"AFL-CIO Sues Treasury Over Musk's DOGE Data; Lawmakers Push Dollar Stablecoin Bill"

The U.S. Treasury Department faces a lawsuit from a union group alleging violations of federal laws by providing Elon Musk's Department of Government Efficiency (DOGE) with sensitive information. The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) has sued the Treasury and Secretary Scott Bessent, claiming an "unlawful ongoing, systematic, and continuous disclosure of personal and financial information." The AFL-CIO argues that this intrusion into individual privacy forces people to share information with DOGE or Musk when they share information with the federal government.

Meanwhile, U.S. Representatives French Hill and Bryan Steil have proposed a stablecoin bill aimed at boosting the global dominance of the U.S. dollar. The bill would impose a two-year ban on "endogenously collateralized stablecoins" and require the Treasury to conduct a study on stablecoins. Hill stated that the bill aims to ensure a federal path for stablecoin issuers and work with the Trump administration, the House, and the Senate to deliver a dollar-backed stablecoin to Americans.

In other news, crypto exchange Coinbase will face an investor lawsuit after a federal judge rejected its argument that it does not meet the definition of a "statutory seller" under federal law. The exchange will now face allegations that it sold 79 crypto assets that were securities without being registered as a broker-dealer. Coinbase maintains that it does not list, offer, or sell securities on its exchange.

Former SafeMoon CEO Braden John Karony has requested a delay in his criminal trial, hoping that President Donald Trump's approach to crypto could result in charges being dropped. Karony's legal team cited Trump's Jan. 23 executive order and a statement from SEC Commissioner Hester Peirce suggesting potential retroactive relief for specific crypto cases.

Law firms Burwick Law and Wolf Popper have issued a cease and desist letter to Pump.fun, demanding the removal of over 200 memecoins that they claim impersonated the firms through the use of their intellectual property. The firms argue that the platform has the technical capability to remove the tokens but has chosen not to act, posing risks to the public.