Here’s what happened in crypto today

Cointelegraph
42 minutes ago
Here’s what happened in crypto today
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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Today in crypto, the United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis. The US House Financial Services Committee voted through a stablecoin bill. Meanwhile, First Digital’s stablecoin depegged after Justin Sun’s claims of insolvency.
US sanctions 8 crypto wallets tied to Garantex exchange and Yemeni Houthis
The US Treasury Department
sanctioned eight cryptocurrency wallet addresses
linked to Russian crypto exchange Garantex and the Yemeni political and military organization the Houthis.
The United States Office of Foreign Assets Control (OFAC) sanctioned eight crypto addresses that data from blockchain forensic firms Chainalysis and TRM Labs had linked to the organizations. Two are deposit addresses at major crypto platforms, while the other six are privately controlled.
Visualization of transaction flow related to OFAC sanctions. Source: Chainalysis
The addresses in question reportedly moved nearly $1 billion worth of funds linked to sanctioned entities. Most of the transactions funded Houthi operations in Yemen and the Red Sea region.
US House committee passes stablecoin-regulating STABLE Act
The US House Financial Services Committee
passed a Republican-backed stablecoin framework bill with a 32-17 vote
on April 2, with six Democrats voting in favor.
The bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act, will now head to the House floor for a full vote. It aims to provide rules around payment
stablecoins
and ensure issuers give information about their business and how they back their tokens.
Last month, the US Senate Banking Committee
voted through
a similar GOP-backed bill, the Guiding and Establishing National Innovation for US Stablecoins, or
GENIUS
Act, which lays out oversight and reserve rules for issuers.
Source:
Financial Services GOP
Both bills will now wait until debate time on the floor of the House and Senate, respectively, before they head for a floor vote.
Crypto journalist Eleanor Terrett reported on X, citing crypto lobbyists, that there is likely to be “a coordinated push behind the scenes over the next few weeks to get the two bills to mirror each other,” which would avoid the House and Senate having to “negotiate to create a final version of the bill everyone agrees on.”
FDUSD stablecoin depegs following insolvency claims by Justin Sun
The First Digital US dollar-pegged stablecoin
FDUSD
depegged on April 2
following claims of insolvency from Tron network founder Justin Sun, who said that the issuer of the tokenized fiat equivalent, First Digital, is insolvent.
First Digital responded to the claims by
assuring
users they are completely solvent and said that FDUSD is still fully backed and redeemable with the US dollar on a 1:1 basis.
The firm also said that the ongoing dispute is with TrueUSD (
TUSD
), another stablecoin. The firm wrote in an April 2 X
post
:
“Every dollar backing FDUSD is completely secure, safe, and accounted for with US-backed Treasury Bills. The exact ISIN numbers of all of the reserves of FDUSD are set out in our attestation report and clearly accounted for.”
First Digital also indicated they would be taking legal action against Sun for making the
claims
on social media. “This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” spokespeople for First Digital wrote.
FDUSD loses dollar peg: Source:
CoinMarketCap
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