Today in crypto, US Senate Democrats introduced a competing framework for digital asset market structure while Nasdaq became an investor in Gemini's upcoming IPO, and Sky entered the competition to launch Hyperliquid's stablecoin, USDH. The Democratic senators aim for a bipartisan outcome regarding crypto regulations, emphasizing clarity in rules governing the SEC and CFTC. They expressed that establishing consumer protection is crucial, though their influence in the Senate remains uncertain given their minority status. Nasdaq's investment of $50 million in Gemini is strategic, aiming to provide access to custody and staking services for the exchange as it moves forward with its IPO. In the stablecoin arena, Sky, formerly known as Maker, has made a proposal to help launch USDH, promising a return of 4.85% and compliance with US regulations. Sky's proposal is among several bids from major crypto projects responding to Hyperliquid's solicitation for proposals regarding the stablecoin.

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