U.S. Sen. Elizabeth Warren has sent a letter to Commerce Secretary Howard Lutnick seeking details on potential national security risks tied to Bitmain and raising concerns about the company's business connections to the Trump family, according to Odaily Planet Daily. Warren asked the department to provide records of communications between Bitmain and Eric Trump as well as Donald Trump Jr. Reports also say the FBI is running an investigation dubbed "Operation Red Sun" to evaluate whether the mining equipment could be susceptible to remote control. U.S. regulators have previously flagged repeated security concerns about Bitmain's products. Bitmain said the allegations are unfounded, while American Bitcoin Corp said its security testing identified no issues. (Bloomberg)

Ripple Labs CEO Brad Garlinghouse said the company's growth is accelerating on the back of mergers and acquisitions, and he expects Ripple to post a "recordbreaking" first quarter in 2026, according to ChainCatcher. Garlinghouse said Ripple deployed about $4 billion into the crypto ecosystem in 2025 through investments and acquisitions. He highlighted two major deals: the $1.25 billion acquisition of Hidden Road and the $1 billion purchase of GTreasury. He said the moves materially bolstered Ripple's institutional services footprint and its financial infrastructure capabilities. On regulation, Garlinghouse said he remains broadly optimistic about the direction of U.S. digital-asset policy, but now expects the CLARITY Act to pass later than previously anticipated, with the timeline slipping from late April to late May. He cautioned that if policy is "weaponized" for political purposes rather than used to support industry development, it could weigh on innovation. "The market is closely watching whether the U.S. regulatory framework can be implemented—we need to avoid returning to the policy uncertainty seen during Gary Gensler's tenure," Garlinghouse said. He added that ongoing negotiations between the crypto sector and traditional financial institutions over key legislative provisions, including issues such as stablecoin yields, are still creating friction and slowing regulatory progress.

Key takeaways: Senate Banking Committee Chair Tim Scott says bipartisan support for the CLARITY Act is now in place, with stablecoin yield rules still the central sticking point. Scott argues the bill's prospects ultimately hinge on the crypto industry uniting behind it. As the U.S. crypto sector awaits progress on the long-anticipated CLARITY Act, Senate Banking Committee Chairman Tim Scott said the legislation is approaching final passage. He said the market structure measure now has support from Republicans and Democrats, adding that the White House is aligned. "We now have Republicans and Democrats working together. The White House agrees as well. I am very optimistic about where we are," Scott said. Scott cautioned that one major ingredient remains: broad buy-in from the crypto industry. He said the bill could be finalized as early as Easter. If enacted, the CLARITY Act would represent a major step in U.S. crypto regulation by establishing clearer legal lines for the sector. The proposal seeks to differentiate digital commodities such as Bitcoin and Ethereum from securities and would grant the Commodity Futures Trading Commission (CFTC) explicit authority over those assets. The CLARITY Act passed the House of Representatives last year with broad support, raising expectations for swift approval. The measure later slowed in the Senate amid prolonged debate over key provisions, notably stablecoin regulation and yield-related rules. Stablecoin yield provisions drew strong pushback from the banking industry, which warned they could undermine banks by pulling investor funds into crypto products. Crypto executives countered that yield programs are important for industry growth. Scott said the White House and Senate have recently reached agreement on that provision. With the next markup meeting scheduled for April 13, market participants increasingly expect the bill to clear the Senate. Even after the White House-Senate agreement, major crypto firms are still scrutinizing the final language and voicing concerns. Coinbase has publicly objected, with CEO Brian Armstrong saying the company "can't support the bill as written." Scott said talks continue among major stakeholders, including Coinbase. "I spoke with Coinbase. Everyone is still at the table…Work to be done," he said. Scott framed the CLARITY Act as broader than a crypto-specific measure, arguing it is important to maintaining U.S. economic strength globally. The post CLARITY Act Nears Finish Line, but Industry Support Remains Key, Says Tim Scott appeared first on The Coin Republic.

Ripple CEO Brad Garlinghouse said the company is on pace for its strongest first quarter, driven by merger-and-acquisition activity. He noted Ripple has invested about $4 billion into the broader crypto ecosystem, including $1.25 billion for the acquisition of Hidden Road and roughly $1 billion to acquire GTreasury. Garlinghouse also said progress on U.S. digital-asset legislation has moved more slowly than anticipated. The CLARITY bill, originally expected in April, may now be pushed back to May. He urged policymakers to keep regulation from becoming overly politicized, arguing that clearer rules are needed to support industry growth.

Ripple CEO Brad Garlinghouse said the company is on pace for its strongest first quarter, helped by dealmaking activity. He noted that about $4 billion has been invested into the crypto ecosystem in 2025, including Ripple's $1.25 billion acquisition of Hidden Road and roughly $1 billion allocated to GTreasury. Garlinghouse also said U.S. digital-asset legislation is moving more slowly than expected. The CLARITY Act, initially targeted for April, may be pushed back to May. He urged policymakers to keep excessive political influence out of regulatory decisions to protect the industry's long-term growth. (The Block)

'What the hell?' — Crypto frustration erupts as stablecoin infighting derails bill

Kalshi has received the regulatory green light to introduce margin trading after its affiliate, Kinetic Markets LLC, was registered as a futures commission merchant (FCM) with the National Futures Association (NFA) on March 24, 2026. The NFA filing lists Kinetic Markets as both an FCM and a swap firm, with Bloomberg first reporting the registration. Kalshi Inc. holds a 10% or greater financial interest in Kinetic. Cofounders Tarek Mansour and Luana Lopes Lara are listed as indirect owners. Kinetic’s executive team includes CEO Lior Samuel Hirschfeld, CFO Sam Rosner, and Chief Compliance Officer Joshua Andrew Beardsley. Until now, Kalshi has operated on a fully collateralized model, requiring traders to post 100% of a contract’s value to open a position. Margin trading will allow participants to post only a portion of the notional value as collateral, improving capital efficiency. Mansour said at a recent Kalshi Research conference that margin access will be rolled out to institutions first—including hedge funds, proprietary trading desks, and similar firms—before any retail launch is considered. A start date has not been announced. The move builds on Kalshi’s existing status as a CFTC-designated contract market for event contracts, a designation it was among the first to secure. The company filed for FCM registration in late 2025, and the NFA confirmed approval this week. Kalshi’s institutional push has been intensifying for months. In early February 2026, reports said the company was seeking CFTC approval aimed at drawing capital from professional trading firms. The FCM framework provides the leverage structure those firms typically require to participate at scale. Recent partnerships point in the same direction. Kalshi signed a clearing and infrastructure agreement with Fidelity Information Services, announced a data integration with Ark Invest on March 26, 2026, and completed an earlier integration with Tradeweb in 2026. In recent periods, monthly trading volume on the platform has exceeded $10 billion. Kalshi’s valuation is estimated at roughly $22 billion. Kalshi lists contracts tied to politics, sports, crypto prices, weather outcomes, and other real-world events. Founded in 2020, the company spent years in regulatory proceedings before the CFTC approved it as the first dedicated event-contract exchange. The platform has also faced state-level legal challenges in Tennessee and Nevada over sports betting jurisdiction, with federal courts siding with CFTC oversight of the contracts. On social media, commentators called the FCM registration a “major hurdle” cleared for Kalshi. Margin is also expected to help institutional users seeking short exposure to event-driven outcomes, positions that were harder to structure efficiently under the fully collateralized model. One post on X argued that addressing “the Ouroborus of Margin & Jump Risk” is key to attracting players that need to deploy large notional amounts. The pace of institutional uptake is likely to hinge on Kalshi’s margin requirement design and which contracts qualify. Kalshi has indicated margin may not be available for all event contracts at launch. Kinetic Markets is currently listed as an inactive NFA member, meaning it is not independently conducting commodity interest business. The entity’s primary role is to support Kalshi’s expanded trading infrastructure. More details on timing are expected in the coming weeks. FAQ What is Kinetic Markets LLC? Kinetic Markets LLC is a Kalshi affiliate registered by the NFA as an FCM on March 24, 2026, to enable margin trading on the platform. How does margin trading work on Kalshi? Instead of posting 100% of a contract’s value, margin traders post a fraction of the position as collateral, improving capital efficiency. Who will get access first? Kalshi expects margin to open first to institutional investors such as hedge funds, with retail access potentially coming later. Is Kalshi regulated by the CFTC? Yes. Kalshi operates as a CFTC-designated contract market, among the first exchanges approved specifically for event contracts.

U.S. legislators have released a draft cryptocurrency tax bill that would exempt stablecoin transactions under $200 from taxation. The proposal does not include any tax exemption for Bitcoin.

UPDATE: A staff member for Sen. Thom Tillis said a draft bill addressing stablecoin yield provisions is expected to be released next week. Coinbase and other industry leaders are preparing a coordinated counterproposal.