US Representative Tom Emmer argued for prioritizing pro-stablecoin legislation in a March 11 House Financial Services Committee hearing, while calling central bank digital currencies (CBDC) a threat to American values.

On March 6, Emmer reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives. Emmer renewed his call for Congress to pass the legislation at the March 11 hearing. The legislation aims to block future administrations from launching a US CBDC without explicit approval from Congress.

“CBDC technology is inherently un-American,” Emmer said at the hearing, warning that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”

On Jan. 23, President Donald Trump signed an executive order prohibiting “the establishment, issuance, circulation, and use” of a CBDC in the US. Emmer said that the legislation he reintroduced could “prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens” if signed into law, citing concerns about privacy and financial independence.

At the same hearing, Paxos CEO Charles Cascarilla urged lawmakers to create consistent stablecoin regulations across jurisdictions to avoid regulatory arbitrage. Paxos, a significant issuer of stablecoins, recommended clear guidelines and reciprocal rules with global regulators:

“We want to make sure we have the same set of rules in the US as we have around the world so that there isn’t some arbitrage that is possible to issue from another jurisdiction. And by having that same set of rules that everyone has to meet in order to access the US market, it will actually create a race to the top, not a race to the bottom.”

Emmer, a Minnesota Republican, also criticized inherent privacy risks associated with CBDCs, saying that stablecoins could bring traditional finance onchain at a global scale while reserving privacy:

“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation.”

Related: US House follows Senate in passing resolution to kill IRS DeFi broker rule

Against the backdrop of rapid pro-crypto developments, a report by the Center for Political Accountability (CPA) raised concerns about the growing political influence of crypto companies in the US and potential risks to regulatory stability.

Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US elections in “unchecked political spending,” which presents some critical challenges, the March 7 report said.

Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express

Opinion by: Mohammed Idris, Minister of Information of Nigeria

Nigeria has emerged as one of the most active and dynamic crypto markets in recent years. From bustling tech hubs in Lagos to grassroots communities in smaller cities, young Nigerians have turned to cryptocurrencies to address fundamental economic challenges, from hedging against inflation to accessing global markets in a way traditional finance often does not allow.

As minister of information, I have seen firsthand how digital innovation has become crucial to the Nigerian story. Cryptocurrencies, blockchain technology and other digital assets are no longer on the fringes of our economy; they are fast becoming central to how our people transact, create and build.

This rise in crypto adoption has not, however, come without challenges. Questions around regulation, consumer protection, security and misuse of digital assets have fueled debates in Nigeria and globally. I write to clarify Nigeria’s position: We are committed to fostering an inclusive digital asset ecosystem that is both innovative and responsible.

Nigeria is a crypto hub

According to several international reports, Nigeria consistently ranks among the top countries in terms of crypto adoption. Our population — over 200 million strong, with a median age under 20 — is naturally inclined toward new technologies. Crypto has become more than a speculative tool; it’s a lifeline for freelancers, small businesses and families receiving remittances.

Yet despite the widespread use of cryptocurrencies, Nigeria has wrestled with how to regulate this sector effectively. Earlier approaches included restrictions on financial institutions from facilitating crypto transactions, which inadvertently pushed much of the activity underground, away from proper oversight.

Nigeria moves toward robust regulation

Under the administration of President Bola Ahmed Tinubu, Nigeria is reassessing its approach. We are moving away from blanket restrictions toward thoughtful, balanced regulation that acknowledges both the risks and the transformative potential of crypto and blockchain technologies.

Our objective is to create a regulatory framework that fosters innovation, ensures market integrity and protects Nigerian consumers. This involves active engagement with stakeholders from crypto startups and blockchain developers to international partners and regulatory bodies.

Recent: Nigeria to tax cryptocurrency transactions for revenue boost

Nigeria’s stance is simple. We support innovation that benefits our people, but we will not allow misuse that harms them.

We recognize the legitimate use cases for cryptocurrencies, including:

• Financial inclusion for the unbanked and underbanked.

• Cross-border payments and remittances that avoid high fees.

• Access to global markets for Nigerian entrepreneurs and freelancers.

• New digital economies, such as decentralized finance (DeFi) and non-fungible tokens (NFTs), offer opportunities for wealth creation.

At the same time, we are determined to address concerns around fraud, money laundering, terrorism financing and other illicit activities. Effective regulation, rather than prohibition, is the path forward.

Nigeria and blockchain

Nigeria sees blockchain technology as more than just crypto trading. Blockchain can be a powerful governance, transparency and service delivery tool.

Already, conversations are underway on how blockchain can improve public systems, such as:

• Land registries to reduce fraud and strengthen property rights.

• Identity management systems to enhance financial inclusion.

• Supply chain monitoring to improve food security and public procurement.

A collaborative approach 

Nigeria is not navigating this journey alone. As we develop new policies and frameworks, we look to global best practices and seek collaboration with international platforms and regulators.

We invite crypto companies, investors, innovators and advocates to engage with us. We aim to create a transparent and predictable environment where businesses can thrive while ensuring Nigerian citizens are protected from undue risks.

Nigeria’s approach to crypto is evolving, and with good reason. The potential for digital assets and blockchain to contribute to economic growth, job creation and financial empowerment is too significant to ignore.

To realize these benefits, we must build trust in the system through effective regulation, education and international cooperation.

To the global crypto community, I say this: Nigeria is open to innovation, but we are equally committed to ensuring that such innovation operates within a secure, transparent and inclusive framework.

We look forward to working together — for the benefit of Nigerians and the global advancement of responsible crypto adoption.

Opinion by: Mohammed Idris, Minister of Information of Nigeria.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

The European Union’s latest retaliatory tariffs have deepened macroeconomic uncertainty, prompting crypto analysts to forecast increased volatility for Bitcoin prices, which may drop below the critical $75,000 support level.

The EU will impose counter-tariffs on 26 billion euros ($28 billion) worth of US goods starting in April, the European Commission announced on March 12, responding to US President Donald Trump’s recent move to impose 25% tariffs on steel and aluminum imports.

This move is the latest retaliatory tariff announcement in response to US import tariffs, which may trigger renewed trade war concerns and market volatility in the near term.

“Counter tariffs aren’t a positive signal as they suggest a potential bounce back from the other side again,” according to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle solution firm, RedStone.

This may see Bitcoin (BTC) revisit $75,000, he told Cointelegraph, adding that “given stablecoins and RWAs [real world assets] remain at all-time-highs, it has the potential to rebound.”

“I don’t believe that news will have a strong impact for now, but we’ll observe the response on the US end,” he added.

Related: Bitcoin reserve backlash signals unrealistic industry expectations

Other analysts still eye a temporary Bitcoin retracement below $72,000 as part of a “macro correction” during the current bull market cycle before Bitcoin’s next leg up.

Still, import tariffs are not the only factor influencing Bitcoin’s price, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph, adding:

“The prices are correlated with wider economic conditions but are also influenced by factors beyond trade policies. Worldwide institutional adoption, regulatory updates and high utility make it more resilient than traditional financial instruments.”

Europe announced its retaliatory tariffs the same day Trump’s increased 25% tariffs on all steel and aluminum imports took effect. Europe’s current suspension of tariffs on US goods will end on April 1, and its new tariffs will take full effect by April 13.

Related: Bitcoin may benefit from US stablecoin dominance push

Global trade tariff uncertainty may limit markets until April 2

Traditional and cryptocurrency markets may be limited by tariff-related concerns until April 2, according to Aurelie Barthere, principal research analyst at Nansen.”

“Tariff noise is likely to continue till after April 2, and the reciprocal tariff announcements, and then negotiations, and put a lid on risk appetite.”

“That said, we observed tentative stabilization in the major US equity indexes and BTC yesterday, at the low of their respective RSI, which we are monitoring,” she added.

Trump threatened to “substantially increase” duties on cars entering the US from Canada, set to take effect on April 2, unless Canada decides to drop some of its trade tariffs.

Magazine: SCB tips $500K BTC, SEC delays Ether ETF options, and more: Hodler’s Digest, Feb. 23 – March 1