USDUS Crypto Policy Recap: OKX Reenters, Powell Softens Bank Crypto Rules
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Powell Signals Easing of Crypto Restrictions for Banks Amid Growing Mainstream Acceptance
Federal Reserve Chairman Jerome Powell indicated a potential easing of crypto restrictions for U.S. banks to foster innovation while ensuring consumer protection. Acknowledging the tumultuous history of digital assets, he noted the sector's growing mainstream acceptance and hinted at a cautious approach to any regulatory changes. The Federal Deposit Insurance Corporation plans to withdraw previous guidelines, allowing banks to engage in approved crypto activities without pre-approval. Lawmakers are also working on a regulatory framework for stablecoins. Powell emphasized that the landscape is evolving, with Congress actively seeking to formalize oversight amid past market turmoil and collapses.
OKX Announces U.S. Relaunch with New CEO and Compliance Focus Following $505 Million Settlement
OKX is re-entering the U.S. market after settling a federal investigation by paying $505 million for operating without a license. Roshan Robert has been appointed CEO to oversee this relaunch, which includes a new centralized exchange and the integration of the OKX Wallet. Located in San Jose, California, the platform will gradually roll out nationwide, migrating existing Okcoin users. Key features include support for over 130 blockchains, AI tools, and a commitment to regulatory compliance through enhanced fraud detection and monitoring. OKX aims to offer a competitive alternative to established platforms by merging centralized services with Web3 tools.
Bank of America, Tether, and Circle Battle for Control of U.S. Stablecoin Regulations
Amidst the emerging stablecoin legislation, a fierce competition is unfolding between traditional banks, notably Bank of America, and nonbank entities like Tether and Circle for dominance in the U.S. stablecoin market, potentially worth a trillion dollars. Bank of America seeks to limit stablecoin issuance to banks, while Circle presents itself as a compliant U.S. alternative to Tether. Tether leads with over $145 billion in issued USDT, whereas Circle issues about $60 billion in USDC, emphasizing reserve transparency. The legislative outcomes will significantly shape who can issue dollar-backed tokens in the U.S., impacting the overall market structure and competitiveness.
Oklahoma's Bitcoin Reserve Bill Fails
Oklahoma’s effort to implement a Bitcoin reserve, via House Bill 1203, failed in a narrow 6-5 Senate committee vote. This setback has left New Hampshire, Texas, and Arizona in the lead for establishing state-level BTC reserves. New Hampshire's HB302, allowing up to 10% of the state’s general fund for Bitcoin investment, passed the House 192-179, while Arizona’s complementary bills await a full House vote. Texas's SB-21 already passed the Senate 25-5. Nationwide, 47 State Bitcoin Reserve bills are introduced across 26 states, with 40 still active in 20 states, according to Bitcoin Laws’ tracker.
Arizona's SB 1373 Advances to Final Vote, Leading Crypto Reserve Legislation Nationwide
On April 18, 2025, Arizona's Strategic Digital Assets Reserve Bill (SB 1373) passed a House committee and is awaiting a final floor vote before reaching the governor. This bill proposes establishing a strategic reserve fund composed of state-provided and seized cryptocurrencies, with the state treasurer permitted to manage the funds and seek additional returns through loans. No more than 10% of the fund may be invested in any fiscal year. Arizona leads U.S. states in advancing crypto reserve legislation, although potential hurdles exist as Governor Katie Hobbs has pledged to veto bills until disability funding is addressed.
Pennsylvania Man Pleads Guilty to $3M Tax Evasion from CryptoPunks NFT Sales
Waylon Wilcox, a 45-year-old Pennsylvania man, pled guilty to evading over $3 million in taxes by under-reporting $13 million in profits from the sale of 97 CryptoPunks NFTs over 2021 and 2022. He falsely claimed no crypto transactions during that period, leading to significant discrepancies on his tax returns—about $8.5 million for 2021 and $4.5 million for 2022. Wilcox now faces up to six years in prison and potential fines of $500,000. This case comes amid tightening regulations by the U.S. Treasury and IRS to enforce crypto-related tax compliance.
This article has been refined and enhanced by ChatGPT.
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