BlockBeats reported that CRCL fell 17.63% on March 25 after the revised Clarity Act was released. The bill would bar stablecoin issuers from directly or indirectly paying interest to users solely for holding stablecoins. Against the selloff, Cathie Wood's Ark Invest added to its CRCL stake, purchasing 116,000 shares valued at about $11.6 million.

Odaily Planet Daily reported that Backpack said on X that earlier today a trader on Polymarket held a sizable open position betting BP's fully diluted valuation (FDV) would top $200 million one day after the token generation event (TGE). With the settlement window nearing, BP is trading around $0.19, fueling speculation that some traders have been purchasing large amounts of BP tokens to lift the price above $0.20 and secure the Polymarket payout. Backpack said it has opened an investigation and has confirmed the traders involved are not Backpack employees, directors, executives, or advisors, and have no affiliation with the company. The firm reiterated its zero-tolerance stance on any form of insider trading.

Delaware is moving to establish a state regulatory framework for stablecoin issuers.

BIG: The Federal Reserve is scheduled to inject $8.07B in liquidity into the financial system today.

BlockBeats reported on March 25 that on-chain investigator ZachXBT said Circle has frozen USDC balances held across 16 hot wallets used by several companies. The action is linked to an ongoing U.S. civil lawsuit, though specific details have not been made public. ZachXBT said one affected company confirmed the freeze directly. According to ZachXBT, the wallets appear to belong to operators spanning exchanges, casinos, forex and other businesses, with no obvious ties between them. He questioned whether Circle conducted sufficient due diligence before acting on the freeze requests. The wallets are described as active operational hot wallets used to process high volumes of customer transactions. The freeze has reportedly disrupted day-to-day business operations.

Odaily Planet Daily reports: House Republicans are rejecting a Senate proposal to strike a legislative bargain that would link housing and cryptocurrency bills. Under the plan, the Senate would fold the House's bipartisan Community Bank Deregulation Bill into pending crypto market-structure legislation, in exchange for the House taking up the Senate-passed housing affordability bill. Rep. Bill Huizenga, vice chairman of the House Financial Services Committee, said he is skeptical of the approach. Republican members of the Senate Banking Committee discussed the idea in an off-the-record meeting last week, with Sen. Katie Britt working to sell it to other GOP senators. The House-passed housing measure approved in February included community bank deregulation provisions, but the Senate's latest housing bill stripped them out. House Republicans said the Senate housing package still leaves multiple issues unresolved and that attaching the bank deregulation bill to crypto legislation would not be enough to secure House acceptance. Rep. Andy Barr, a senior member of the House Financial Services Committee, supports adding banking regulatory provisions to the crypto bill, but said the Senate must also adopt key housing proposals included in the House version.

Jump Trading has pushed back against a lawsuit brought by Todd Snyder, the bankruptcy trustee for Terraform Labs, calling it an effort to offload Terraform's legal exposure. Snyder filed the complaint in December, naming Jump Trading, several affiliates and two executives. The suit alleges market manipulation, investor fraud and self-dealing, and seeks $4 billion in damages. In a Monday filing, Jump Trading said the case is a "transparent attempt" to sidestep the $4.4 billion penalty the U.S. Securities and Exchange Commission imposed on Terraform Labs in 2024. Jump argued Snyder "fabricated a series of allegations" to shift Terraform's liabilities to the SEC and Terraform's creditors onto the defendants. Jump also said the complaint lacks key specifics, does not spell out each defendant's alleged conduct, fails to identify where the purported violations took place, and is barred by the statute of limitations, warranting dismissal. Court records previously showed that when UST broke from its dollar peg in 2021, Jump Trading bought large amounts of UST to support the price and help maintain the peg, actions that executives at both firms allegedly kept confidential. Terraform founder Do Kwon has been sentenced to 15 years in prison on two fraud counts.

Delaware lawmakers have introduced the Delaware Payment Stablecoin Act (Senate Bill 19), a bipartisan proposal designed to clarify rules for payment stablecoins and encourage broader cryptocurrency adoption in the state. The measure, drafted under Delaware banking law, closely tracks the federal GENIUS Act to stay aligned with wider U.S. policy. It would require stablecoin issuers to obtain an operating license in Delaware, maintain 1:1 reserve backing for all payment stablecoins, and undergo monthly audits to confirm compliance. The bill also calls for Know Your Customer (KYC) procedures as part of broader anti-money laundering (AML) requirements. If enacted, Delaware would become the second U.S. state after Florida to advance state-level payment stablecoin legislation. Florida's bill is still awaiting the governor's signature. Delaware's proposal must first pass the Senate Banking, Business, Insurance & Technology Committee, then secure approval from the full Senate and House. Supporters argue the bill could reduce regulatory uncertainty, strengthen the standing of stablecoin payment providers, and make the state more attractive to crypto-focused businesses and institutional capital. Delaware's long-running position as a corporate-friendly incorporation hub is seen as a strategic advantage in that effort. Federal developments could complicate the outlook. A draft of the Clarity Act includes a provision that would set zero interest on dormant stablecoins, a change that could pressure yield-based models across the stablecoin ecosystem. Stocks tied to the sector, including USDC issuer Circle and crypto exchange Coinbase, have moved lower amid the proposal. The contrast between state-level encouragement in places like Delaware and Florida and potentially restrictive federal rules is likely to shape market and banking-industry responses as Delaware's bill advances.

ChainCatcher cited CNBC as reporting that CME's FedWatch tool now prices in a 9.3% chance the Federal Reserve raises rates by 25 basis points at its April meeting, versus a 90.7% probability of no change. Looking ahead to June, markets assign a 17.1% chance of a cumulative 25-basis-point hike by then, while the probability of rates staying unchanged stands at 80.2%.