2025.3.27 Cryptocurrency News Flash
1. Unicoin CEO Alex Konanykhin stated that he has requested the U.S. Securities and Exchange Commission (SEC) to withdraw its investigation into Unicoin but has yet to receive a response. Last December, under former Chairman Gary Gensler's leadership, the SEC notified Unicoin, accusing it of fraud, deceptive practices, and selling unregistered securities. This investigation was initiated before the end of the Biden administration, after which President Trump appointed a new SEC leadership. Konanykhin pointed out that while more than ten other crypto companies have been relieved from enforcement actions, Unicoin remains under investigation. He wrote to the SEC's new crypto task force on March 17, seeking guidance to end this 'abuse of power'.
2. The U.S. Congress icon has been active recently in cryptocurrency legislation, with the House of Representatives publicly releasing the text of the Stablecoin Transparency and Accountability to Promote Better Ledger Economy Act (STABLE Act) on March 26. This bill was co-sponsored by Congressman Bryan Steil and Financial Services Committee Chairman French Hill, aiming to regulate how companies issue digital tokens pegged to the dollar. Steil stated that the new version will bridge the gap between the House and Senate versions.
Meanwhile, the Senate Banking Committee held a hearing on stablecoin legislation on March 11, with representatives from traditional financial institutions, such as Bank of New York Mellon and attorneys from Wall Street law firm Davis Polk & Wardwell, attending the meeting, showing traditional finance's interest and support for stablecoin regulation.
Additionally, Senator Bill Hagerty proposed the U.S. Stablecoin National Innovation Guidance and Establishment Act, which has been approved by the Senate Banking Committee. This bill aims to establish collateral guidelines for stablecoin issuers and requires full compliance with anti-money laundering laws.
These legislative initiatives reflect the ongoing efforts of U.S. lawmakers in stablecoin regulation, aiming to ensure transparency and security in the digital asset market while maintaining the dollar's dominant position in the global financial system.
3. The ETH development team launched the final test of the Pectra upgrade on the new Hoodi testnet on March 26. Previously, two tests conducted on the Holesky and Sepolia testnets did not go smoothly, so developers specifically set up the Hoodi testnet to provide ecosystem participants, especially staking service providers, with the last testing opportunity before the official launch of the Pectra upgrade on the mainnet.
The Pectra upgrade is the most significant update to Ethereum in over a year, aimed at enhancing developer experience and user-friendliness. This upgrade will add smart contract features to wallets, enabling developers to create new convenient functionalities, such as allowing users to pay transaction fees with cryptocurrencies other than ETH.
If the test goes smoothly, developers plan to activate the Pectra upgrade on the Ethereum mainnet in approximately 30 days. This upgrade is seen as an important step in the continuous improvement of the Ethereum network, aimed at enhancing its scalability and user experience.
4. U.S. Senator Kirsten Gillibrand stated at the blockchain summit in Washington, D.C. that Congress might pass the long-awaited stablecoin legislation before the Easter recess. She warned the industry not to push for a 'watered-down' version of the bill, emphasizing that strict regulation is crucial for protecting consumers and attracting investors. Gillibrand noted that stringent regulations help prevent incidents like the 2023 Silicon Valley Bank run and the 2022 FTX exchange collapse from happening again.
She also mentioned that while some people worry that strict regulation may stifle innovation, she believes that clear and stringent regulations can actually promote innovation, providing a stable market environment that attracts more investors into the cryptocurrency space.
