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Foundry USA Bitcoin hashrate slumps 60% from Friday as winter storm Fern batters United States
Foundry USA, operator of the world's largest Bitcoin mining pool, has reduced its hashrate by about 60% since Friday in response to winter storm Fern sweeping across the United States. The pool's computing power reportedly dropped by nearly 200 EH/s, slowing temporary block production to around 12 minutes while it still maintains about 23% of global Bitcoin mining pool hashrate. The storm has caused widespread power outages for over 1 million residents and prompted other US-based mining pools to curb energy use to ease pressure on the grid.
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Scaramucci warns CLARITY Act stablecoin yield ban weakens US dollar versus digital yuan
Anthony Scaramucci argued that the CLARITY Act's expanded ban on yield-bearing stablecoins makes the US dollar less competitive than China's interest-paying digital yuan. Coinbase CEO Brian Armstrong and other industry executives also criticized the restriction, claiming it protects traditional banks and could undermine the role of US dollar stablecoins in global markets. Separately, Bank of America CEO Brian Moynihan cautioned that stablecoins may trigger up to $6 trillion in deposit outflows from the banking system.
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Coinbase CEO Armstrong Rejects Reported White House Rift Over CLARITY Act, Says Talks Continue
Coinbase CEO Brian Armstrong rejected claims that the White House is considering withdrawing support for the CLARITY crypto market structure bill and denied that the administration is upset with the exchange. He said the administration asked Coinbase to find a compromise with banks and noted that industry groups are developing proposals to address community bank concerns and stablecoin yield restrictions. Armstrong expects a revised bill markup in the coming weeks after the Senate Banking Committee delayed its vote to allow further negotiations.
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