Today in crypto, President Donald Trump’s pick for US Securities and Exchange Commission (SEC) chair passed a key committee vote, the US Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis, and the US House Financial Services Committee voted through a stablecoin bill.
Paul Atkins’ SEC nomination passes committee vote
Paul Atkins is one step closer to securing the top position at the US Securities and Exchange Commission after the Senate Banking Committee voted to advance his nomination.
In an April 3 banking committee session, lawmakers voted 13 to 11 for Atkins to serve two consecutive terms as a commissioner at the government agency, effectively taking over former Chair Gary Gensler’s term.
Atkins’ nomination is expected to go to a full Senate vote in the near future.
Senator Tim Scott speaks at the committee hearing. Source: US Senate Banking Committee
Before the vote, committee chair Tim Scott said Atkins would bring “much-needed clarity” to the cryptocurrency sector.
Donald Trump selected Atkins to replace Gensler as the SEC head in December, roughly one month after winning the presidential election.
At the time, Trump praised Atkins’ track record as a former SEC commissioner and for his expertise in digital assets.
US sanctions 8 crypto wallets tied to Garantex exchange and Yemeni Houthis
The US Treasury Department sanctioned eight cryptocurrency wallet addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis.
The United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses that data from blockchain forensic firms Chainalysis and TRM Labs had linked to the organizations. Two are deposit addresses at major crypto platforms, while the other six are privately controlled.
Visualization of transaction flow related to OFAC sanctions. Source: Chainalysis
The addresses in question reportedly moved nearly $1 billion worth of funds linked to sanctioned entities. Most of the transactions funded Houthi operations in Yemen and the Red Sea region.
US House committee passes stablecoin-regulating STABLE Act
The US House Financial Services Committee passed a Republican-backed stablecoin framework bill with a 32-17 vote on April 2, with six Democrats voting in favor.
The bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, will now head to the House floor for a full vote. It aims to provide rules around payment stablecoins and ensure issuers give information about their business and how they back their tokens.
Last month, the US Senate Banking Committee voted through a similar GOP-backed bill, the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, which lays out oversight and reserve rules for issuers.
Source: Financial Services GOP
Both bills will now wait until debate time on the floor of the House and Senate, respectively, before they head for a floor vote.
Crypto journalist Eleanor Terrett reported on X, citing crypto lobbyists, that there is likely to be “a coordinated push behind the scenes over the next few weeks to get the two bills to mirror each other,” which would avoid the House and Senate having to “negotiate to create a final version of the bill everyone agrees on.”
