[News Brief] Apr 22, morning | Addressing Law Enforcement Concerns Emerges as Key Variable in U.S. Senate Crypto Bill Negotiations

Addressing law enforcement concerns has emerged as a key variable in U.S. Senate negotiations over crypto legislation.

According to Odaily, a Fox Business reporter covering cryptocurrency said on X that it remains unclear how the discussion will affect the BRCA provision.

The reporter also said additional revisions to the version of the bill that passed the Senate Banking Committee remain possible.

Some Democratic senators are reportedly taking the position that concerns raised by law enforcement must be resolved before they can support the bill on the Senate floor.

Odaily, citing The Wall Street Journal, reported that the Depository Trust & Clearing Corporation (DTCC) is working with major Wall Street institutions on an asset tokenization initiative.

The assets involved reportedly include Microsoft shares, SPY, QQQ, and U.S. Treasuries. Participating institutions include JPMorgan, BlackRock, and Goldman Sachs.

These institutions are exploring ways to use tokenized assets for collateral transfers, repurchase agreement transactions, and equity trading in order to improve settlement processes and enhance capital efficiency.

Odaily reported that Tether has frozen four wallet addresses on the Tron network, according to a July 15 report by PANews.

The wallets held a total of 131 million USDT, and the reason for the freeze has not yet been clearly confirmed.

According to on-chain analyst Spector, the funds mainly originated from withdrawals from payment service provider DTC Pay and crypto exchange Bitso.

Spector said the frozen wallets are linked to Iran’s Islamic Revolutionary Guard Corps and the Central Bank of Iran, both of which are subject to sanctions by the U.S. Office of Foreign Assets Control.

Odaily reported that Japan’s House of Representatives has advanced a bill to reclassify Bitcoin and cryptocurrency ETFs to the plenary voting stage.

The vote is expected to take place within days. The bill could influence discussions on introducing crypto investment products such as Bitcoin ETFs in Japan, as well as on lowering related tax rates.

Japan has previously been engaged in discussions over reforming its crypto tax system and whether to allow spot ETFs.

Odaily reported that Morgan Stanley has submitted amended filings related to Ethereum and Solana ETFs.

Bloomberg ETF analyst James Seyffart said on X that the expected trading tickers are MSSE and MSOL, respectively, with a proposed fee of 0.14%.

Watcher.Guru reported that the U.S. Producer Price Index (PPI) fell to 5.5%, coming in below market expectations.

The PPI is an inflation indicator that shows wholesale price trends and can affect interest-rate outlooks and investor sentiment toward risk assets.

According to Odaily, Tradable, a tokenization platform backed by ParaFi Capital, plans to move up to approximately $1 billion in private credit assets from Ethereum Layer 2 network ZKsync to the public blockchain Stellar.

Tradable, founded in 2024, provides on-chain infrastructure for the full lifecycle management of private credit, regulatory compliance, and investor onboarding. Last year, it tokenized around $1.7 billion across about 30 institutional-grade private credit positions on ZKsync.

Fintech firm Revolut is moving to launch cryptocurrency services in the United Arab Emirates after receiving in-principle approval from Dubai’s virtual asset regulator.

According to Odaily, Revolut obtained a provisional license from Dubai’s Virtual Assets Regulatory Authority (VARA) to provide crypto brokerage-dealer, investment, and exchange services.

Revolut plans to offer services to local users through its retail app and a separate trading platform, Revolut X. The official launch will require final regulatory approval.

South Korea’s Ministry of Economy and Finance is reportedly pushing legislation to incorporate new types of assets, including cryptocurrencies, into the state asset management framework.

PANews, citing The Block, reported on July 15 that the ministry is preparing a Basic Act on Asset Management to more effectively manage state-owned assets.

The legislation appears to focus on bringing asset types such as cryptocurrencies—previously not clearly included under existing systems—into the scope of state asset management.

Odaily reported that Binance is seeking to shift from a crypto trading-centered business model toward a payments-focused “super app” strategy.

CoinDesk said Binance views stablecoins as increasingly being used not only as trading instruments but also more broadly for payments and remittances, and sees this trend as a key growth driver.