system.

U.S Lawmakers Demand Crypto Clarity Amid Trump Coin Complications

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  • Bipartisan demand for crypto regulatory clarity in the U.S and updated disclosures was a key takeaway from the House hearing.
  • Concerns exist across parties that Trump’s crypto involvement could complicate legislative progress.
  • Lawmakers explored defining digital assets as commodities and expanding the CFTC’s role.

The U.S House Financial Services Committee held a key meeting, discussing ways to reform the crypto regulations. Here are the key takeaways shared by FOX’s Eleanor Terrett.

Both Democrats and Republicans unanimously demanded urgent clarity and updated disclosure regimes around digital assets. This indicates bipartisan consensus on clear U.S regulations surrounding cryptocurrencies and fintechs. Witnesses and most lawmakers alike agree that establishing a framework for digital assets would not only benefit the crypto industry but also the broader industries that crypto touches.

However, concerns have been raised by both Democrats and Republicans about President Trump’s involvement in crypto potentially hindering the legislative process. Some Republicans said that the Trump family’s involvement around meme coins and stablecoins “makes the work more complicated.”

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U.S Lawmakers Demand Crypto Clarity Amid Trump Coin Complications 2

Donald Trump and his wife, Melania, are rumored to be closely involved in launching their crypto meme coins. These ventures have reportedly generated at least $802 million in fees for entities connected to the president. The Trump family even created their own DeFi project, World Liberty Financial, which recently launched their native dollar-backed stablecoin, USD1.

However, one of the key agendas for U.S lawmakers was to define at what point digital assets become commodities. They also explored the possibility of giving the CFTC the added authority over the digital commodity and are working on legislation.

U.S To Draft Crypto Legislation After SEC Chair Confirmation

Witnesses, which include industry players from the crypto community, noted that the SEC’s application of the Howey Test to digital assets is insufficient as it lacks applicability to secondary market transactions.

This comes as Paul Atkins recently secured the Senate confirmation as the next Chair of the Securities and Exchange Commission (SEC) after winning a majority 52-44 Senate vote. Several pro-crypto lawmakers have welcomed this change in leadership, calling it a turning point after years of regulatory gridlock. Others are cautious, saying that lasting regulatory certainty depends more on Congress than the SEC Chair alone.

As one senior lawmaker reportedly put it, “We need to stop relying on the courts to define our financial future.” Furthermore, lawmakers are excited about the use cases for blockchain technology outside of finance and applying it to industries like agriculture.

We’ll likely hear more on these initiatives during the @HouseAgGOP crypto hearing at 2:00 PM. As these are the hearings designed to kick off market structure season, we should be seeing some draft legislation in the coming weeks.

Bitcoin Outshines Gold as a Store of Value Amid Market Crisis

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  • Bitcoin’s price rises as stock markets falter amid global tariffs.
  • Scott Bessent compares Bitcoin to gold as a store of value.
  • Experts see Bitcoin’s resilience as a potential long-term investment.

U.S. Treasury Secretary Scott Bessent has recognized Bitcoin as a “store of value” similar to gold while its price increases amid global financial instability. Secretary Bessent made his comments at a period of stock market decline that has been intensified by U.S. President Donald Trump’s aggressive tariff policies. Bitcoin’s resilience compared to the traditional market instability has attracted investors who seek alternative investments to stocks.

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Bitcoin has demonstrated different trends from traditional stock markets after Trump’s global trade tariffs. Although traditional stock markets suffered major decreases, Bitcoin has demonstrated solid recovery. The market turbulence shows Bitcoin’s potential to protect investors from market uncertainty and its status as an asset class.

Bessent’s recognition of Bitcoin as a store of value matches the broader consensus in the investment industry. Investors now view Bitcoin as a safe-haven investment asset similar to gold. Bitcoin’s ability to retain its value during market turmoil positions it as a reliable alternative to traditional stores of value.

Bitcoin Defies Stock Market’s Bearish Sentiment

Market experts observe that Bitcoin demonstrates independent price behavior because it continues to gain value at a time when traditional markets decline. According to crypto investment specialist David Hernandez, Bitcoin demonstrated stable price action this week. The market sees Bitcoin as a potential secure asset that offers protection for investors who avoid volatile equities.

The recent Bitcoin price increase coincides with growth in traditional assets such as gold. The value of gold increased by 15% in 2025 because many investors invested in it as a hedge against economic uncertainty. Although Bitcoin and gold have shown positive market performance, their behavior has started to differ as the global economic conditions change.

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BTC Past Performance Spark’s Investors’ Optimism

The recent Bitcoin market movement duplicates an identical pattern to its prior actions when markets collapsed in March 2020. The cryptocurrency quickly rebounded from its severe market declines in 2020, which established it as an attractive safe haven for investors. The historical patterns of Bitcoin during economic instabilities demonstrate its potential to deliver strategic long-term value.

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Experts indicate that Bitcoin faces potential risks if stock markets continue to experience substantial decline in value. Joe Burnett, a market researcher at Unchained, stated that the past recovery behavior of Bitcoin in downturns creates optimism about its future performance. Although Bitcoin’s long-term projections appear promising, extended stock market declines could put downward pressure on Bitcoin.

Coinbase Unveils Bold DeFi-Backed Bitcoin Loan Service

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  • Coinbase launches DeFi-backed Bitcoin loans via Morpho for US users.
  • Users can borrow against Bitcoin without managing collateral directly.
  • Overcollateralized loans ensure secure lending without credit checks.

Coinbase is bringing DeFi-backed Bitcoin loans to US customers through its partnership with Morpho, a decentralized lending protocol. . This new service aims to offer a safer, more customizable crypto lending experience.

Coinbase Launches Bitcoin Loans

Coinbase has launched a new platform that allows US users to borrow against their Bitcoin holdings through a decentralized finance (DeFi) protocol. In partnership with Morpho, a DeFi lending protocol, this development marks a new phase in crypto-backed lending. The service is available to users across the US, except New York, with future plans to expand to more regions.

Coinbase does not facilitate the loans directly but acts as an intermediary. Thus, this service is different from other crypto lending programs. The process is powered by Morpho, which enables greater customization and control for Coinbase while ensuring secure management of  user funds.

Coinbase previously offered crypto-backed loans, allowing users to borrow against their Bitcoin. However, the program was shut down in 2023 following a regulatory complaint from the SEC. However, the new initiative aims to decentralize the lending process without requiring users to manage their collateral directly.

This new offering allows Coinbase customers to borrow against their Bitcoin holdings using overcollateralized lending. The platform integrates DeFi technology to enable users to easily access loans. Coinbase acts as the gateway, ensuring the new process streamlines user interaction with DeFi services.

Understanding DeFi Loans and Coinbase Bitcoin Loans

DeFi loans do not check credit scores but require borrowers to deposit collateral to secure loans. Borrowers can then receive funds at a dynamic interest rate based on the demand for the loaned asset. Coinbase loans utilize the same principle although collateral is managed by Morpho.

As users borrow against their Bitcoin, Coinbase automatically converts the collateral into cbBTC, a DeFi-compatible version of Bitcoin. This token is backed 1:1 by the Bitcoin held in custody by Coinbase, ensuring that the loans are fully collateralized. If the value of collateral drops, the loan may be liquidated to prevent bad debt accumulation.

Although Coinbase offers the platform and covers network fees, it does protect collateral against liquidation. Borrowers are fully responsible for monitoring their collateral’s value and managing the variable interest rates on their loans. This system ensures that only fully collateralized loans are allowed to maintain the integrity of the lending process.

The new initiative introduces more capital into the DeFi ecosystem while maintaining user-friendliness. Through removing the complexities of decentralized finance, Coinbase attracts more users to the platform. However, borrowers must understand the risks involved because they are fully responsible for collateral and interest rates.

This new service offers a safer alternative to centralized lending platforms and offers exposure to DeFi’s benefits. The new service is part of Coinbase’s strategy to integrate DeFi solutions into its user-friendly interface, balancing innovation with user protection.

Charles Hoskinson Battles Anti-Crypto Voices for Bipartisan U.S. Reform

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Charles Hoskinson, billionaire blockchain entrepreneur, and Cardano co-founder, is intensifying efforts to promote bipartisan crypto policies in the United States. He plans to engage Democratic senators, including Pennsylvania’s John Fetterman, to encourage collaboration on cryptocurrency regulation. Hoskinson aims to address concerns over restrictive stances led by prominent anti-crypto voices in the Senate.

Charles Hoskinson Seeks Bipartisan Support for Crypto Policies

Charles Hoskinson has revealed his intent to work with Democrats to ensure balanced crypto regulations in Congress. He will meet with Senator John Fetterman and other key figures to discuss cryptocurrency’s economic role. His goal is to counteract the strong opposition led by Massachusetts Senator Elizabeth Warren and others.

Democratic leadership has faced criticism for taking a harsh stance on digital assets, potentially stifling innovation. Hoskinson believes that bipartisan support could help clarify regulatory frameworks. Many leaders have expressed concerns about the Biden administration’s restrictive approach to crypto.

Cardano Ecosystem Sees Major Advancements

In addition to his political efforts, Hoskinson highlighted progress in the Cardano ecosystem over the weekend. The launch of Plutus V4, featuring zero-knowledge proofs, demonstrates the platform’s focus on scalability and security. This update aims to support advanced decentralized applications and expand blockchain adoption.

Cardano’s ecosystem continues to grow with innovations enhancing its crypto market competitiveness. The platform’s development underscores its long-term commitment to fostering blockchain innovation. Hoskinson’s leadership in advancing Cardano aligns with his broader vision for the crypto industry.

Challenges from Anti-Crypto Voices

Anti-crypto leaders, including Warren and outgoing Ohio Senator Sherrod Brown, have consistently pushed for stricter regulations on digital assets. Their opposition has created challenges for the industry in navigating regulatory uncertainty. Despite these hurdles, Hoskinson remains optimistic about fostering bipartisan collaboration.

Hoskinson’s advocacy is pivotal as crypto regulation becomes a prominent topic in U.S. politics. The upcoming discussions with Democratic senators aim to bridge gaps between differing policy perspectives. These efforts highlight blockchain technology’s potential as a driver of economic innovation.

7 Best Altcoins to Buy in November 2024: Who Can Replace Gary Gensler After US Elections?

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On the U.S. elections day, the world is buzzing about the potential for a more crypto-friendly SEC chair if Gary Gensler is replaced. Candidates like “Crypto Mom” Hester Peirce and “Crypto Dad” Chris Giancarlo could lead to a regulatory shift, making way for innovative, market-driven solutions in digital assets. So, whether you’re looking for stability or an exciting new altcoin, this is the perfect time to explore the Best Altcoins to Buy in November 2024.

Here are the top 7 picks for November 2024, featuring both powerhouse names like Bitcoin and Ethereum and trailblazers like Qubetics ($TICS). With Qubetics offering real-world applications through its revolutionary QubeQode IDE, it’s a standout for investors looking for long-term gains.

1. Qubetics ($TICS) – The Future of Decentralised Solutions

Qubetics is making waves, thanks to its QubeQode IDE, an Integrated Development Environment that lets developers, businesses, and individuals build, test, and deploy blockchain applications all in one place. It’s like having a Swiss Army knife for blockchain development! Imagine Sarah, an indie developer, who can use QubeQode to build and launch her apps without hopping between multiple platforms. Or picture Jack, a small business owner who can now secure his client data using blockchain tech—without hiring an entire tech team.

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At the heart of it all is the $TICS token, currently in its 7th presale stage at $0.01932. With over $1.6 million raised, the excitement is real, and analysts project that $TICS could soar to $10-$15 post-launch. For those who seize this early-bird chance, a $3,500 investment could turn into a substantial return, making Qubetics one of the best altcoins to buy in November 2024.

Why this coin made it to this list: Qubetics ($TICS) delivers real-world applications with its IDE, designed to meet the needs of developers, small businesses, and even everyday users looking for blockchain solutions.

2. Bitcoin (BTC) – The OG Cryptocurrency

Bitcoin, the king of crypto, has been a trusted store of value for years. Its resilience in volatile markets makes it a top pick for those looking to weather any regulatory storm. The potential shake-up at the SEC could even boost Bitcoin, as new pro-crypto leadership may encourage wider adoption.

With Bitcoin hovering around $68,000, crypto analysts predict it could hit $75,000 in the coming months and possibly reach six figures with the right regulatory tailwinds. Bitcoin’s ability to hold strong through market shifts solidifies its spot among the Best Altcoins to Buy in November 2024 for investors seeking long-term security.

Why this coin made it to this list: Bitcoin’s reputation as a “digital gold” and its resilience make it a reliable investment in uncertain times.

3. Ethereum (ETH) – The Smart Contract Pioneer

Ethereum, the foundation of decentralised finance (DeFi) and non-fungible tokens (NFTs), keeps innovating. With its recent Layer 2 upgrades, Ethereum is more scalable than ever. ETH’s price sits around $2,465, with long-term holders pushing it towards a potential $6,000 target. Regulatory changes could further solidify Ethereum’s role in DeFi, expanding its reach in real-world asset tokenisation.

Ethereum’s network effects and continuous improvements make it one of the best altcoins to buy in November 2024. With an established developer base and strong community support, ETH’s potential to climb even higher is hard to ignore.

Why this coin made it to this list: Ethereum’s adaptability and role as the bedrock of DeFi make it an essential pick for anyone interested in the future of blockchain.

4. Solana (SOL) – Fast and Affordable Transactions

Solana has become a darling of developers and users alike, thanks to its speed and low-cost transactions. This Layer-1 blockchain excels in handling a high volume of transactions, making it a go-to for DeFi and NFT platforms. Despite a recent whale cash-out, Solana’s price remains steady due to strong market demand, with the potential to reach $200 soon.

With its recent Chainlink Data Streams integration, Solana developers now have access to real-time market data, enhancing its ecosystem for high-speed financial applications. For those looking for the best altcoins to buy in November 2024, Solana’s resilience, affordability, and growth potential make it a compelling choice.

Why this coin made it to this list: Solana’s speed and cost efficiency, coupled with recent partnerships, make it ideal for those eyeing the future of DeFi.

5. Polkadot (DOT) – Building a Multi-Chain Future

Polkadot is all about interoperability, enabling multiple blockchains to connect and share information. This is a huge deal in a world where isolated networks can limit an asset’s use. With projects flocking to Polkadot’s parachains, DOT’s network continues to grow, attracting developers who want a seamless multi-chain ecosystem.

As crypto regulation evolves, Polkadot’s cross-chain technology could position it as a leader in a connected crypto world. Among the best altcoins to buy in November 2024, Polkadot stands out as a bet on the future of interconnected blockchain systems, which could become increasingly valuable as space matures.

Why this coin made it to this list: Polkadot’s focus on seamless connectivity across chains makes it a crucial player in the evolving blockchain landscape.

6. Immutable X (IMX) – Powering the Future of NFTs

Immutable X is a Layer-2 scaling solution specifically designed for NFTs on Ethereum, eliminating gas fees and enabling fast, eco-friendly transactions. With the explosive growth in NFT adoption, IMX’s unique value proposition is appealing to both users and developers.

For those who believe in NFTs as a long-term trend, Immutable X offers a practical solution for affordable trading without sacrificing the environment. Its commitment to sustainability and ease of use make IMX a top pick for the Best Altcoins to Buy in November 2024.

Why this coin made it to this list: Immutable X’s eco-friendly, scalable NFT solution positions it perfectly to support the growth of digital collectables and assets.

7. Ripple (XRP) – Leading Cross-Border Transactions

Ripple continues to make waves with its fast, low-cost payment network, popular for cross-border transactions. Despite ongoing legal issues, XRP remains strong, bolstered by partnerships with financial institutions globally. If Ripple’s legal case with the SEC resolves favourably, XRP could skyrocket, making it a top choice for those looking for stability with growth potential.

With experts forecasting a price boost post-legal resolution, XRP ranks high on the Best Altcoins to Buy in November 2024 list, especially for investors seeking a reliable payment-focused crypto.

Why this coin made it to this list: Ripple’s established financial network and potential legal win make it a solid pick for long-term stability and growth.

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Conclusion: Your Top Picks for November 2024

This November, crypto enthusiasts have various options catering to different investment styles. Whether you’re looking for stability, scalability, or something truly groundbreaking, there’s a coin that fits the bill among the best altcoins to buy in November 2024. Bitcoin and Ethereum bring trusted long-term value, while Solana and Immutable X push innovation in speed and affordability. Ripple offers a secure payment network, while Polkadot pioneers a connected blockchain ecosystem.

However, if explosive growth is your goal, Qubetics ($TICS) offers a unique opportunity with real-world applications in asset tokenisation and development efficiency through QubeQode. With its current presale price and predictions of hitting $10-$15 post-launch, a modest $3,500 investment could offer significant returns.

Now is the time to secure your spot in these top altcoins, especially as the post-election landscape may bring major changes. Dive in and choose the coin that aligns with your goals—whether that’s stability or groundbreaking potential. Don’t wait too long; the next wave of blockchain success stories is just around the corner.

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For More Information:

Qubetics: https://qubetics.com

Telegram: https://t.me/qubetics

Twitter: https://x.com/qubetics

Moody’s Shifts Outlook On US Government Ratings, Prompting Crypto Community Concerns

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In a strategic move, Moody’s Investors Service has altered its rating outlook on the United States government, shifting from stable to negative. The downgrade stems from escalating risks to the nation’s fiscal strength, driven by rising interest rates and a perceived lack of effective fiscal policies.

According to a recent report, Moody’s emphasized the potential hazards of continued political brinkmanship in Washington, expressing apprehension about the deepening political polarization in the US Congress. According to the agency, this division poses a substantial threat to forming a consensus on a fiscal plan to address the diminishing affordability of debt.

Focusing on global financial research, Moody’s Investors Service scrutinizes bonds issued by businesses and governments. The Fortune 500 list for 2021 includes Moody’s as one of the “Big Three” credit rating firms, alongside Standard & Poor’s and Fitch Group.

It’s crucial to note that a negative outlook doesn’t guarantee an immediate rating cut; it signals the possibility of one in the future. Interestingly, among the major credit rating agencies, Moody’s remains the sole entity upholding the triple-A rating on the United States’ sovereign debt, indicating confidence in the nation’s economic strength.

Moody’s Move Amidst Government Shutdown Threat

This shift by Moody’s comes at a critical time, coinciding with the looming threat of a government shutdown. While maintaining the long-term issuer and senior unsecured ratings of the US at Aaa, Moody’s cautious optimism about the nation’s economic strength adds complexity to an already challenging political landscape.

The agency’s decision introduces additional uncertainty as Congress grapples with funding decisions. While the US government is funded through November 17, the need for agreement on a bill before the deadline raises concerns.

Moody’s maintained the Aaa rating for the US, but the negative outlook has triggered discussions within the cryptocurrency community. Some view this as a potential signal of economic turbulence that could spill over into the cryptocurrency markets, anticipating increased market volatility.

Deputy Secretary of the Treasury Wally Adeyemo countered Moody’s outlook, asserting that the American economy remains robust, with Treasury securities considered the world’s premier safe and liquid asset. This assessment disparity raises questions among crypto investors about the broader economic landscape.

The cryptocurrency market, known for its sensitivity to macroeconomic factors, may experience both positive and negative repercussions. On the one hand, the negative outlook could drive investors toward alternative assets, including cryptocurrencies, as a hedge against traditional financial uncertainties.

On the other hand, if the negative outlook translates into actual fiscal challenges for the US, it could trigger a broader economic downturn, potentially impacting all financial markets, including cryptocurrencies. Crypto investors are advised to closely monitor developments in US fiscal policies and global economic indicators. 

Historic Stablecoin Bill’s Fate Uncertain After U.S. Lawmakers Dissent Over This

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The U.S. created history after the Financial Services Committee passed the “Clarity for Payments Stablecoin” bill with a 34-19 vote, making it the second significant piece of crypto legislation to pass the Committee this week. The bill received support from five Democrats: Rep. Himes, Rep. Gottheimer, Rep. Meeks [D-NY], Rep. Torres, and Rep. Nickel.

But lawmakers irrespective of parties have unanimously voiced concern about the possibility of tech titans like Elon Musk or Mark Zuckerberg taking over the stablecoins industry.

According to Representative Maxine Waters, the committee’s top Democrat, Elon Musk’s “Twitter X to establish itself as a global payments provider via the issuance, directly or indirectly, of a stablecoin” scenario was “a frightening proposition.” Waters also argued it had “major flaws,” including a loophole that would allow commercial entities to issue their own stablecoin.

Some Republicans have also voiced reservations that the plan doesn’t go far enough in preventing major tech firms from developing their own stablecoins. Rep. Ralph Norman of South Carolina, a Republican, declared:

“To my Republican colleagues, we are currently in the midst of holding Mark Zuckerberg in contempt of Congress while simultaneously in this bill, handing him the keys to an unregulated marketplace, where he will have a competitive advantage against credit unions and community banks.”

The debate has intensified following news that Elon Musk’s Twitter, which just underwent a rebranding as X, has been working on plans and obtaining permits from regulatory bodies to integrate payments into the social network.

“Elon Musk-Led Stablecoin Fear Is Unfounded”

According to MarketWatch, the stablecoin bill is expected to strengthen federal oversight of these cryptocurrencies. However, its future in the full House and Senate is still up in the air despite receiving a green signal from the financial committee. On the other hand, crypto proponents believe the fear is far-fetched.

Maya Zehavi, a Web3 investor, commented, “The only reason Congress initially took an interest in stablecoins was out of fear that Zuck-coin would harm the USD. It’s been 5 years, and the world is very different. Libra was a bad model on multiple fronts; Elon-fear shouldn’t hamper serious legislation.”

The development comes closely after the Financial Services Committee recently passed monumental legislation to create a thorough regulatory framework for Bitcoin and other cryptocurrencies, as TronWeekly reported the other day.

SBF Could Face Delays Due To US Gov’s Action-Lawyers

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Former FTX CEO Sam Bankman-Fried a.k.a SBF is awaiting his court trial slated on Oct after pleading not guilty. However, lawyers representing SBF have expressed concern that the legal proceedings might be delayed by “months or years” after the latest action.

According to the 12th June filing, the government allegedly skipped over the customary civil regulatory procedures and instead moved quickly to indict Mr. Bankman-Fried on December 9, 2022, less than a month after FTX’s bankruptcy and before it had even been given.

Last year, Bankman was arrested in the Bahamas after U.S. prosecutors filed criminal charges.

Eight counts were included in the grand jury indictment, including violations of campaign finance laws, securities fraud, money laundering, and conspiracy to commit wire fraud against lenders and customers.

After Bahamas agreed to extradite on seven of the original eight charges, the Government ignored and decided to prosecute on all eight charges, the filing alleged.

In addition, US authorities brought six more accusations without first requesting [or receiving] The Bahamas’ permission, as required by the extradition agreement.

Prior to the latest filing, the legal team of the former FTX CEO submitted documents on May 8th, requesting the court to drop 10 out of 13 criminal counts arguing that the government “classic[ally] rushed to judgment.”

The three exempted charges are conspiracy to commit commodities fraud, conspiracy to commit securities fraud, and conspiracy to commit money laundering.

Attorneys claimed that additional allegations against Bankman-Fried in a supplemental indictment breach the extradition agreement with the Bahamas.

Crypto researcher Molly White who first broke the news noted that “at least part of it seems to come down to the fact that additional charges were added after SBF’s extradition agreement was made.”

US Prosecutors Slammed SBF’s Dismissal Plea

The then filling also alleged that FTX’s new CEO John Ray III and his team were compiling evidence on behalf of the prosecution.

On the other hand, US prosecutors have criticized the arguments as “meritless,” in response to the dismissal plea, and insisted that Bankman-Fried’s alleged misbehavior clearly violates the relevant statutes.

According to the source, US District Judge Lewis Kaplan will hear the case’s oral arguments on June 15.

The ousted CEO-led FTX and sister firm Alameda collapsed in November after concerns over their balance sheet sparked a bank run leading to their bankruptcy.