Senator John Curtis, a Republican representing Utah, sent a letter to leaders of the Senate Judiciary Committee calling for an investigation into US President Donald Trump’s and former President Joe Biden’s sons, citing the former’s involvement in the crypto industry.In a Monday letter to Senate Judiciary Committee Chair Chuck Grassley and ranking member Dick Durbin, Curtis said that the body should probe “the use of presidential family relationships for private financial benefit, preferential treatment, or access by domestic and foreign interest.” He also asked for subpoenas for Donald Trump Jr. and Hunter Biden, Joe Biden’s son.The Utah lawmaker specifically called out Donald Trump Jr. for accepting gifts from Russian oligarch Umar Kremlev as part of his wedding, his “active promotion of family-backed cryptocurrency ventures” and advisory roles with prediction market platforms, as the companies are under the regulatory purview of the Commodity Futures Trading Commission. The president said last week that his son had paid Kremlev back for what Donald Trump Jr. and his wife called a “generous wedding gift.“Curtis also called for a similar probe into Hunter Biden for “substantial business with foreign entities” and instances in which either man’s relationship to the presidency was “invoked or understood to provide value.” President Biden issued a pardon for his son in December 2024 for crimes he “committed or may have committed or taken part in over the last decade,” and Curtis noted that Hunter had “denied involving his father in his business dealings.““The purpose of such an inquiry should be straightforward: establish the facts, determine whether existing ethics, disclosure, or anti-corruption laws apply, and identify reforms necessary to prevent the presidency from becoming a vehicle for private enrichment by those closest to it,” said Curtis.Source: Senator John CurtisThe call for an investigation into the Trump family’s ties to the crypto industry is nothing new for the current session of Congress, but it has largely come from House and Senate Democrats. Lawmakers have asked authorities to probe potential conflicts of interest surrounding Trump’s memecoin, his family’s World Liberty Financial business and a $500 million deal tied to Abu Dhabi’s royal family.Curtis is serving his first term in the Senate and will not be up for reelection until 2030.CLARITY still in limbo in US Senate as midterm elections approachThe call for an investigation into Donald Trump Jr. and Hunter Biden came a week after Senate Republicans failed to secure enough support from Democrats to pass the Digital Asset Market Clarity Act, a bill expected to establish market structure rules for the crypto industry. One of the sticking points for not supporting the bill, according to some Democrats, was Trump “using crypto to turn the presidency into a profit generating machine.” The president disclosed that he had earned $1.4 billion from ventures tied to digital assets in 2025.Republicans said the president had agreed to stronger ethics provisions in the bill affecting his crypto investments before the vote, but many Democrats argued that the measures did not go far enough to prevent corruption.Magazine: Big Questions: Does Satoshi actually own 1.1 million Bitcoin?

Canada’s six largest banks are jointly exploring a system for tokenized Canadian dollar deposits that would allow digital representations of bank deposits to move between financial institutions.The initiative involves Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group, according to a joint announcement from the banks on Tuesday. The first phase will focus on moving tokenized deposits between Canadian financial institutions before potentially connecting with other digital asset systems.The project comes less than two weeks after Canada’s banking regulator provided additional clarity on the legal permissibility of tokenized deposits for financial institutions.On Sept. 10, the Office of the Superintendent of Financial Institutions (OSFI) said tokenized deposits are “not legally distinct from traditional deposits,” adding that the underlying technology of a financial product does not determine its legal nature.OSFI clarifies tokenized deposit rules. Source: Office of the Superintendent of Financial Institutions (OSFI)Tokenized deposits represent money held at a regulated bank and remain a liability of that bank, unlike fiat-backed stablecoins, which are separate digital assets backed by reserves held by their issuer.The banks said the system is intended to support faster and programmable payments, while longer-term plans include opening the initiative to other deposit-taking institutions. Cointelegraph contacted CIBC for additional details but did not receive an immediate response.Related: Coinbase launches regulated crypto derivatives in CanadaCanada builds out stablecoin frameworkThe tokenized deposit initiative comes as Canada builds out a broader regulatory framework for digital money.In March, Canada enacted its Stablecoin Act as part of Bill C-15, establishing a federal framework for fiat-backed stablecoins. Under the regime, non-financial institution issuers will be required to register with the Bank of Canada, maintain reserves of at least 1:1 in high-quality liquid assets and offer holders redemption at par. The framework is expected to take effect in 2027.However, the framework only covers fiat-backed stablecoins issued by non-financial institutions. Banks and credit unions that are already subject to prudential regulation fall outside its scope. Issuers covered by the framework will also be prohibited from representing their stablecoins as deposits or as insured under a public deposit insurance system.Magazine: Big Questions: Does Satoshi actually own 1.1 million Bitcoin?

European asset manager 21shares has launched the region’s first exchange-traded product tied to Zcash, extending the privacy coin’s reach into regulated markets following its strong performance over the past year.On Tuesday, 21shares listed its physically backed Zcash ETP on Euronext Paris and Amsterdam, allowing investors to gain exposure to ZEC through brokerage accounts without holding the cryptocurrency directly.The asset manager also introduced an ETP tracking ETHFI, the governance and utility token of Ether.fi, a decentralized finance protocol that offers staking and other crypto-based financial services. The ETHFI product is physically backed and trades on Euronext Paris and Amsterdam.Both ETPs carry an annual management fee of 2.5%, well above the fees charged by many Bitcoin and Ether investment products in Europe.The Zcash ETP follows the arrival of the Grayscale Zcash ETF in the United States, which trades on NYSE Arca under the ticker ZCSH. The addition of Zcash products in the United States and Europe reflects growing institutional interest in the privacy coin.Related: Dragonfly’s Qureshi calls for end to Zcash dev fund after 2028Zcash’s rally puts Bitcoin comparisons back in focusThe move comes after Zcash emerged as one of the crypto market’s standout performers, recently surging past $1,500 and gaining nearly 1,100% over the past year, according to CoinMarketCap data.The rally has brought renewed attention to Zcash’s potential as a Bitcoin (BTC) alternative. Grayscale head of research Zach Pandl has argued that Zcash could benefit from “second-mover advantages” that may help it overcome Bitcoin’s entrenched network effects, something earlier alternatives such as Litecoin (LTC) have struggled to do.Interest in Zcash has also spread to the mining sector. Fortitude Digital Mining told Cointelegraph that it mined about 28% of all ZEC produced in the first half of 2026, reflecting the scale of its operations on the network. The company said its focus on Zcash is based on its proof-of-work model, capped supply and privacy features.Related: Zcash’s Ironwood upgrade faces possible delay over infrastructure readinessCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.