Brian Quintenz, Head of Policy at Andreessen Horowitz’s (a16z) crypto division and a fierce champion for crypto innovation, has been nominated by Donald Trump to lead the CFTC. Trump’s CFTC Pick Brian Quintenz Praised for Pro- Crypto Stance and Regulatory Vision Brian Quintenz announced on social media platform X on Feb. 12 that he has been […]

Trump Nominates Crypto Advocate to Lead CFTC, Backed by Industry Leaders

The United States Senate Banking Committee elected to advance the Guiding and 
Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 
vote.
None of the amendments proposed by Senator Elizabeth Warren made it into the 
bill, including her proposal to limit stablecoin issuance to banking 
institutions.
&#8220;Without changes, this bill will supercharge the financing of terrorism. It 
will make sanctions evasion by Iran, North Korea, and Russia easier,&#8221; Warren 
argued.
_Senator Warren argues for amendments to be included in the bill. Source:__US 
Senate Banking Committee GOP_
Senator Tim Scott, chairman of the Senate Banking Committee, characterized the 
bill as a victory for innovation. The Senator said:
&gt; &#8220;The GENIUS Act establishes Common Sense rules that require stablecoin 
&gt; issuers to maintain reserves backed one-to-one, comply with anti-money 
&gt; laundering laws, and ultimately protect American consumers while promoting 
&gt; the US dollar&#8217;s strength in the global economy.&#8221;
The bill must still pass a vote in both chambers of Congress before it is 
turned over to President Trump and ultimately signed into law.
However, the Senate Banking Committee advancing the bill represents the first 
step in clear, comprehensive legislation requested by the crypto industry.
_Senator Tim Scott, chairman of the Senate Banking Committee, leads the 
hearing. Source:__US Senate Banking Committee GOP_
 _**Related:**__**The GENIUS stablecoin bill is a CBDC trojan horse &#8212; DeFi 
exec**_
## GENIUS Act gets overhaul to feature stricter provisions
Senator Bill Hagerty, who introduced the bill in February 2025, defended the 
legislation against the proposed amendments from Senator Warren, arguing that 
the bill already includes provisions for consumer protection, Anti-Money 
Laundering, and crime prevention.
On March 10, Hagerty announced that the bill was updated to include stricter 
reserve requirements for stablecoin issuers, AML provisions, safeguards 
against terrorist financing, transparent risk management procedures, and 
stipulations for sanctions compliance.
According to Dom Kwok, founder of the Web3 learning platform Easy A, the newly 
added provisions will make it harder for foreign stablecoin issuers to comply, 
giving US-based firms a competitive edge.
_Senator Bill Hagerty defends his bill from proposed amendments. 
Source:__Senate Banking Committee GOP_
Attorney Jeremy Hogan said the GENIUS Act signals an impending merger of the 
traditional financial system with stablecoins.
&#8220;The legislation is explicitly making plans for stablecoins to interact with 
the traditional digital banking system. The &#8216;merge&#8217; is being planned,&#8221; the 
attorney wrote in a March 10 X post.
During the March 7 White House Crypto Summit, US Treasury Secretary Scott 
Bessent explicitly said that the Trump administration would leverage 
stablecoins to protect the US dollar&#8217;s global reserve status.
_**Magazine:**__**Bitcoin payments are being undermined by centralized 
stablecoins**_

Senate Banking Committee advances GENIUS stablecoin bill

Bitcoin Magazine 
Bitcoin 2025 Conference Brings Back Highly Anticipated Legal Education Program
Bitcoin 2025 in Las Vegas will once again host its Continuing Legal Education 
(CLE) program, offering legal and financial professionals critical insights 
into the evolving regulatory landscape.
This post Bitcoin 2025 Conference Brings Back Highly Anticipated Legal 
Education Program first appeared on Bitcoin Magazine and is written by Nik.

Bitcoin 2025 Conference Brings Back Highly Anticipated Legal Education Program

Authorities in India have apprehended Aleksej Besciokov, the alleged co- 
founder of Garantex, a cryptocurrency exchange reportedly implicated in 
“extensive money laundering activities (MLA).&#8221; $60 Billion In Transactions 
Linked To Criminal Activity Besciokov, a 46-year-old Lithuanian national, was 
reportedly arrested while vacationing with his family in Varkala, a coastal 
city in the Indian state of Kerala. His arrest comes after an indictment 
unsealed by the US Department of Justice (DOJ) on March 7. The DOJ’s 
indictment charges Besciokov and his co-founder, 40-year-old Aleksandr Mira 
Serda, a Russian national residing in the United Arab Emirates, with 
conspiracy to commit money laundering. Related Reading: This Is The Last 
Opportunity To Buy Dogecoin ‘Relatively Cheap,’ Predicts Analyst Garantex, 
which launched in 2019, was sanctioned by the US Treasury&#8217;s Office of Foreign 
Assets Control in April 2022 for its role in facilitating the movement of 
criminal proceeds. Reports indicate that the exchange has processed over $60 
billion since sanctions were imposed, raising significant concerns regarding 
its operations. According to the blockchain analysis firm Elliptic, Garantex 
has been involved in various forms of unlawful activity, including 
facilitating ransomware attacks, drug trafficking, and evading sanctions 
imposed on Russian elites. The firm noted that the exchange has enabled 
Russian oligarchs to transfer their wealth abroad, particularly following the 
invasion of Ukraine. DOJ Alleges Garantex Co-Founder Operated Under Hacker 
Alias &#8220;Proforg&#8221; The US Department of Justice also alleges that Besciokov 
served as Garantex’s primary technical administrator, responsible for 
maintaining critical infrastructure and approving transactions. In conjunction 
with the indictment, German and Finnish law enforcement agencies seized 
servers that hosted Garantex’s operations, and US authorities have frozen over 
$26 million linked to the exchange&#8217;s money laundering activities. In a notable 
twist, Besciokov is said to have operated under the hacker handle “proforg,” a 
nickname associated with a long-running Russian-language forum known for its 
explicit content. The charges against him include conspiracy to violate the 
International Economic Emergency Powers Act, which carries a maximum sentence 
of 20 years in prison, and conspiracy to operate an unlicensed money 
transmitting business, which could lead to an additional five years of 
imprisonment. Related Reading: Bitcoin Price Risks Further Crash As S&amp;P 
Monthly LMACD Turns Bearish, Why Bulls Have Only 20 Days Besciokov is 
scheduled to appear in a Delhi court on March 14, where he will face these 
serious charges. If found guilty of any offenses alleged, he will forfeit to 
the United States any property—whether real or personal—that was involved in 
the commission of the offense or any property traceable to such assets. 
Furthermore, if convicted of the offense detailed in Count II of the 
indictment, Besciokov will also forfeit any property that constitutes or is 
derived from proceeds traceable to the offense. Featured image from DALL-E, 
chart from TradingView.com

Crypto Exchange Garantex Co-Founder Arrested In India Over Extradition Request

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