At the World Economic Forum in Davos on Jan. 22, Coinbase CEO Brian Armstrong and French central bank governor François Villeroy de Galhau debated stablecoin yields and Bitcoin, BlockBeats and CoinDesk reported. Armstrong argued that yield-bearing stablecoins boost consumer returns and U.S. competitiveness, while Villeroy warned they could pose systemic banking risks and said the digital euro should not compete on yield. The exchange also covered the CLARITY Act, banking lobbying, and Bitcoin’s role, with Armstrong emphasizing decentralization and Villeroy raising sovereignty concerns.

The U.S. Senate Agriculture Committee has released updated cryptocurrency market structure legislation that would grant the Commodity Futures Trading Commission (CFTC) expanded authority to regulate digital commodities, according to Cointelegraph. A committee business meeting to mark up the bill is scheduled for January 27 at 3:00 p.m. ET. The updated proposal follows earlier drafts intended to clarify the respective regulatory roles of the CFTC and the Securities and Exchange Commission (SEC) in overseeing crypto assets.

White House adviser on crypto and AI, David Sacks, stated on January 21 that U.S. traditional banks and the crypto industry are poised to merge into a singular 'digital asset industry.' This significant convergence is anticipated as Congress advances new market structure legislation, according to a report by CoinDesk. Sacks highlighted that banks could strategically enter the crypto market by issuing stablecoins, utilizing these digital assets as yield-bearing instruments to compete effectively with fintech firms. The proposed legislation is designed to establish equitable regulation for comparable products, meticulously balance stakeholder interests, and facilitate greater institutional capital access to the burgeoning crypto market, fostering a more integrated financial landscape.

The US Senate Agriculture Committee is set to publish the latest version of its cryptocurrency legislation text by the end of the working day on January 21, Crypto In America reports. The release aims to outline key issues stakeholders should track ahead of a rescheduled markup hearing next week. Trump previously said Congress is working on a regulatory framework for the cryptocurrency market structure and that he hopes to sign a crypto bill as soon as possible.

U.S. President Donald Trump said on Jan. 21 he will announce a new Federal Reserve chair in the near future, specifying his choice will be a man and describing the nominee as "highly respected," BlockBeats reports. He said the concern is that a Fed chair changes stance after taking office.

President Donald Trump said on Jan. 21 that Congress is drafting cryptocurrency market structure regulations and he hopes to sign a crypto bill soon, BlockBeats reports. Trump made the remarks in Davos while attending the World Economic Forum. He added that cryptocurrency is politically popular.

The Solana Policy Institute issued an open letter on Jan. 21 calling for clearer legal protections for non-custodial developers. The institute cited the guilty verdict of Tornado Cash developer Roman Storm as a critical test for U.S. open-source technology policy. The Senate Banking Committee's latest cryptocurrency bill text states that developers who do not control user funds should not be classified as money transmitters, The Block reports.

Vietnam's Ministry of Finance issued a resolution on Jan. 21 to pilot a formal licensing framework for cryptocurrency trading platforms, aiming to bring the sector under regulation after a prolonged period in a legal grey area, Cryptonews reports. The State Securities Commission will oversee the issuance, modification and revocation of operating licenses for crypto asset trading venues and has released detailed application guidelines. The regime requires applicants to be Vietnam-based companies with minimum paid-in capital of 10 trillion Vietnamese dong (around $380 million) and to meet strict criteria on infrastructure, governance, cybersecurity and professional staffing. Around 10 securities firms and banks have indicated plans to enter the market once licensed, according to Cryptonews.