CBDC Ban Becomes Law as Stablecoins Draw IMF Scrutiny

A federal ban on the US central bank issuing a digital dollar is now law. The provision, tucked inside the 21st Century ROAD to Housing Act, prohibits the Federal Reserve from launching a CBDC through the end of 2030. Trump declined to sign the bill but let it pass into law without his signature, confirming the move on social media.

The CBDC Door Closes, the Stablecoin Window Opens

The timing is pointed. On the same day the CBDC ban took effect, an IMF working paper landed with a more nuanced take on dollar-denominated stablecoins. The paper argues that stablecoins improve foreign exchange access in markets where dollar liquidity is scarce, but warns they could also accelerate capital flight during periods of severe exchange-rate stress, effectively helping coordinate exits from local currencies.

The policy split is now stark: the US has shut down any near-term path to a government-issued digital dollar while private stablecoins continue to grow unchecked. Congress returns to Washington next week to take up the CLARITY Act, the most comprehensive crypto regulatory framework yet proposed. Senate Democrats are pushing for hearings into President Trump's crypto ties before that debate begins, citing more than $1.2 billion in crypto profits Trump reportedly earned last year. Whether those hearings materialize before midterm politics consume the calendar is an open question.

AI Assistants Come for the Trading App

Robinhood and Kraken are both pushing AI into the center of their trading products. Robinhood said its AI agent feature, launched in beta for equities and options traders in late May, will "soon" extend to crypto. More than 70,000 agentic accounts have already been created on the platform.

Kraken is going further, announcing a full app overhaul built around an AI investing assistant. The redesigned product will recommend trades and tailor tools to individual financial goals, part of Kraken's broader push beyond crypto into general financial services. The race to embed agentic AI into brokerage products is accelerating fast. Meta's chief data officer, Alex Schultz, said this week that stablecoins are "assumed" inside the company and that agentic commerce represents the "next tier of business." The harder problem, he said, is getting the rest of the world to the same assumption.

Tokenized Equities Push Into 24/7 Trading

Backpack launched tokenized equities trading, joining a crowded race to offer round-the-clock access to stocks on-chain. Its debut coincided with a high-profile test case: SK Hynix's $26.5 billion US listing, with tokenized shares available through Backpack, xStocks, and Ondo Finance on Solana.

The tokenized stock market is among the fastest-growing segments in crypto right now, drawing both native exchanges and traditional finance firms. The value proposition is simple: equities that trade on the same schedule as crypto, settled on-chain. Execution is the harder part.

BitClub Case Unravels

The Department of Justice moved to dismiss charges against Matthew Goettsche, accused of orchestrating the $722 million BitClub Network fraud. Goettsche faced trial in October on conspiracy to commit wire fraud and selling unregistered securities. A former contestant on "The Apprentice" was reportedly among those urging the DOJ to drop the case. No public explanation for the reversal has been provided.

Bitcoin Treasury Firms Show Cracks

Empery Digital, a Nasdaq-listed Bitcoin treasury company, sold 1,400 BTC since May for approximately $87 million. The proceeds funded a 25% stake in an AI data center campus project, along with legal bills and other expenses. The sale represents nearly half of the firm's Bitcoin holdings, a notable retreat from the treasury strategy that defined its pitch to investors.

New Hampshire Says No to Bitcoin Bonds

New Hampshire's executive council voted down a proposal for $100 million in Bitcoin-backed bonds. State Representative Keith Ammon called the decision "short-sighted" and urged the council to reconsider. The rejection is a setback for the growing movement among US states to integrate Bitcoin into public finance, though the idea is unlikely to disappear.

Magic City: Stablecoin Infrastructure and Miami's Quiet Advantage

The CBDC ban and the IMF stablecoin paper converge on a reality that Miami-based firms have been building toward for years. The city remains home to a dense cluster of stablecoin infrastructure companies, including Zero Hash, which provides the settlement rails that connect fintechs and exchanges to dollar-backed tokens. With the federal government now explicitly blocking a public digital dollar, the runway for private stablecoin infrastructure just got longer.

The tokenized equities push also has Miami roots. Homebase, which pioneered real estate tokenization from its Miami headquarters, represents the same underlying thesis now being applied to stocks: fractional ownership, on-chain settlement, broader access. As tokenized assets expand beyond real estate into equities and fixed income, Miami's concentration of RWA-native companies positions it as a natural proving ground.

Miami Dade County's ongoing exploration of blockchain-based public records and the steady flow of crypto conferences through Wynwood and Miami Beach keep the local pipeline active. The next major gathering, ETH Miami, is expected to draw builders focused on exactly the kind of infrastructure questions dominating this week's headlines.

ETH Price Check

ETH trades at $1,796.77, essentially flat over the past 24 hours with a 0.02% move. Market cap sits at $216.8 billion on $6.3 billion in daily volume. The stasis is notable against a backdrop of legislative action and product launches. Price is waiting for a catalyst that policy debates alone have not yet provided.