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The White House is pushing Congress to pass a cryptocurrency market structure bill as the midterm elections approach. Treasury Secretary Scott Bessent, White House crypto adviser Patrick Witt, and former AI and crypto czar David Sacks have all called for the bill’s passage in recent days. The legislation aims to clarify the regulatory oversight of digital assets, with the House having already passed its version. However, the Senate has been slow to act, and it’s unclear if the White House’s eleventh-hour push will be enough to get the bill across the finish line before November.

Why it matters

The cryptocurrency market structure bill represents a key policy priority for the crypto industry in Washington. Passing the legislation would provide much-needed regulatory clarity and help solidify the U.S.’s standing as a global leader in digital finance. Failure to act could cede that position to other countries. The White House is now racing against the clock to get the bill through Congress before the midterm elections, which could shift the political dynamics.

The details

The bill, often referred to as market structure legislation, aims to split oversight of the crypto market between two financial regulators by clarifying when digital assets are considered securities or commodities. While President Trump signed another crypto bill, the GENIUS Act, into law last July, market structure represents the crown jewel of the industry’s policy ambitions in Washington. The House passed its version of the market structure bill, known as the CLARITY Act, alongside the stablecoin measure last year. But the Senate has opted to craft its own legislation, leading to a dispute between the banking and crypto industries that has held up negotiations since January.

• The White House is turning up pressure to pass the cryptocurrency bill as Congress returns from a two-week recess.
• The legislation needs to be passed before November’s midterm elections, as the political dynamics could shift afterwards.

What they’re saying

What’s next

The Senate Banking Committee will need to hold a markup on the cryptocurrency market structure bill in order to send it to the full Senate for a vote before the midterm elections in November.

Key Takeaways:

• Stables and Mansa partnered to launch a liquidity layer for USDT corridors across Asia on April 15, 2026.
• The move targets the 60% of global stablecoin flows in Asia that are underserved by 99% of local banks.
• Stables will leverage Mansa’s liquidity to scale its $1.5 billion annualized volume across 150 currencies.

Bridging Asia’s Stablecoin Connectivity Gap

Stables, an API-first infrastructure platform, has announced a strategic partnership with settlement provider Mansa to address Asia’s stablecoin connectivity gap. The partnership introduces a dedicated liquidity layer for Stables’ fiat-to- USDT corridors, allowing fintechs and developers to bypass fragmented banking systems and settle transactions instantly.

Although the region drives 60% of global stablecoin flows, only 1% of local banks currently support the technology, leaving 150 currencies underserved. Mansa, which has processed $394 million across 40 currency corridors since its August 2024 debut, will provide the settlement liquidity underpinning the integration.

“Asia is the world’s most active stablecoin market, yet the underlying pipes are broken,” said Bernardo Bilotta, CEO and co-founder of Stables. “By partnering with Mansa, we are providing the deep liquidity necessary to turn USDT into a functional tool for cross-border commerce at scale.”

Stables has seen rapid institutional adoption and now processes more than $1.5 billion in annualized payment volume. Its single API covers compliance, banking and settlement, offering a streamlined alternative to unregulated payment rails. Licensed in Australia, Europe and Canada, Stables positions itself as a compliance-first solution, handling identity verification, sanctions screening and travel rule requirements.

Mansa’s role is to supply short-term liquidity that stabilizes corridors during volatile periods, ensuring reliable on-ramps and off-ramps. This mirrors the evolution of traditional fintech, where orchestration layers integrate specialized partners to deliver seamless user experiences.

“Stables has built exactly what Asia’s stablecoin market has been missing — a compliance-first API that works across 150 currencies,” said Mouloukou Sanoh, co-founder and CEO of Mansa. “We’re excited to be the liquidity behind it, making sure the capital is there when the volume shows up.”

The partnership marks the first in a series of ecosystem developments for Stables, reinforcing its role as the orchestration layer for USDT in Asia. The company continues to expand its corridor network to meet growing demand from fintechs and institutions.

Iran has introduced mandatory cryptocurrency payments for commercial vessels navigating the Strait of Hormuz. Blockchain analytics firm Chainalysis and blockchain intelligence company TRM Labs have both independently documented the latest scheme, which now represents the first known instance of a nation-state levying transit fees in crypto at a critical global maritime chokepoint.

As highlighted by Chainalysis and TRM Labs in detailed updates, the system, administered by the Islamic Revolutionary Guard Corps (IRGC), took effect in mid-March 2026.

Ship operators must contact an IRGC-linked intermediary, submit comprehensive details—including vessel ownership, flag state, cargo manifests, crew lists, and destination ports—and undergo screening.

Unsurprisingly and as expected, vessels tied to the United States or Israel are barred from passage entirely.

Approved ships negotiate fees based on a five-tier “friendliness” scale, pay in Chinese yuan (via Kunlun Bank’s CIPS system) or cryptocurrency, and receive a VHF-broadcast passcode along with an escorted route through the northern corridor near Larak Island.

Tolls typically range from $0.50 to $1 per barrel of crude oil, with fully loaded very large crude carriers (VLCCs) facing bills of up to $2 million.

Iran’s parliament formalized the arrangement on March 30–31, 2026, through the “Strait of Hormuz Management Plan,” explicitly authorizing payments in rials, yuan, or “digital currencies.”

A dedicated crypto-conversion window on Qeshm Island now handles incoming funds, converting them into local currency or foreign accounts.

Although a rather weak, tentative Pakistan-brokered ceasefire took effect on April 7, 2026, reports indicate the toll regime remains operational.

Analysts highlight the IRGC’s dominant role in Iran’s crypto economy.

The Guard controlled roughly half of the country’s on-chain activity in late 2025, with associated addresses receiving more than $2 billion in 2024 and surpassing $3 billion in 2025—conservative estimates drawn from sanctions designations and seizure records.

While Iranian officials have publicly referenced Bitcoin, industry observers believe stablecoins such as USDT are preferred for their price stability and liquidity, aligning with the IRGC’s long-standing sanctions-evasion strategy.

The economic stakes are enormous. Roughly 20 percent of global oil and liquefied natural gas transits the Strait.

TRM Labs now estimates daily revenue from oil tankers alone could reach $20 million, scaling to $600–800 million monthly when LNG carriers are included.

Iranian sources reportedly project annual collections as high as $120 billion at full capacity.

The initiative extends Iran’s established use of crypto for oil sales, weapons procurement, and proxy financing.

By bypassing traditional banking rails, Tehran potentially reduces exposure to U.S. sanctions enforcement.

However, blockchain transparency offers regulators and stablecoin issuers tools to monitor flows and impose targeted freezes once wallet addresses are identified. But this is only the case with private, permissioned chains and certain stablecoins like USDC or USDT. Other coins may not be frozen so easily if at all.

Shipping companies now face heightened compliance risks, including potential penalties for unlicensed dealings with sanctioned entities. But just how exactly this can continue to be enforced remains unclear due to rapid advancements in digital technology.

This crypto toll “booth” sets a precedent that could inspire other sanctioned states to monetize strategic waterways. And this trend is likely to continue, potentially putting an end to US-led hegemony.

As the IRGC embeds digital currency infrastructure into sovereign revenue streams, the development indicates that nation states may no longer be crippled by international sanctions. Perhaps in the future, it will become very challenging if not impossible to restrict economic transactions between different countries to the rise of permissionless cryptocurrencies.