Today in crypto, Argentina has introduced new rules for crypto firms. Meanwhile, in the United States, a new bill seeks to formalize former President Donald Trump’s executive order to establish a Strategic Bitcoin Reserve. However, Democrat Representative Gerald is pushing for the US Treasury to halt any efforts toward creating a crypto reserve.
Argentina finalizes rules for virtual asset providers
Argentina’s securities regulator has finalized rules for virtual asset service providers (VASPs), which cover general codes of conduct and custody requirements for cryptocurrency exchanges and other platforms facilitating digital asset transactions.
The regulations were published on March 13 by the National Securities Commission, also known as CNV, under General Resolution No. 1058.
According to a translated version of the announcement, the regulations impose “obligations regarding registration, cybersecurity, asset custody, money laundering prevention, and risk disclosure” on VASPs operating in the country.
The stated goal of the rules is to guarantee “transparency, stability, and user protection in the crypto ecosystem,” the announcement said.
Argentine tax lawyer Diego Fraga said the final guidelines include mandatory separation of company and client funds, annual audits and monthly reporting with the CNV.
Source: Diego Fraga
Since 2024, VASPs operating in Argentina have been required to register with the registry of virtual asset service providers, also known as PSAV. According to the new rules, registrations may be revoked for noncompliance, and any company operating without registration may be blocked by court order.
US Rep. Byron Donalds to introduce bill codifying Trump’s Bitcoin reserve
A new bill set to be introduced in Congress aims to formalize President Donald Trump’s executive order establishing a US Strategic Bitcoin Reserve, a move that could further integrate Bitcoin into the nation’s financial strategy.
Trump signed an executive order on March 7 to use Bitcoin (BTC) seized in government criminal cases to establish a national reserve.
The legislation, introduced by US Representative Byron Donalds, seeks to ensure the Bitcoin reserve becomes a permanent fixture, preventing future administrations from dismantling it through executive action.
Source: Margo Martin
“For years, the Democrats waged war on crypto,” Donalds, a Florida Republican, said in a statement to Bloomberg. “Now is the time for Congressional Republicans to decisively end this war.”
If the bill is passed, it would ensure that the Strategic Bitcoin Reserve and the US Digital Asset Stockpile could not be eliminated via executive actions by a future administration.
The bill will require at least 60 votes in the Senate and a House majority to pass. With Republicans holding a Senate majority — and amid a generally more crypto-friendly environment — the bill has a chance of passing.
Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans
A Democrat lawmaker has called on the US Treasury to “cease all attempts” to create a strategic crypto reserve in the United States.
House Representative Gerald E. Connolly of Michigan criticized the “cryptocurrency reserve” in a March 13 letter to Treasury Secretary Scott Bessent, stating that it provides “no discernible benefit to the American people” and would instead significantly enrich the president and his donors.
Rep: Gerald Connolly’s letter to US Treasury’s Scott Bessent. Source: Committee on Oversight and Government Reform Democrats
Connolly said Trump’s plans would constitute “unsound fiscal policy” because it chooses certain cryptocurrencies over others via social media and would also waste taxpayer dollars.
However, the White House has said that the Digital Asset Stockpile will only hold onto cryptocurrency already forfeited. At the same time, the Bitcoin (BTC) reserve will only make acquisitions through budget-neutral strategies that won’t impact taxpayers.
