Today in crypto, industry observers are having doubts whether U.S. lawmakers can pass crypto market structure legislation before November’s midterm elections. Meanwhile, Qivalis, a European banking consortium, is reportedly in talks with crypto exchanges ahead of a planned euro stablecoin launch in the second half of 2026 and monthly losses in February hit the lowest level since March 2025.
Can US lawmakers pass crypto market structure before the midterms?
While US Senate lawmakers have been working to pass a comprehensive digital asset market structure bill since July, some industry observers in Washington say progress could be “on hold” due to government gridlock.
Since the House of Representatives passed the CLARITY Act last summer and sent the legislation to the other chamber, lawmakers have faced a historically long government shutdown, partisan divides on ethics and debates over stablecoin yield that have likely slowed progress on the bill, which could be further hampered by the upcoming US midterm elections in November.
Eight months ahead of the midterms, one version of the market structure bill focused on commodities regulations has passed the Senate Agriculture Committee, while members of the Senate Banking Committee have yet to address a bill on securities laws and regulations after the panel cancelled a markup in January.
European banks seek exchange partners ahead of 2026 stablecoin launch
Qivalis, a consortium of major European banks, is in advanced talks with crypto exchanges and liquidity firms to distribute its planned euro-pegged stablecoin, Spanish business newspaper Cinco Días reported Monday.
The group, including banks such as ING, UniCredit, and the recent addition of BBVA, is moving toward the launch of a stablecoin in the second half of 2026, Cinco Días reported.
The consortium is now reportedly in advanced discussions with crypto exchanges, market makers and liquidity providers. The shareholder banks themselves will also be able to distribute the stablecoin.
The news comes months after the banks first announced the consortium in September 2025 with nine initial members, including ING, UniCredit, CaixaBank, Danske Bank, Raiffeisen Bank International, KBC, SEB, DekaBank and Banca Sella.
Jan Sell, Qivalis CEO and former head of Coinbase in Germany, said the consortium is considering partnerships with both European and international platforms.
This aligns with the project’s global vision and its priority to offer a “regulated, domestic alternative to US dollar-denominated stablecoins,” he noted.
“It’s essential for our core use cases, such as facilitating real-time, cross-border business-to-business payments and global trade,” he said.
February crypto losses at lowest level since March 2025: PeckShield
The monthly losses from crypto hacks and scams in February hit the lowest level since March 2025, with $26.5 million stolen last month, blockchain security company PeckShield said on Sunday.
Out of 15 incidents in February, two accounted for most of the month’s losses, with the largest being the $10 million theft from YieldBlox’s DAO-managed lending pool via a price manipulation attack on Feb. 21, and the $8.9 million private key exploit on IoTeX on the same day.
A PeckShield spokesperson told Cointelegraph that February didn’t see any “mega-hacks,” such as the $1.5 billion Bybit hack in February 2025, and market volatility led to a significant cooling off in malicious activity.
Kronos Research analyst Dominick John told Cointelegraph that the decline could also reflect tighter risk controls, stronger counterparty standards and improved real-time monitoring across major venues.
