Here’s what happened in crypto today
Today in crypto, the head of President Trump’s crypto council said stablecoin legislation will likely be passed imminently, Grayscale’s Bitcoin Mini Trust ETF (BTC) is the only fund to maintain a positive net inflow of funds in March, and Donald Trump’s SEC Chair pick Paul Atkins’ confirmation hearing is reportedly set for March 27.
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.”
All but 1 US spot Bitcoin ETF in the red this March
Except for Grayscale’s Bitcoin Mini Trust ETF (BTC), all other United States spot Bitcoin exchange-traded funds (ETFs) had net negative performances in March as analysts expect a bearish Bitcoin trend of up to 12 months.
Spot Bitcoin ETF flows in millions. Source: Farside Investors
Out of the lot, asset manager BlackRock’s iShares Bitcoin Trust ETF (IBIT) suffered the most, with outflows reaching $552 million and inflows of only $84.6 million.
Additionally, Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw outflows of over $517 million and had inflows of only $136.5. The data also showed that Grayscale’s Bitcoin Trust ETF (GBTC) had outflows of over $200 million and had zero inflows.
Paul Atkins hearing for SEC chair set for March 27 after delays
A confirmation hearing for Paul Atkins, US President Donald Trump’s pick to chair the Securities and Exchange Commission, is slated for March 27 after many delays, according to Semafor’s Eleanor Mueller.
Trump had nominated Atkins to lead the SEC on Dec. 4, but Atkins’ marriage into a billionaire family caused issues with financial disclosures and delayed his start date.
It isn’t clear whether the White House has produced those papers to the Senate, but Mueller said the slated hearing date “is the most momentum we’ve seen so far.”
Source: Eleanor Mueller
Atkins married his wife Sarah Humphreys Atkins in 1990, whose family has ties to TAMKO Building Products LLC, a manufacturer of residential roofing shingles that reportedly turned over $1.2 billion in revenue in 2023.
Mueller said one former Senate Banking Committee staffer told her earlier this month that as Atkins “got named so early on […] people are starting to be like, ‘What the hell’s taking so long?’”