Here’s what happened in crypto today
Today in crypto, the United States Securities and Exchange Commission dropped its multi-year enforcement action against Ripple. An initially crypto-skeptic Minnesota Senator introduced a Bitcoin-buying bill. Meanwhile, the head of President Donald Trump’s crypto council said stablecoin legislation is likely to be passed imminently.
SEC will drop its appeal against Ripple, CEO Garlinghouse says
The United States Securities and Exchange Commission’s multi-year enforcement action against Ripple from 2021 is finally coming to an end, according to the company CEO.
“This is it — the moment we’ve been waiting for. The SEC will drop its appeal — a resounding victory for Ripple, for crypto, every way you look at it,” Ripple CEO Brad Garlinghouse wrote on X on March 19.
Source: Brad Garlinghouse
“I’m finally able to announce that the case has ended; it’s over,” Garlinghouse said in the attached video to the X post.
Minnesota senator proposes Bitcoin Act after going from skeptic to believer
Minnesota state Senator Jeremy Miller introduced the Minnesota Bitcoin Act on March 17 to allow the state to invest in Bitcoin (BTC) and other cryptocurrencies, which he drafted after completely changing his stance on the space.
“As I do more research on cryptocurrency and hear from more and more constituents, I’ve gone from being highly skeptical to learning more about it, to believing in Bitcoin and other cryptocurrencies,” Miller said in a statement announcing the bill.
Several other US states have introduced similar Bitcoin-buying bills, with 23 states having introduced legislation to create a Bitcoin reserve, likely influenced by Senator Cynthia Lummis’ Strategic Bitcoin Reserve Act, which would see the federal government buy 1 million Bitcoin.
A total of 39 different bills related to state investments in Bitcoin have been introduced across 23 US states. Source: Bitcoin Laws
The bill would allow the Minnesota State Board of Investment to invest state assets in Bitcoin and other cryptocurrencies. State employees would be able to add Bitcoin and crypto to their retirement accounts, and Minnesotans would be given the option to pay state taxes and fees with Bitcoin, among other measures.
Bo Hines: Expect stablecoin legislation “in next two months”
The executive director of the President’s Council of Advisers on Digital Assets, Bo Hines, told the Digital Asset Summit in New York that stablecoin legislation is “imminent” following the Senate Banking Committee’s swift approval of the GENIUS Act earlier this month.
The GENIUS Act stands for the Guiding and Establishing National Innovation for US Stablecoins, which sets out to guidelines for stablecoin issuers. On March 13, it passed the Senate Banking Committee in a bipartisan 18 to 6 vote.
Bo Hines (right) speaking at the Digital Asset Summit. Source: Cointelegraph
“We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion,” Hines said. “I think our colleagues on the other side of the aisle also recognize the importance for US dominance in this space, and they’re willing to work with us here, and that’s what’s really exciting about this.”
When asked about when the final stablecoin legislation will arrive on President Trump’s desk, Hines gave the timeline of the “next two months.”