Latest news with #Lummis-GillibrandResponsibleFinancialInnovationAct
Express Tribune
3 days ago
- Business
- Express Tribune
Pakistan's crypto minister Bilal Bin Saqib meets dozens of US officials
Minister of State for Crypto, Blockchain and CEO of the Pakistan Crypto Council Bilal Bin Saqib Listen to article Special Assistant to Prime Minister on Crypto and Blockchain Bilal Bin Saqib met with over a dozen key US government officials and lawmakers this week in Washington to strengthen cooperation in the areas of digital assets, blockchain regulation and financial innovation. The SAPM met with Senator Cynthia Lummis, co-author of the Lummis-Gillibrand Responsible Financial Innovation Act and co-sponsor of the Bitcoin Act, which seeks to designate Bitcoin as a strategic reserve asset. Senator Lummis has been a leading advocate for thoughtful and comprehensive crypto legislation in the US. He also met with Senator Bill Hagerty, a member of the Senate Banking Committee and supporter of a pro-innovation regulatory environment, and with Senator Rick Scott, who has consistently emphasised economic security and financial stability. Additionally, he also met with senators Tim Sheehy and Jim Justice, the latter also a co-sponsor of the Bitcoin Act and a strong supporter of blockchain applications in government and infrastructure. Meetings also included Senator Ted Cruz, Congressman Troy Downing, a member of the House Financial Services Subcommittee on Digital Assets, Congressman Ryan Zinke, Congressman Rick McCormick, and Congressman Derrick Van Orden — all of whom are actively engaged in shaping policy frameworks related to emerging technologies. Jill Kelley, founder of blockchain identity platform EdentifID, participated in discussions alongside Congressman McCormick, bringing perspectives from the private tech sector. He also met with White House Associate Counsel Kevin Cline and Associate Counsel Ugonna Eze of the White House Counsel's Office. 'We came to learn, to listen, and to contribute,' said Bilal bin Saqib. 'Pakistan is actively studying how global leaders are approaching regulation, innovation, and financial inclusion — not to copy, but to adapt the best ideas for our unique landscape.' The visit also served to share Pakistan's initiatives — including the recent announcement of its Strategic Bitcoin Reserve, efforts to build a virtual asset regulatory framework, and the use of stablecoins to improve remittances and expand financial access. The exchanges highlighted the need for closer global coordination and the role emerging markets like Pakistan can play in shaping the next chapter of the digital economy. 'To sit at the table with those writing the future of finance is a responsibility and a signal: Pakistan is not waiting to catch up — we are here to lead,' said Saqib. 'From Capitol Hill to the White House, I shared a new face of Pakistan — one driven by its youth, powered by innovation, and ready to build global alliances for digital progress.' With one of the world's youngest populations, a thriving freelance economy, and over $36 billion in annual remittances, Pakistan is uniquely positioned to become a testbed for responsible innovation, grounded in transparency, accessibility, and long-term impact. Furthermore, the International Monetary Fund (IMF) has asked the Pakistani government for an explanation regarding the allocation of 2,000 megawatts of electricity for Bitcoin mining and AI data centres without consulting the IMF. IMF officials plan to discuss the issue with the government in a virtual meeting and questioned how the allocation was made without clarifying the legal status of cryptocurrency. The IMF emphasised that decisions should be made within the framework of its programme after mutual consultation. The government is expected to face tough questions during talks on the new fiscal budget, with both sides agreeing to hold virtual consultations. Last week, the Ministry of Finance reported that Pakistan allocated 2,000 megawatts of electricity for Bitcoin mining and AI data centres as part of a national initiative to make Pakistan a leader in digital innovation. Read more: IMF seeks explanation on Bitcoin, AI initiatives This initiative, led by the Pakistan Crypto Council (PCC), aims to use excess electricity, create high-tech jobs, and attract foreign investment. The allocation marks the first phase of a broader digital infrastructure rollout. Future developments are expected to include renewable energy-powered facilities, global partnerships with blockchain and AI firms, and the establishment of fintech and innovation hubs. On the other hand, the federal government and the central bank reiterated on Thursday that the use of cryptocurrencies was illegal and anyone dealing in these currencies was liable to be investigated by the Financial Monitoring Unit (FMU) and the Federal Investigation Agency (FIA). The statements were made by Federal Finance Secretary Imdad Ullah Bosal and State Bank of Pakistan (SBP) Executive Director Sohail Jawad during a meeting of the National Assembly Standing Committee on Finance. Read more: Crypto currencies' use is illegal, National Assembly told The development also came a day after the newly appointed Special Assistant to the Prime Minister on crypto and blockchain, Bilal Bin Saqib, made a pitch for the promotion of cryptocurrencies during his visit to the United States. Crypto is not a legal currency in Pakistan, said Bosal. He recommended that the committee invite the Pakistan Crypto Council (PCC) for further briefing. SAPM Bilal Bin Saqib is also the chief executive officer of the PCC. "The work on the crypto currencies is at a very, very preliminary stage and whenever the government decides to take it further, we would recommend to first have a comprehensive legal and regulatory framework for it," Bosal said, adding that so far, there was no such framework. Sitting on the committee, Pakistan Peoples Party (PPP) MNA Sharmila Faruqi raised the issue of the contradictory policy statements by the government about the promotion of cryptocurrencies in Pakistan. "There seems to be no legal framework for the cryptocurrencies even though Pakistan has recently come out of the Financial Action Task Force [FATF] grey list," she said. In reply, Jawad hoped that the PCC would involve other stakeholders to agree on a robust legal and regulatory framework. Whereas the finance secretary was telling the National Assembly committee that the use of cryptocurrencies was illegal in Pakistan, his ministry was promoting these new currencies through a different set of announcements, at least two of them coming out this week. Jawad, the SBP executive director, said that in 2018, the central bank had issued instructions to its regulated entities. "Under these instructions that are still valid, the trading and holding of the crypto currencies is illegal, and these entities are bound to report such cases to the FMU for ongoing investigation by the FIA", he said.
Yahoo
17-04-2025
- Business
- Yahoo
Robinhood, Coinbase Could Benefit From New Digital Asset Regulation, Says Bernstein
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A new digital assets regulatory framework could significantly expand the offerings of Robinhood (NASDAQ:HOOD) and Coinbase (NASDAQ:COIN), enabling both platforms to list a broader range of crypto assets and tokenized equities, according to a new Bernstein report. What Happened: The report outlines how evolving regulations might reshape the competitive landscape for investment platforms, fostering integrated multi-asset trading environments. The Bernstein report highlights that the anticipated regulatory framework, influenced by bills like FIT21 and the Lummis-Gillibrand Responsible Financial Innovation Act, could allow platforms to trade both securities and non-securities under a unified structure, overseen by the SEC and CFTC. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum. Coinbase's latest promo gets you up to $200 in crypto (Seriously!) — Here's everything you need to know to take advantage of this offer. For Robinhood, currently operating as a broker-dealer, this clarity would broaden its addressable market. "Clarity on listing crypto asset securities and tokenized equity securities would expand the addressable market for HOOD," the report states, noting that Robinhood has so far limited its crypto offerings to major assets like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), which are classified as commodities, as well as meme tokens like Dogecoin (CRYPTO: DOGE). The new framework could enable Robinhood to list tokenized equities of leading public and private companies, potentially creating new marketplaces, such as for prediction markets similar to Polymarket, which Robinhood has already integrated via the Kalshi platform. For Coinbase, the largest U.S. crypto exchange with a 66% market share, the regulatory changes could streamline operations and enhance competitiveness against international exchanges like Binance. The report explains that Coinbase, which currently operates with multiple state licenses, could be licensed as an alternative trading platform, avoiding the cumbersome state-by-state compliance process. "With greater regulatory clarity, COIN can be more aggressive versus international exchanges," the report notes, highlighting that over 90% of crypto trading volume remains offshore. This shift would allow Coinbase to list more assets beyond its current conservative approach of 250 tokens, potentially including token-linked futures contracts, a market where offshore futures volumes are three to four times larger than spot It Matters: The report also underscores broader industry trends supporting these changes. It points to Kraken's acquisition of NinjaTrader for $1.5 billion, enabling the second-largest U.S. crypto exchange to offer equities, ETFs and equity futures to its crypto users, illustrating a growing convergence of traditional and crypto assets. Bernstein analysts argue that the distinction between crypto and equity traders is diminishing, as evidenced by Robinhood's success in attracting young traders who actively engage in both markets, driving operational efficiencies through integrated back-ends and blockchain technology. Additional industry developments noted in the report include Strategy's recent acquisition of 3,459 Bitcoin for $285.8 million, bringing its total holdings to 531,644 Bitcoin valued at $35.9 billion, and Ripple's $1.25 billion acquisition of crypto prime-broker Hidden Road, which may integrate Ripple's (CRYPTO: XRP) new stablecoin RLUSD. Marathon Digital's (NASDAQ:MARA) initiative to energize 25MW micro-data centers using flared natural gas in Texas and North Dakota was also highlighted, showcasing cost-effective Bitcoin mining strategies. Meanwhile, the SEC's approval of options trading on spot Ethereum ETFs from issuers like BlackRock, Bitwise and Grayscale reflects growing institutional acceptance of digital assets. Read Next: It's no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here's how everyday investors are getting started. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Last Chance to get 4,000 of its pre-IPO shares for just $0.26/share! Image: Shutterstock Send To MSN: Send to MSN This article Robinhood, Coinbase Could Benefit From New Digital Asset Regulation, Says Bernstein originally appeared on Sign in to access your portfolio
