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Today, Bitcoin ticks higher a day after the Fed decided to keep rates unchanged once again. JP Morgan CEO JB Diamond says he's a fan of stable coins. And Ryan Egan with the Crypto Council for Innovation weighs in on the new White House crypto report. Welcome to CNBC's Crypto World. I'm Talia Kaplan.
Digital currencies mixed a day after the Fed decided to keep rates unchanged once again. Bitcoin initially slid following the decision yesterday afternoon, but by noon Eastern today, it had crossed back above $118,000. Ether was in the red though, trading at $3,786. Salana also turning lower. It fell nearly 1% to $177.
Okay, let's talk about the top stories. Robin Hood beating Wall Street's expectations after reporting earnings yesterday, except when it comes to its crypto business. The trading platform reported $989 million in revenue compared to the 98 million expected. It also posted earnings per share of 42 cents compared to 31 cents Wall Street expected.
But crypto trading revenue actually missed estimates coming in at 160 million versus 168 million expected. Robin Hood also missed expectations when it comes to equities revenue potentially pointing to a trend toward higher margin derivatives trading. Now, Robin Hood CEO Vlad Tennv was on CNBC Squawkbox this morning, and here's what he had to say about how crypto will play a role in the business long term.
I think crypto trading is going to become the infrastructure layer behind real world assets. Next, JP Morgan Chase CEO Jamie Diamond putting his weight behind the future of stable coins. The head of the banking giant spoke to CNBC's Leslie Picker this morning after JPM announced a new partnership with Coinbase yesterday to link Chase customer accounts to Coinbase wallets.
Diamond has been a crypto skeptic in the past, of course, but he said there was an area of crypto he could get behind. So, I'm a believer in stable coin, a believer in blockchain, not personally a believer in Bitcoin itself. Uh, but you're the customer. You know, I don't like to tell customers what they can and can't do with their money.
you can now move money from Chase to Coinbase. We're going to make it easier for people. They've agreed how to use our APIs, which we think is a good thing. Um, so, you know, we'll we'll be in it and we'll see. All right, for our main story, the White House just dropped its long awaited crypto report yesterday afternoon.
I spoke with Ryan Egan, who runs the government affairs team at the Crypto Council for Innovation, about the highlights of the report titled Strengthening American Leadership in Digital Financial Technology. The White House just dropped its long-awaited crypto policy framework, which sends a strong signal that the federal government is increasingly supportive of responsible crypto innovation.
In the 166-page report, a crypto working group formed by President Trump outlined the administration stance on crypto legislation and called on the SEC to create new rules specific to digital assets. I know you got a chance to review this report, so I'm curious, what stood out to you and did anything surprise you?
Yeah. So what stood out to me was the report's framing as digital assets and entrepreneurs engaging in the digital asset industry as a pillar for the US economic competitiveness and global leadership going forward. Um other countries are advancing their own regulatory frameworks. The U, the EU, the UK, Japan, Singapore have all advanced regulations allowing for clear rules of the road for entrepreneurs and the US needs to step up and do the same.
So this report is a clear signal to agencies to Congress that this is a key priority that we need to act fast on. And is there anything that surprised you in the report? So a few things not necessarily surprised me but was good to see beyond this kind of jurisdictional question of where assets are going to be regulated whether it be at this SEC or CFTC.
The report also looks to the broader use cases of blockchain technology. So that includes applications for DeFi, tokenization of real world assets, how banks can start engaging in digital asset activity such as exploring tokenized deposits and using distributed ledger technology for their own recordkeeping purposes.
So it really explores the full range of the digital AC asset ecosystem and all of its potential benefits and what the US needs to do to benefit from it. So, there's a whole section in the report dedicated to stable coins and payments. A big area of focus, especially now that stable coins are in fact regulated in the US after President Trump signed the Genius Act into law a couple of weeks ago.
The report notes that the Genius Act marks a watershed moment for stable coins and digital payments. It also points out that the Genius Act encourages continued stable coin adoption which will reinforce the strength of the global dollar system over the coming decade. What do you think of this regulatory development and what does it signal to you?
Yeah, so first of all, passage of the Genius Act by Congress was a watershed moment in terms of US engagement with digital asset policy. It marks one of the most important issue areas that Congress needed to address um in terms of the future of digital asset regulation. It allows for increased adoption of stable coins by retailers, by issuers, whether they be banks, non-banks, and allows for the regulation at the federal and the state level to ensure that innovation can continue in the US.
Um, as you said, one of the most important aspects of getting stable coin regulatory framework right is making sure that the US dollar is going to maintain its position as the leader when it comes to global finance and ensuring that that is going to be the case requires that the US lead when it comes to global rules of the road and ensuring that stable coin payments operate on the rails that the US makes the rules for.
Now, the report lays out a bunch of recommendations on different topics. Zooming in on the section focused on countering illicit finance, one thing the working group recommends is that legislation should consider specifying actors within the decentralized finance ecosystem that should have obligations tied to anti-moneyaundering and combating the financing of terrorism.
What do you think of the recommendations in that specific section? Yeah. So the elicit finance section within the report really explores all aspects of the ecosystem. It notes how centralized intermediaries have already been um fulfilling their AML BSA obligations since 2013 when Fininsen put out their initial guidance and it explores how to best treat DeFi actors within the space.
Um and importantly I think it really examines the full range of the DeFi tech stack. So you know treatment of base layer protocols that are truly decentralized are going to have different obligations than a D5 frontend interface that may take custody of assets for example. So exactly how to address each DeFi actor's um obligations when it comes to BSA BSA AML is going to be a continued area of focus both for regulators and for Congress.
Now, I heard Tyler Williams, counselor to the Secretary of the Treasury for Digital Assets, say the working group met with hundreds of academics and industry insiders and that this report gives a roadmap for what to expect as the White House works to execute their goals for crypto. Is that something you think was reflective in the report?
Could you tell the report was well researched and hit all the important topics for the industry? What signal does this report send to crypto innovators as well as more traditional institutions? Yeah, it's it's incredibly clear that the re the report was very well researched. It was the end result of months of not only individual agency work but um you know robust participation by private sector actors.
The first 40 to 50 pages of the report basically just lays out how the digital asset e industry started and where how it's developed up until this point. So, you know, from a kind of introductory perspective of the blockchain technology and digital assets to a broader range of Americans. It does a great job kind of laying out where we are in terms of next step.
The report lays out a few things. It lays out what actions that agencies can do based on their own authority. And that's providing essentially clear guidance about how digital assets will be regulated, any kind of exemption relief that that can be provided and safe harbors for sandbox for innovators to continue testing out new products.
On the congressional side, it lays out clear recommendations for Congress, specifically on questions around market structure and where the CFTC should have regulatory authority, where the SEC should have regulatory authority, and what the tests will be when any given issuer is issuing a digital asset and wants to figure out how and who by whom they're going to be regulated.
So yeah, you just touched on what's next now that this crypto report is out, but do you think this can help legislation efforts on Capitol Hill? Do you think some of the recommendations outlined in this report will actually be implemented? Tyler Williams noted in an interview that the report delves into some of the grounds already covered by lawmakers.
Did you notice that? Yeah, absolutely. I mean, I think one of the clear recognitions from lawmakers is the need to give the CFTC spot market authority over digital commodities like Bitcoin and Ether. So, that is going to be a clear priority when it comes to Congress passing market structure legislation and that was a key plank of the digital asset working groups report.
Um, additionally, it's going to ensure that the CFTC and the SEC issue clear guidance about, you know, when any kind of given digital asset token might start start off under the SEC's regulatory purview and potentially migrate over to the CFTC. So, it it's going to provide a hopefully a clear roadmap for issuers and innovators when they're looking to do business here in the US.
Okay, that's all for Crypto World today. We'll be back again tomorrow and we'll see you then.
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