Crypto News Today: Critical US Bill Advances, Bybit Launches Banking, and Worldcoin Surges 40%

In a pivotal day for digital assets, three major developments are reshaping the cryptocurrency landscape: U.S. lawmakers advanced significant market structure legislation, a top global exchange announced a move into traditional banking, and a prominent AI-linked token experienced a dramatic price surge. These events, unfolding on Thursday, January 16, 2025, highlight the accelerating convergence of finance, technology, and regulation.

US Senate Committee Advances Sweeping Crypto Market Structure Bill

The U.S. Senate Agriculture Committee voted 12–11 to advance a comprehensive digital asset market structure bill, marking a crucial step toward potential federal regulatory clarity. This legislative action follows years of industry calls for defined rules. The bill aims to establish clear jurisdictional lines between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

During a tense markup session, partisan divisions emerged clearly. Democratic committee members proposed three amendments focused on ethics and oversight. One notable proposal sought to bar elected officials from holding digital assets. However, all amendments failed along party lines. Supporters argue the legislation will foster innovation and protect consumers by clarifying which assets are commodities versus securities. Conversely, critics warn it may dilute investor protections and overly expand the CFTC’s authority without sufficient resources.

Key Provisions and Next Steps:

• Jurisdictional Clarity: Defines when a digital asset is a security (under SEC purview) versus a commodity (under CFTC purview).
• CFTC Expansion: Grants the CFTC explicit spot market authority over digital commodities like Bitcoin and Ethereum.
• Reconciliation Process: The bill must now be reconciled with parallel legislation from the Senate Banking Committee before any full Senate vote.

Senate Agriculture Committee Chair John Boozman emphasized the bill’s role in providing “long-sought certainty.” Meanwhile, ranking member Debbie Stabenow expressed concerns about creating regulatory gaps. The outcome of this legislative process could define the U.S. regulatory approach for the next decade.

Bybit Announces Launch of Retail Banking Services for February

In a strategic expansion beyond crypto trading, Bybit, a leading global cryptocurrency exchange, unveiled plans to launch “My Bank powered by Bybit.” This service will provide users with personal International Bank Account Numbers (IBANs). Consequently, users can send, receive, and hold fiat currencies directly on the platform. The launch is scheduled for February 2025, pending final regulatory approvals.

Bybit CEO Ben Zhou announced the initiative during a live keynote. The service will initially support U.S. dollar transfers, with plans to expand to up to 18 currencies. Users who complete Know Your Customer (KYC) verification will gain immediate access. They can then deposit fiat, pay bills, receive salaries, and trade cryptocurrencies—all under their own name. This move represents a significant step toward bridging traditional and decentralized finance.

The exchange is collaborating with established banking partners, including Qatar National Bank (QNB) and DMZ Finance. A partnership with Georgia-licensed startup lender Pave Bank is also reportedly in development. This initiative follows Bybit’s September 2025 collaboration with DMZ Finance on tokenized asset projects. The banking launch occurs approximately one year after the exchange recovered from a major security incident, demonstrating its focus on rebuilding trust and expanding utility.

Analyzing the Impact of Crypto Exchanges Offering Banking

Bybit’s move reflects a broader industry trend where crypto-native platforms seek to become holistic financial hubs. Offering banking services addresses several user pain points. Primarily, it reduces friction in moving funds between traditional banks and crypto exchanges. It also provides users in underbanked regions with accessible financial tools. However, this expansion brings increased regulatory scrutiny. Exchanges must comply with stringent anti-money laundering (AML) and capital requirement laws typically governing banks. Success in this arena could pressure traditional banks to accelerate their own digital asset offerings.

Worldcoin Price Spikes 40% on OpenAI Social Media Platform Reports

The cryptocurrency Worldcoin (WLD) experienced a dramatic 40% price increase on Wednesday. This surge followed a Forbes report indicating that OpenAI, the artificial intelligence research lab, is developing a “humans-only” social media platform. The reported platform would require “proof of personhood” for access, potentially using Worldcoin’s biometric verification technology.

According to sources cited by Forbes and The Verge, a small OpenAI team has been developing the platform since early 2025. It aims to compete with social media platforms like X by ensuring all users are verified humans, not bots. Verification could reportedly occur through Apple’s Face ID or the World Orb, the eyeball-scanning device central to the Worldcoin project. Worldcoin was co-founded by OpenAI CEO Sam Altman, creating a direct conceptual link between the two entities.

Worldcoin’s Core Technology and Market Reaction:

• Proof-of-Personhood: Worldcoin’s protocol uses biometric data to generate a unique, privacy-preserving digital identity (World ID).
• Market Speculation: The price surge reflects trader speculation that Worldcoin’s technology could become integral to a major OpenAI product.
• Regulatory Context: Worldcoin has faced regulatory scrutiny over data collection in several countries, making a partnership with a mainstream platform a significant potential validator.

The news highlights the growing intersection of AI and blockchain technology. It also underscores how developments in adjacent tech sectors can cause immediate volatility in crypto markets. While the platform is still in early development, the market reaction demonstrates the high value placed on credible digital identity solutions.

Conclusion

Today’s crypto news today underscores a market in rapid maturation, influenced by regulatory progress, financial integration, and technological convergence. The U.S. Senate’s legislative movement signals a potential turning point for regulatory clarity. Simultaneously, Bybit’s banking ambitions illustrate the industry’s push toward mainstream utility. Finally, Worldcoin’s volatility tied to AI developments reveals the sensitive interplay between cryptocurrency valuations and innovation narratives. Together, these stories provide a snapshot of a dynamic ecosystem where policy, product, and speculation continuously interact, shaping the future of digital assets on a global scale.

FAQs

Q1: What does the US Senate crypto market structure bill propose?
The bill seeks to clarify whether digital assets are classified as securities or commodities, assigning regulatory authority to the SEC or CFTC accordingly. It passed the Senate Agriculture Committee by a narrow vote and must be reconciled with other proposals.

Q2: How will Bybit’s new banking service work?
Bybit will provide verified users with a personal IBAN, allowing them to hold and transfer fiat currencies, pay bills, and receive salaries directly on the platform, integrating traditional banking with crypto trading.

Q3: Why did Worldcoin’s price increase by 40%?
The price surged following reports that OpenAI is developing a social media platform requiring “proof of personhood,” a concept central to Worldcoin’s biometric identity verification technology, suggesting potential integration.

Q4: What are the main criticisms of the Senate crypto bill?
Critics, primarily Democratic lawmakers, argue the bill could weaken investor protections and expand the CFTC’s authority without ensuring the agency has adequate resources or oversight mechanisms for the spot market.

Q5: Is Bybit’s banking service available worldwide?
Availability will be subject to regional regulatory approvals. The service is launching with USD support and partnerships with specific international banks, but its full global rollout will depend on compliance with local financial regulations.