Crypto week legislation hits snag in US Congress, some stocks fall
House Republicans had billed this week as "Crypto week," and were keen to advance numerous pieces of legislation aimed at providing clarity to the digital asset industry and long-sought legitimacy to the sector.
But those efforts hit an early snag on Tuesday, when several conservative Republicans joined with Democrats in blocking a procedural vote to allow consideration of three crypto bills as part of a dispute over how the measures should be packaged and considered.
Shortly after the vote, House Speaker Mike Johnson told reporters that he planned to continue discussing the matter with members and hoped to vote on it again shortly.
Shares of crypto-related stocks including Circle Internet and Coinbase Global dropped on the news but then pared losses. Circle Internet fell over 4 per cent while Coinbase was down 1.5 per cent.
The House was attempting to pass a series of crypto-related bills, most notably a bill that would establish a regulatory framework for stablecoins.
Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly.
That bill - and another the House is considering that would define when a crypto token is a commodity - would be a huge win for the crypto industry.
The House also was set to consider a bill that would prohibit the U.S. from issuing a central bank digital currency. Republicans say there is a risk this could give the government too much control over Americans' personal finances.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
Musk says Tesla, Samsung Electronics sign chip supply deal
SEOUL :Tesla CEO Elon Musk said on Monday that the U.S. automaker has signed a deal to source chips from Samsung Electronics, a move expected to bolster the South Korean tech giant's loss-making contract manufacturing business. On Saturday, Samsung announced a $16.5 billion chip supply deal with a major global company, without naming the client. It said the customer had requested confidentiality about the details of the deal, which will run through the end of 2033. Three sources briefed about the matter told Reuters that Tesla was the customer for the deal. The deal comes as Samsung faces mounting pressure in the race to produce artificial intelligence chips, where it trails rivals such as TSMC and SK Hynix. This lag has weighed heavily on its profits and share price. Samsung, the world's top memory chip maker, also makes logic chips designed by customers through its foundry business. Pak Yuak, an analyst at Kiwoom Securities, said the latest deal would help reduce losses at Samsung's foundry business, which he estimated exceeded 5 trillion won ($3.63 billion) in the first half of the year. Analysts say Samsung has struggled with the defection of key clients to TSMC for advanced chips. TSMC counts Apple, Nvidia and Qualcomm among its customers. The Samsung-Tesla deal is also significant for South Korea, which is seeking U.S. partnerships in chips and shipbuilding amid last-ditch efforts to reach a trade deal to eliminate or reduce potential 25 per cent U.S. tariffs. It is not clear how the order would affect Samsung's plan to start production at its new factory in Texas, which has been delayed as it struggles to win major customers. Samsung is grappling to boost production yields of its latest 2-nanometer technology, and the order is unlikely to involve the cutting-edge tech, Lee Min-hee, an analyst at BNK Investment & Securities, said. Samsung has been losing market share to TSMC in contract manufacturing, underscoring technological challenges the firm faces in mastering advanced chip manufacturing to attract clients like Apple and Nvidia, analysts said.
Straits Times
3 hours ago
- Straits Times
Epstein furore undermines public trust, Republican election hopes, two US lawmakers say
Find out what's new on ST website and app. The US President has failed to distract attention from the Epstein controversy six months into his second term. WASHINGTON - The uproar over disgraced financier and sex offender Jeffrey Epstein could undermine public trust in the Trump administration, as well as Republican hopes of retaining control of Congress in the 2026 midterm elections, two US lawmakers said on July 27. Republican Representative Thomas Massie and Democratic Representative Ro Khanna, who want the House of Representatives to vote on their bipartisan resolution requiring full release of the government's Epstein files, said the lack of transparency is reinforcing public perceptions that the rich and powerful live beyond the reach of the judicial system. 'This is going to hurt Republicans in the midterms. The voters will be apathetic if we don't hold the rich and powerful accountable,' Mr Massie, a hardline conservative from Kentucky, told NBC's 'Meet the Press' program. Republicans hope to add to their current 219-212 House majority - with four seats currently vacant - and 53-47 Senate majority in November 2026, although the US political cycle traditionally punishes the party of the sitting president during midterm elections. The Washington Post reported late on July 27 that Mr Trump was increasingly frustrated with his administration's handling of the furore around Epstein. Even so, the president was hesitant to make personnel changes to avoid creating a 'bigger spectacle' as his top officials underestimated the outrage from Mr Trump's own base over the issue, the newspaper reported, citing unnamed sources. Mr Khanna said Attorney General Pam Bondi triggered 'a crisis of trust' by saying there was no list of Epstein clients after previously implying that one existed. The change in position unleashed a tsunami of calls for her resignation from Mr Trump's Maga base. 'This is about trust in government,' the California Democrat told 'Meet the Press.' 'This is about being a reform agent of transparency.' President Donald Trump, who on July 27 announced an EU trade deal in Scotland , has been frustrated by continued questions about his administration's handling of investigative files related to Epstein's criminal charges and 2019 death by suicide in prison. Mr Massie and Mr Khanna believe they can win enough support from fellow lawmakers to force a vote on their resolution when Congress returns from its summer recess in September. But they face opposition from Republican leaders including House Speaker Mike Johnson, who sent lawmakers home a day early to stymie Democratic efforts to force a vote before the break. Mr Johnson, who also appeared on NBC's 'Meet the Press,' said he favours a non-binding alternative resolution that calls for release of 'credible' evidence, but which he said would better protect victims including minors. 'The Massie and Khanna discharge petition is reckless in the way that it is drafted and presented,' Mr Johnson said. 'It does not adequately include those protections.' Mr Massie dismissed Mr Johnson's claim as 'a straw man' excuse. 'Ro and I carefully crafted this legislation so that the victims' names will be redacted,' he said. 'They're hiding behind that.' Mr Trump has tried and failed so far to distract attention from the Epstein controversy six months into his second term. On July 26, Mr Trump repeated his claims without evidence that 2024 Democratic presidential nominee Kamala Harris and other Democrats should be prosecuted over payment for endorsements from celebrities including Oprah Winfrey, Beyonce and the Reverend Al Sharpton. Last week he accused former President Barack Obama of 'treason' over how the Obama administration treated intelligence about Russian interference in US elections nine years ago, drawing a rebuke from an Obama spokesperson. Republican Senator Lindsey Graham, a staunch Trump ally, said on July 27 that Ms Tulsi Gabbard, Mr Trump's director of national intelligence, had found new information that investigators initially discovered no evidence of Russian election interference but changed their position after Mr Obama told them to keep looking. 'I'm not alleging he committed treason, but I am saying it bothers me,' Mr Graham told 'Meet the Press.' Democratic Representative Jason Crow dismissed Ms Gabbard's claims, telling the 'Fox News Sunday' program that the national intelligence director had turned herself into 'a weapon of mass distraction'. The Department of Justice has said it is forming a strike force to assess Ms Gabbard's claims. REUTERS
Straits Times
4 hours ago
- Straits Times
Epstein furor undermines public trust, Republican election hopes, two US lawmakers say
FILE PHOTO: A screen about the Jeffrey Epstein files is displayed at Times Square in New York City, U.S., July 23, 2025. REUTERS/Jeenah Moon/File Photo WASHINGTON - The uproar over disgraced financier and sex offender Jeffrey Epstein could undermine public trust in the Trump administration, as well as Republican hopes of retaining control of Congress in the 2026 midterm elections, two U.S. lawmakers said on Sunday. Republican Representative Thomas Massie and Democratic Representative Ro Khanna, who want the House of Representatives to vote on their bipartisan resolution requiring full release of the government's Epstein files, said the lack of transparency is reinforcing public perceptions that the rich and powerful live beyond the reach of the judicial system. "This is going to hurt Republicans in the midterms. The voters will be apathetic if we don't hold the rich and powerful accountable," Massie, a hardline conservative from Kentucky, told NBC's "Meet the Press" program. Republicans hope to add to their current 219-212 House majority - with four seats currently vacant - and 53-47 Senate majority in November 2026, although the U.S. political cycle traditionally punishes the party of the sitting president during midterm elections. The Washington Post reported late on Sunday that Trump was increasingly frustrated with his administration's handling of the furor around Epstein. Even so, the president was hesitant to make personnel changes to avoid creating a "bigger spectacle" as his top officials underestimated the outrage from Trump's own base over the issue, the newspaper reported, citing unnamed sources. Khanna said Attorney General Pam Bondi triggered "a crisis of trust" by saying there was no list of Epstein clients after previously implying that one existed. The change in position unleashed a tsunami of calls for her resignation from Trump's MAGA base. "This is about trust in government," the California Democrat told "Meet the Press." "This is about being a reform agent of transparency." President Donald Trump, who on Sunday announced an EU trade deal in Scotland, has been frustrated by continued questions about his administration's handling of investigative files related to Epstein's criminal charges and 2019 death by suicide in prison. Massie and Khanna believe they can win enough support from fellow lawmakers to force a vote on their resolution when Congress returns from its summer recess in September. But they face opposition from Republican leaders including House Speaker Mike Johnson, who sent lawmakers home a day early to stymie Democratic efforts to force a vote before the break. Johnson, who also appeared on NBC's "Meet the Press," said he favors a non-binding alternative resolution that calls for release of "credible" evidence, but which he said would better protect victims including minors. "The Massie and Khanna discharge petition is reckless in the way that it is drafted and presented," Johnson said. "It does not adequately include those protections." Massie dismissed Johnson's claim as "a straw man" excuse. "Ro and I carefully crafted this legislation so that the victims' names will be redacted," he said. "They're hiding behind that." Trump has tried and failed so far to distract attention from the Epstein controversy six months into his second term. On Saturday, Trump repeated his claims without evidence that 2024 Democratic presidential nominee Kamala Harris and other Democrats should be prosecuted over payment for endorsements from celebrities including Oprah Winfrey, Beyonce and the Reverend Al Sharpton. Last week he accused former President Barack Obama of "treason" over how the Obama administration treated intelligence about Russian interference in U.S. elections nine years ago, drawing a rebuke from an Obama spokesperson. Republican Senator Lindsey Graham, a staunch Trump ally, said on Sunday that Tulsi Gabbard, Trump's director of national intelligence, had found new information that investigators initially discovered no evidence of Russian election interference but changed their position after Obama told them to keep looking. "I'm not alleging he committed treason, but I am saying it bothers me," Graham told "Meet the Press." Democratic Representative Jason Crow dismissed Gabbard's claims, telling the "Fox News Sunday" program that the national intelligence director had turned herself into "a weapon of mass distraction." The Department of Justice has said it is forming a strike force to assess Gabbard's claims. REUTERS
