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CFTC Chair Nominee Quintenz Gears Up for Senate Nomination Hearing
Quintenz met with members of the Senate AG Committee this week
April 04, 2025
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Welcome to the Friday edition of the Crypto In America newsletter!

We’re closing out the week with a look at CFTC Chair nominee Brian Quintenz’s meetings with Senators ahead of his upcoming nomination hearing before the Senate Agriculture Committee.

Donald Trump’s nominee to lead the Commodity Futures Trading Commission, Brian Quintenz, has started meeting with members of the Senate Agriculture Committee in a bid to secure their support ahead of the upcoming vote to advance his nomination.

While the Agriculture Committee has not yet officially scheduled Brian Quintenz’s appearance, Crypto In America has learned that efforts are underway to hold the hearing later this month.

In anticipation, Quintenz met with Committee Chairman Senator John Boozman (R-AR) in his office on Thursday where the two discussed the CFTC’s role in risk management, supporting the agriculture industry, and fostering innovation within those areas.

In a meeting with committee member Senator Chuck Grassley (R-IA) earlier in the week, the pair discussed the possibility of the CFTC gaining direct jurisdiction over digital asset spot markets, in addition to its existing authority over futures markets.

The proposal to give the CFTC more authority over regulating crypto has been raised by senior members of the Trump administration, who have expressed interest in seeing the Securities and Exchange Commission take a more focused role in regulating securities while allowing the CFTC to oversee the broader scope of the crypto market, including spot trading.

The move would require approval from Congress, particularly the Senate Agriculture Committee, which oversees the CFTC. The committee would need to authorize additional funding for the agency to take on this expanded role.

 

Cryptex Advances Efforts to Influence DeFi Policy in Washington

 

U.S. DeFi platform Cryptex is preparing to expand its presence in Washington D.C. to ensure that decentralized finance protocols are properly represented in the crypto policy discussions taking place in the nation’s capital.

This week, Cryptex launched an on-chain vote, allowing its community to decide whether funds from its DAO (Decentralized Autonomous Organization) should be allocated to support its advocacy efforts in Washington, D.C. The proposal passed with majority support, positioning Cryptex as one of the first U.S.-based DAOs to actively engage in policy advocacy at the federal level.

“The future of decentralized finance in the United States will be decided in Washington,” Cryptex founder Joe Sticco told Crypto In America. “This is not just about Cryptex — it’s about ensuring all decentralized protocols have a voice in Washington. If we don’t engage now, centralized financial institutions and legacy entities will dictate the future of the space.”

The unique nature of DeFi, with no central authority to regulate, will be a key consideration for lawmakers as they work to establish clear rules for the crypto industry. DeFi advocates are hoping that market structure legislation, currently being worked on in the House, will allow for a regulatory framework that accommodates decentralized platforms as well as centralized ones like exchanges.

 

Weekly Recap

 

Here are some of the biggest news stories this week from the intersection of Washington and Web3:

  • Paul Atkins, nominated by President Trump to serve as SEC Chair, has been approved by the Senate Banking Committee, receiving no support from Democratic members. His nomination now advances to the full Senate for a vote, which will be scheduled at the discretion of Senate Majority Leader John Thune.

  • After a 13-hour markup session, the House Financial Services Committee passed the bipartisan STABLE Act, the House's stablecoin legislation, with a 32-17 vote. Notably, six Democrats supported the bill.

  • A district judge has granted Coinbase’s request to restart litigation in its FOIA lawsuit against the FDIC after Coinbase filed a motion earlier this week alleging the agency was being uncooperative in complying with its requests for information.

  • Eliezer Mishory, Kalshi’s Chief Regulatory Officer, has transitioned to lead the Department of Government Efficiency (DOGE) at the Securities and Exchange Commission. Before joining Kalshi in 2021, Mishory was an attorney at both the CFTC and the IRS.

  • A recent report from Trammell Venture Partners reveals that Bitcoin-related startup deals surged by 50% in 2024, and a whopping 767% since 2021. The growth in 2024 can be traced to Bitcoin's rally, fueled by Wall Street’s involvement in Bitcoin ETFs and positive rhetoric from then-presidential candidate Donald Trump.

  • Crypto prices took a hit in reaction to Trump’s ‘Liberation Day’ tariffs with Bitcoin falling from around $88,000 to $82,000 following his Wednesday announcement. Crypto stocks like Coinbase and Strategy also fell sharply and are on track to end the week lower.

  • Circle, the issuer of stablecoin USDC, officially filed with the Securities and Exchange Commission to go public on the New York Stock Exchange. The company will list under the ticker CRCL and is aiming for a market valuation of around $5 billion.

Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.

If you like what you’re reading, don’t forget to subscribe!

 

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👀 Something Historic Just Happened In Colombia

Something historic just happened in Colombia.
An object was recovered, a metallic sphere that defies explanation.

Now it’s the center of an international investigation involving U.S. congressmen, physicists, and Dr. Steven Greer.

The object, called the Buga Sphere, was discovered by a local metal detectorist, Don José.

👉 At first, it weighed 2kg, then 6kg and then 10kg.

The same object, no external changes and weight fluctuations recorded live.

What kind of material behaves like this?

The sphere doesn’t emit radiation, but it does mess with electronics.

People near it reported metallic taste, nausea, and phones going haywire. David Vélez wore an anti-static suit just to touch it.

Not exactly your average scrap metal.

A second sphere showed up in Jumbo, caught on camera by a separate witness.

Same shape, movement, and equatorial line.
Italy’s top UAP analysts reviewed the footage.
The metadata was untouched, it wasn't CGI, it’s real.

Inside the Buga Sphere scientists discovered:

🔹Fused polymers
🔹Optical ...

00:03:33
"The World Order That We Are Coming Into"

If XRP is the neutral bridge for all sovereign currencies, stablecoins, and tokenized assets, then it’s not just facilitating payments, it’s capturing all that value at every level. From smart contracts to tokenized treasuries and digitized assets, XRP forms the foundation and backbone for everything in between.

With cross-border payments representing a multi-trillion-dollar corridor, that’s where the largest capital will flow and the greatest returns will come from.

At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

You either see it or you won’t until it’s too late.

~The Black Swan Capitalist

00:01:50
Denelle Dixon (Stellar CEO) On Bloomburg 🚀

'Everyone, including Mastercard and Visa, is looking at how this technology can make finance easier for their consumers and their business. I don't think there is going to be a loser, but I do think there will be shake-ups. And ultimately, the consumer is going to win.' - SDF CEO @DenelleDixon on @BloombergTV

00:05:29
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
✨️ Joseph Tittle Prophecies 6/25 ✨️

Going deep into connecting with spirit revealing shocking revelations around artificial intelligence, coming conflicts, attack on United States and allies, How to prepare ourselves for the coming global changes. Channled Psychic predictions.

Bloomberg Analysts Increase XRP ETF Approval Odds to 95%

Key Takeaways:

🔹️Spot XRP ETF approval odds increased by Bloomberg analysts.

🔹️The SEC's positive engagement boosts confidence.

🔹️Ripple market could see significant liquidity influx.

https://aicryptocore.com/bloomberg-xrp-etf-approval-95-percent-odds/

🤔 What Happened To Jed McCaleb, The Co-founder and Chief Architect of the Stellar Development Foundation?

Jed McCaleb, the co-founder and Chief Architect of the Stellar Development Foundation (SDF), remains actively involved with Stellar as of 2025. He continues to serve on the SDF’s board and is recognized as the Chief Architect, helping to guide the technical vision and development of the Stellar network. The SDF, under his and other leaders' guidance, is focused on expanding real-world asset tokenization and aims to power $3 billion in real-world asset value on-chain by the end of 2025.

Beyond Stellar, McCaleb is also known for founding the aerospace company Vast, which is developing artificial gravity space stations; he currently serves as Vast’s chairman and sole funder. According to Forbes, McCaleb’s net worth is estimated at $2.9 billion as of April 2025.

In summary, Jed McCaleb is still deeply engaged with Stellar’s ongoing mission of financial inclusion and blockchain innovation, while also pursuing ambitious projects in the space industry.

https://www.vastspace.com/
...

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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