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Wall Street Journal
7 minutes ago
- Wall Street Journal
Senate Passes Stablecoin Bill in Big Win for Crypto Industry
The Senate passed legislation to regulate a widely used type of cryptocurrency, a key victory for the digital-asset industry after it poured money into last year's election. The bill, the first of its kind to put federal guardrails on digital currencies, sets up oversight of stablecoins, a popular crypto asset typically pegged to a fiat currency such as the U.S. dollar. That peg keeps their price steady, making them attractive to traders looking for a store of value while they buy and sell more volatile cryptocurrencies. Stablecoins can also be used for cross-border payments.
New York Times
9 minutes ago
- New York Times
Senate Passes Cryptocurrency Bill, Handing Industry a Victory
The Senate on Tuesday passed legislation to establish a regulatory framework for stablecoins, putting the cryptocurrency industry, which had long been viewed with suspicion by lawmakers in Washington, on the brink of a major policy breakthrough. Bipartisan approval of the bill, known as the GENIUS Act, followed an aggressive lobbying campaign aimed at transforming the cryptocurrency industry's image from scandal-plagued experiment to legitimate financial sector. Senate passage came over the fierce objections of many Democrats, who warned that the measure lacked strict-enough regulations or oversight to prevent abuses, including anti-corruption rules that would bar President Trump and his family from continuing to profit from cryptocurrency. The bill still must be passed by the House and signed by the president. But the 68-30 vote in the Senate marked the first time the chamber has approved major cryptocurrency legislation. It represented a significant step toward giving the industry what it has long sought from Washington: the credibility that comes with federal oversight. Stablecoins, a type of digital currency tied to the value of the U.S. dollar, are often seen as comparatively reliable types of cryptocurrency. These cryptocurrencies are designed to avoid the wild fluctuations in value of some popular coins like Bitcoin, making them something of a bridge to the world of traditional currency. Senator Bill Hagerty, Republican of Tennessee and the bill's lead sponsor, said the legislation would be a significant step toward breaking down the barriers between traditional financial markets and decentralized markets. He said it would help bring the country's financial system into the modern era. Want all of The Times? Subscribe.
Bloomberg
14 minutes ago
- Bloomberg
Chip Tax Credits Get Boost in Trump Tax Bill
Bloomberg's Caroline Hyde and Ed Ludlow discuss how President Trump's tax bill could boost investment credit for semiconductors to 30%. Plus, the CEO of Applied Intuition talks about how the startup plans to use its latest $600 million fundraising to make more moving machines self-driving. And the CEO of Purism says the company has spoken to the Trump family about supplying its made-in-the-USA smartphones to the new Trump mobile phone service. (Source: Bloomberg)
