3 Crypto News Today (8/13), Did You Know?

Jakarta, Pintu News – Today, the world of cryptocurrency saw another big news story. A group of US banks is urging Congress to close a loophole in the law that could allow stablecoin issuers to provide yields through their affiliates.

Meanwhile, Terraform Labs founder Do Kwon changed his plea to guilty on two counts of fraud, and Circle announced the launch of their new blockchain called Arc.

Here are the 3 latest crypto news today as of August 13, 2025!

US banks push for changes to stablecoin law to protect banking system

A group of US banks led by the Bank Policy Institute (BPI) on Tuesday urged Congress to close what they consider a loophole in the GENIUS Act. They claim that the loophole allows stablecoin issuers to offer yield to token holders through their affiliates, which contradicts the law’s purpose of prohibiting stablecoin issuers from providing direct yield.

If this loophole is not closed, according to the group of banks, it could affect the flow of credit in the US, potentially leading to a withdrawal of up to IDR 107.1 trillion from the traditional banking system.

Banks are concerned that high-yielding stablecoins could attract customers away from the high-interest savings products they offer, which could weaken the US banking sector. They mentioned that closing this loophole is crucial to maintaining financial stability.

Also read: MicroStrategy adds 155 BTC, total holdings reach 628,946 Bitcoin!

Do Kwon Pleads Guilty to Fraud and Conspiracy in Terraform Labs Case

Do Kwon, co-founder of Terraform Labs, changed his plea from not guilty to guilty on two counts of fraud and conspiracy. Kwon, who was arrested after being extradited from Montenegro, eventually pleaded guilty in a US court.

At a court hearing that took place on Tuesday, Kwon agreed to pay a fine of IDR 308.8 billion and could be sentenced to up to 12 years in prison, although there is a possibility of a maximum sentence of 25 years.

Kwon’s case surfaced after the failure of the Terra project, which caused huge losses for investors. In addition to fraud and conspiracy, Kwon also faces a number of other charges such as money laundering and market manipulation. This court decision emphasizes the important role of supervision in the cryptocurrency world, especially for those involved in large schemes like Terra .

Read also: FG Nexus: One of the Largest ETH Corporate Holders in the World with 47,331 ETH Holdings

Circle Launches Blockchain Arc, Centers USDC for Stablecoin Finance

Leading stablecoin issuing company Circle, which also issues USDC, recently announced the launch of their layer-1 (L1) blockchain called Arc. Planned to launch this year, Arc will be compatible with the Ethereum Virtual Machine (EVM) and will be the foundation for stablecoin payments, forex transactions, and capital markets applications.

Blockchain Arc will use USDC as the main gas token to pay transaction fees, allowing users to make easier transactions with stablecoins.

Circle also announced a 53% increase in revenue in the second quarter, reaching a total of IDR 10.7 trillion. With Arc, Circle hopes to provide a solid foundation for the stablecoin financial ecosystem and expand its use across their platform.

Conclusion

With many major developments in the cryptocurrency world today, from regulatory changes to new blockchain innovations, it’s clear that the crypto market will continue to adapt and evolve.

The decisions taken by major banks, the trial against Do Kwon, and Circle’s move with the launch of Arc show that the crypto world is entering an important phase in its regulatory and technological journey.

That’s the latest information about crypto. Follow us on Google News to get the latest information about the world of crypto and blockchain technology. Check today‘ s bitcoin price, today’s solana price, pepe coin and other crypto asset prices through Pintu Market.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Here’s what happened in crypto today. Accessed August 13, 2025
• Featured Image: Generated by AI