Chaos erupts at House hearing on NGOs' role in fueling Biden's border crisis
Show more
Show less
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
3 hours ago
- Economic Times
Stablecoin market valuation: Is it safe to invest in U.S.-dollar-pegged cryptocurrencies?
Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FAQs Tired of too many ads? Remove Ads U.S. President Donald Trump on Friday signed a law to create a regulatory regime for U.S.-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. The bill, dubbed the GENIUS Act, passed by 308 to 122, receiving support from nearly half the Democratic members and most Republicans. The law is a huge win for crypto supporters, who have long lobbied for such a regulatory framework in a bid to gain greater legitimacy for an industry that began in 2009 as a digital Wild West famed for its innovation and speculative are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. The industry hopes they will enter mainstream use for sending and receiving payments instantly."This signing is a massive validation of your hard work and pioneering spirit," said Trump at a signing event that included several crypto new law requires stablecoins to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to disclose publicly the composition of their reserves companies and executives have argued such legislation will enhance stablecoins' credibility and make banks, retailers and consumers more willing to using them to transfer funds stablecoin market, which crypto data provider CoinGecko said is valued at more than $260 billion, could grow to $2 trillion by 2028 under the new law, Standard Chartered bank estimated earlier this law's passage culminates a long lobbying effort by the industry, which donated more than $245 million in last year's elections to aid pro-crypto candidates including Trump, according to Federal Election Commission Republican president, who has since launched his own coin, in turn aligned himself with the industry and told a crypto conference during his presidential campaign that he would make the U.S. "the crypto capital of the planet."But Democrats and critics have said the law should have blocked big tech companies from issuing their own stablecoins, which could increase the clout of an already powerful sector, contained stronger anti-money laundering protections and prohibited foreign stablecoin issuers.A1. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens.A2. President of USA is Donald Trump.
Indian Express
4 hours ago
- Indian Express
Trump signs stablecoin law as crypto industry aims for mainstream adoption
US President Donald Trump on Friday signed a law to create a regulatory regime for US-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. The bill, dubbed the GENIUS Act, passed by 308 to 122, receiving support from nearly half the Democratic members and most Republicans. The law is a huge win for crypto supporters, who have long lobbied for such a regulatory framework in a bid to gain greater legitimacy for an industry that began in 2009 as a digital Wild West famed for its innovation and speculative chaos. 'This signing is a massive validation of your hard work and pioneering spirit,' said Trump at a signing event that included several crypto executives. Stablecoins are designed to maintain a constant value, usually a 1:1 US dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. The industry hopes they will enter mainstream use for sending and receiving payments instantly. The new law requires stablecoins to be backed by liquid assets – such as US dollars and short-term Treasury bills – and for issuers to disclose publicly the composition of their reserves monthly. Crypto companies and executives have argued such legislation will enhance stablecoins' credibility and make banks, retailers and consumers more willing to using them to transfer funds instantly. The stablecoin market, which crypto data provider CoinGecko said is valued at more than $260 billion, could grow to $2 trillion by 2028 under the new law, Standard Chartered bank estimated earlier this year. The law's passage culminates a long lobbying effort by the industry, which donated more than $245 million in last year's elections to aid pro-crypto candidates including Trump, according to Federal Election Commission data. The Republican president, who has since launched his own coin, in turn aligned himself with the industry and told a crypto conference during his presidential campaign that he would make the U.S. 'the crypto capital of the planet.' But Democrats and critics have said the law should have blocked big tech companies from issuing their own stablecoins, which could increase the clout of an already powerful sector, contained stronger anti-money laundering protections and prohibited foreign stablecoin issuers. Big US banks are internally debating an expansion into cryptocurrencies as regulators give stronger backing to digital assets, but banks' initial steps will be cautious, centering on pilot programs, partnerships or limited crypto trading, Reuters reported in May. Meanwhile, several crypto firms including Circle and Ripple are seeking banking licenses. This would enable the companies to settle payments faster and cut costs by bypassing intermediary banks, as well as enhancing their legitimacy. Backers of the bill have said it could potentially give rise to a new source of demand for short-term U.S. government debt, or T-bills, because stablecoin issuers will have to purchase more T-bills to back their assets. But others worry this activity could increase volatility in the Treasury bills market. In an April research note, JPMorgan analysts estimated that stablecoin issuers could become the third-largest buyer of Treasury bills in the coming years. Trump has sought to broadly overhaul US cryptocurrency policies, signing an executive order in March establishing a strategic bitcoin reserve. The president has moved personally into digital assets, launching a meme coin called $TRUMP in January and partly owning crypto company World Liberty Financial. Democrats in Congress grew increasingly critical of Trump and his family members promoting their personal crypto projects, and their ire threatened to derail the legislation at one point. The White House has said there are no conflicts of interest for Trump and that his assets are in a trust managed by his children.
The Hindu
4 hours ago
- The Hindu
GENIUS Act: Trump signs stablecoin law as crypto industry aims for mainstream adoption
U.S. President Donald Trump on Friday (July 18, 2025) signed a law to create a regulatory regime for U.S.-dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. The bill, dubbed the GENIUS Act, passed by 308 to 122, receiving support from nearly half the Democratic members and most Republicans. The law is a huge win for crypto supporters, who have long lobbied for such a regulatory framework in a bid to gain greater legitimacy for an industry that began in 2009 as a digital Wild West famed for its innovation and speculative chaos. "This signing is a massive validation of your hard work and pioneering spirit," said Mr. Trump at a signing event that included several crypto executives. Stablecoins are designed to maintain a constant value, usually a 1:1 U.S. dollar peg, and their use has exploded, notably by crypto traders moving funds between tokens. The industry hopes they will enter mainstream use for sending and receiving payments instantly. The new law requires stablecoins to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to disclose publicly the composition of their reserves monthly. Crypto companies and executives have argued such legislation will enhance stablecoins' credibility and make banks, retailers and consumers more willing to using them to transfer funds instantly. The stablecoin market, which crypto data provider CoinGecko said is valued at more than $260 billion, could grow to $2 trillion by 2028 under the new law, Standard Chartered bank estimated earlier this year. The law's passage culminates a long lobbying effort by the industry, which donated more than $245 million in last year's elections to aid pro-crypto candidates including according to Federal Election Commission data. The Republican president, who has since launched his own coin, in turn aligned himself with the industry and told a crypto conference during his presidential campaign that he would make the U.S. "the crypto capital of the planet." But Democrats and critics have said the law should have blocked big tech companies from issuing their own stablecoins, which could increase the clout of an already powerful sector, contained stronger anti-money laundering protections and prohibited foreign stablecoin issuers. Could boost demand for T-Bills Big U.S. banks are internally debating an expansion into cryptocurrencies as regulators give stronger backing to digital assets, but banks' initial steps will be cautious, centering on pilot programs, partnerships or limited crypto trading, Reuters reported in May. Meanwhile, several crypto firms including Circle and Ripple are seeking banking licenses. This would enable the companies to settle payments faster and cut costs by bypassing intermediary banks, as well as enhancing their legitimacy. Backers of the bill have said it could potentially give rise to a new source of demand for short-term U.S. government debt, or T-bills, because stablecoin issuers will have to purchase more T-bills to back their assets. But others worry this activity could increase volatility in the Treasury bills market. In an April research note, JPMorgan analysts estimated that stablecoin issuers could become the third-largest buyer of Treasury bills in the coming years. Trump creates bitcoin reserve Mr. Trump has sought to broadly overhaul U.S. cryptocurrency policies, signing an executive order in March establishing a strategic bitcoin reserve. The president has moved personally into digital assets, launching a meme coin called $TRUMP in January and partly owning crypto company World Liberty Financial. Democrats in Congress grew increasingly critical of Mr. Trump and his family members promoting their personal crypto projects, and their ire threatened to derail the legislation at one point. The White House has said there are no conflicts of interest for Mr. Trump and that his assets are in a trust managed by his children.
