Today in crypto, the US House Financial Services Committee voted through a stablecoin bill, First Digital’s stablecoin depegged after Justin Sun’s claims of insolvency, and VanEck filed the first step for a BNB exchange-traded fund in the United States.
US House committee passes stablecoin-regulating STABLE Act
The US House Financial Services Committee passed a Republican-backed stablecoin framework bill with a 32-17 vote on April 2, with six Democrats voting in favor.
The bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, will now head to the House floor for a full vote. It aims to provide rules around payment stablecoins and ensure issuers give information about their business and how they back their tokens.
Last month, the US Senate Banking Committee voted through a similar GOP-backed bill, the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, which lays out oversight and reserve rules for issuers.
Source: Financial Services GOP
Both bills will now wait until debate time on the floor of the House and Senate, respectively, before they head for a floor vote.
Crypto journalist Eleanor Terrett reported on X, citing crypto lobbyists, that there is likely to be “a coordinated push behind the scenes over the next few weeks to get the two bills to mirror each other,” which would avoid the House and Senate having to “negotiate to create a final version of the bill everyone agrees on.”
FDUSD stablecoin depegs following insolvency claims by Justin Sun
The First Digital US dollar-pegged stablecoin FDUSD depegged on April 2 following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.
First Digital responded to the claims by assuring users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.
The firm also said that the ongoing dispute is with TrueUSD (TUSD), another stablecoin. The firm wrote in an April 2 X post:
“Every dollar backing FDUSD is completely secure, safe, and accounted for with US-backed Treasury Bills. The exact ISIN numbers of all of the reserves of FDUSD are set out in our attestation report and clearly accounted for.”
First Digital also indicated they would be taking legal action against Sun for making the claims on social media. “This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” spokespeople for First Digital wrote.
FDUSD loses dollar peg: Source: CoinMarketCap
VanEck eyes BNB ETF with latest Delaware trust filing
Investment company VanEck filed to register a Delaware trust company for an exchange-traded fund (ETF) tracking Binance-linked BNB cryptocurrency.
VanEck, on March 31, registered a new entity under the name VanEck BNB ETF in Delaware, according to public records on the official Delaware state website.
VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov
In filing 10148820, the entity is registered as a trust corporate service company in Delaware, hinting at a potential spot BNB (BNB) ETF in the United States.
