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CTV News
29 minutes ago
- CTV News
Trump signs stablecoin law as crypto industry aims for mainstream adoption
President Donald Trump speaks during a meeting with NATO Secretary General Mark Rutte in the Oval Office of the White House, Monday, July 14, 2025, in Washington. (AP Photo/Evan Vucci) 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 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 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 US$260 billion, could grow to US$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 US$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. 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 CircleCRCL.N 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 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 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. --- Reporting by Hannah Lang in New York; Editing by Cynthia Osterman and Pete Schroeder
CBC
32 minutes ago
- CBC
Why only U.S. fighter jets responded to the alleged plane hijacking in Vancouver
American fighter jets were quick to respond when a small plane was allegedly hijacked and landed at the Vancouver International Airport on Tuesday. But why weren't Canadian jets sent instead? Liam Britten explains.
CBC
an hour ago
- CBC
Military asked to consider dismissing members after 1st offence of unwanted sexual touching
Social Sharing Defence Minister David McGuinty wants the military to review a trend in civilian court toward judges supporting workplaces firing Canadians for any unwanted sexual touching on the job — even if it happened once. The Canadian Armed Forces (CAF) is launching new advisory panels this fall to discipline military members for sexually inappropriate behaviour. The minister is supportive, his office said, of an external monitor's recent recommendation that if the military wants to modernize its conduct process, it could look at a clear pattern in civilian court over the past decade. "Now, more than ever, any type of non-consensual touching of a sexual nature within the context of one's employment is likely to lead to dismissal, even for a single event and even if there are mitigating factors," external monitor Jocelyne Therrien wrote in her June report. Victims and experts have long raised concerns that the military has moved members involved in cases like groping to other units, given them warnings or other remedial measures. Therrien wrote that gone are the days where that's a "viable solution" and it could expose the victim or other staff to risk. The government hired Therrien to track the military's progress implementing changes to try and reform its handling of sexual misconduct. Retired Supreme Court justice Louise Arbour's landmark 2022 report made sweeping recommendations after a series of senior military leaders were removed from prominent roles amid allegations, causing a damaging and high-profile crisis. Therrien estimates the military is on track to meet "the intent" of Arbour's recommendations by the end of the year. But she flags one of the biggest challenges for military is that files related to misconduct are scattered across different databases which makes it difficult to get a clearer picture of the current state of the issue. WATCH | Can the military change how it handles sexual misconduct?: Is the military capable of changing how it handles sexual misconduct? 3 years ago Therrien's latest report said case law has "rapidly" and "significantly" evolved over the past 10 years. "In reviewing these judgments, I note a clear trend towards supporting dismissal for any sexual touching in the workplace," she wrote. More civilian judges are using the logic that sexual harassment involving unwanted touching is "unequivocally" considered sexual assault which is a criminal offence in Canada, she wrote. Changes to the Canadian Labour Code in 2021 also require federally regulated workplaces to ensure they are harassment-free. Not dismissing people in some cases can lead to liability claims, wrote Therrien. "The fact that similar cases in the past were dealt with through administrative measures other than dismissal no longer carries any weight," Therrien said. The minister's office says McGuinty supports Therrien's recommendation that "the significant evolution in workplace harassment case law should be considered as the CAF continues modernization." McGuinty's office told CBC News the minister will be looking for the upcoming panels "to yield real results." They will include law and sexual misconduct experts, the office said. Therrien's report also said the military is considering launching a "scale of severity" to help determine if members should be kicked out or otherwise reprimanded. People moved around Megan MacKenzie, a professor at Simon Fraser University who specializes in military culture, says the CAF should adopt a one-strike-you're-out policy for unwanted sexual touching. "This is a really significant recommendation," said MacKenzie. "There is just no ambiguity for anyone in any workplace at this point in time that inappropriate touching, touching of a sexual nature, is not OK." In the past, these kinds of cases were often called "low-level harassing behaviours" and the military dealt with it internally including by shuffling people around as a temporary solution, she said. "That doesn't solve the problem," she said. "It moves the problem to a different unit and the alleged victim and the accuser may still have interactions with each other." The CAF has been grappling with sexual misconduct for decades while saying it has a "zero-tolerance policy," she said. MacKenzie said kicking out people for unwanted touching would demonstrate that policy. Supporting victims Retired master corporal Sherry Bordage, who reported being groped by her superior, said it's time for the military to act. "Why allow predators to continue to hide within the ranks? What possible good could that serve?" she said. Bordage reported her platoon commander touched her breast and made inappropriate comments at a mess dinner in 2010 at CFB Borden. In military court, a Canadian Armed Forces judge stayed proceedings for the criminal sexual assault charge against Master Warrant Officer D.J. Prosser, according to the court martial documents. Prosser pleaded guilty to a lesser military service offence for ill treatment of a subordinate, the records show. Military judge Lt.-Col. Louis-Vincent d'Auteuil noted he took into consideration several mitigating factors, including that it was "an isolated incident" and "unusual" for Prosser who had spent 30 years serving in the military at that time, his reason for sentencing said. The military judge gave Prosser a reprimand and a $1,500 fine — and allowed him to continue serving. Bordage said she left the forces in 2014 because she didn't feel safe and faced reprisals from her chain of command for reporting the incident. She says the military should kick out members for unwanted sexual touching to keep others safe. "This decision, had it been implemented during my time, would have been night and day," said Bordage. The CAF has not yet responded to a CBC News request for comment.
