Coinbase Executive Calls for Bipartisan Crypto Regulation in Senate Hearing
Ryan VanGrack, Vice President of Legal at Coinbase, testified before the Senate Committee on Banking, Housing, and Urban Affairs on June 24, 2025, advocating for bipartisan cryptocurrency regulation. In his testimony, VanGrack emphasized that economic empowerment, financial innovation, and customer protection are universal American values that should transcend political divides. The hearing, titled 'Exploring Bipartisan Solutions for Crypto Regulation,' highlighted the growing need for clear and cohesive regulatory frameworks to support the digital asset industry while ensuring consumer safety and fostering innovation. VanGrack's remarks underscored Coinbase's commitment to working with lawmakers across the political spectrum to create a balanced regulatory environment that promotes growth and trust in the cryptocurrency sector. This development marks a significant step in the ongoing dialogue between the crypto industry and policymakers, as both sides seek to align on the future of digital finance in the United States.
Coinbase Executive Advocates for Bipartisan Crypto Regulation in Senate Hearing
Ryan VanGrack, Vice President of Legal at Coinbase, testified before the Senate Committee on Banking, Housing, and Urban Affairs, emphasizing that cryptocurrency regulation should transcend partisan divides. "Economic empowerment, financial innovation, and customer protection are not Republican or Democratic values; they are American values," VanGrack declared during the June 24 hearing titled 'Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.'
VanGrack criticized the U.S. for its lack of a clear regulatory framework, warning that ambiguity is driving opportunities offshore and stifling progress. His testimony aligned with calls from Republican senators, including Cynthia Lummis and Tim Scott, for urgent legislative action to establish market structure principles.
BlackRock Reverses Course, Accumulates 11K ETH Amid Market Rally
BlackRock has swiftly shifted from net seller to buyer of Ethereum, withdrawing 11,185 ETH (≈ $27.2 million) from Coinbase Prime within an hour. This MOVE comes just a day after the asset manager triggered market jitters with an 8,172-ETH outflow to the same exchange.
The about-face coincided with ethereum briefly dipping below the psychologically critical $2,500 level. Market observers now speculate Monday's transfers represented profit-taking rather than a strategic exit. Earlier activity saw BlackRock deposit 10,500 ETH (≈ $24.1 million), breaking a 30-day accumulation streak that had fueled debate about portfolio rebalancing.
Ethereum's price responded with immediate vigor, climbing 5.5% to $2,433 within 24 hours. Institutional accumulation patterns—particularly from financial titans like BlackRock—are increasingly viewed as validation of Ethereum's role beyond just 'digital silver' to Bitcoin's gold.
Hut 8 Expands Bitcoin-Backed Credit Facility with Coinbase to $130M
Hut 8 Mining Corp. has doubled its bitcoin-backed credit line with Coinbase Credit to $130 million, up from $65 million, signaling aggressive financial maneuvering in the competitive crypto mining sector. The revised terms feature a fixed 9% interest rate—a sharp improvement over the previous floating rate of 10.5%-11.5%—and extend the maturity to July 2026.
The collateralized facility prohibits Coinbase from rehypothecating Hut 8's Bitcoin holdings, a critical risk mitigation measure. CFO Sean Glennan emphasized the deal's role in optimizing balance sheet efficiency, calling it "a disciplined approach to capital deployment."
Market reaction was immediate: HUT shares rallied 7.7%, outpacing sector peers. The capital infusion will accelerate Hut 8's expansion of its 1,000+ MW North American mining infrastructure network.
