a16z's two founders have a lunch meeting with Republican senators to advance cryptocurrency market structure legislation

Stablecoins are not insured by FDIC! The GENIUS Act clarifies the boundaries of bank deposits

FDIC Chairman Travis Hill in the summit stated that under the GENIUS Act, stablecoins are not protected by government deposit insurance and are classified as independent assets separate from bank deposits. Stablecoins rely on the reserves of the issuer rather than federal insurance. Additionally, tokenized deposits still enjoy FDIC protection as they are inherently considered bank liabilities. This policy has raised concerns within the banking industry that stablecoins might divert deposits.

Gate Daily (March 12): Wells Fargo submits WFUSD application; Ledger reveals MediaTek chip leak of recovery phrases

Bitcoin temporarily reports $69,980, driven by CPI data. Wells Fargo applies for WFUSD trademark to explore crypto business, Ledger reveals MediaTek chip vulnerability. U.S. stocks mostly close lower as markets focus on Middle East tensions. Investor sentiment remains stable, with overall performance flat.

Paraguay issues Resolution No. 47/26 requiring platforms to provide detailed reports on cryptocurrency transaction information

Gate News Update: On March 12, the Paraguay National Tax Service issued Resolution No. 47/26 to strengthen tax regulation on Bitcoin and cryptocurrencies. The new regulation requires crypto platforms and administrators to report detailed information on each user transaction, including wallet addresses, networks used, and transaction hashes. The scope of regulation covers cryptocurrency donations, inheritances, and NFT transactions exceeding $5,000 annually. This measure aims to incorporate digital assets into Paraguay's national tax system while complying with the Financial Action Task Force (FATF) anti-money laundering recommendations.

SEC and CFTC sign memorandum to end the battle over cryptocurrency regulation dominance

The U.S. SEC and CFTC have signed a Memorandum of Understanding to establish a regulatory coordination mechanism in the fields of cryptocurrency and related areas, aiming to address issues of unclear traditional jurisdiction. The memorandum emphasizes a "minimum effective regulation" strategy, intended to reduce intervention in market participants, promote market innovation, and provide a clearer compliance framework to enhance the United States' financial competitiveness.

Bank of England hints at easing stablecoin holding limits in response to industry technical implementation challenges

Deputy Governor of the Bank of England Sarah Breeden stated that regulators may adjust their strict stance on the cap for stablecoin holdings in response to opposition from the digital asset industry. She acknowledged that implementing the cap faces technical difficulties and is reviewing feedback, with plans to finalize regulations by the end of the year.

Insider: HSBC, Standard Chartered, and OSL will receive Hong Kong's first stablecoin licenses

Gate News Report, March 12 — Sources reveal that HSBC, Standard Chartered, and Hong Kong-based virtual asset trading platform OSL will be among the first institutions to receive a Hong Kong stablecoin license. The report states that the list may be announced as early as next week, but nothing has been finalized yet, and changes are still possible. The Hong Kong Monetary Authority responded by saying they do not comment on market rumors.