US passes stablecoin bill in milestone for crypto
The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.
The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30.
The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval.
"It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term.
"It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry."
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.
If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis.
The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan.
The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died.
Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign.
Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space.
Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August.
Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president.
The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children.
Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers.
The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks.
"CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement.
The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.
The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30.
The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval.
"It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term.
"It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry."
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.
If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis.
The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan.
The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died.
Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign.
Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space.
Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August.
Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president.
The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children.
Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers.
The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks.
"CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement.
The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.
The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30.
The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval.
"It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term.
"It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry."
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.
If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis.
The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan.
The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died.
Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign.
Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space.
Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August.
Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president.
The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children.
Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers.
The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks.
"CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement.
The US Senate has passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry.
The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30.
The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval.
"It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term.
"It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry."
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.
If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis.
The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. The sector spent more than $US119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan.
The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died.
Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign.
Most Democrats opposed the bill. They raised concerns that the measure does little to address Trump's personal financial interests in the crypto space.
Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August.
Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president.
The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children.
Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers.
The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for "critical changes" to mitigate financial stability risks.
"CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors," said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement.
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Perth Now
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Sydney Morning Herald
an hour ago
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Missed meeting with Trump is no reflection on Albanese
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Our focus has rightly been on maritime uplift, but certainly not at the cost of other capabilities. For example, our investment in air capabilities will grow by 30 per cent over the forward estimates. His claims about drones are just plain wrong. In fact, investment in uncrewed and autonomous systems is one of the key priorities outlined in our 2024 National Defence Strategy, which sees the government spending over $10 billion in drone capabilities, including at least $4.3 billion in uncrewed aerial systems. Just last week the Air Force successfully trialled the Ghost Bat, an Australian-designed and made autonomous aircraft. It's the first military combat aircraft to be designed, engineered and manufactured in Australia in more than 50 years. This follows last year's announcement of the largest ever contract for Australian-made drones. Defence is trialling low-cost, expendable systems that can be produced at scale in Australia, including so-called kamikaze drones. We have also introduced the first armed drone into service. And when it comes to drone defences, I'm afraid Mick Ryan is also off the mark. In fact, we have a tender out right now for a drone defence program and Australian companies are world leaders in this field. Pat Conroy, Minister for Defence Industry and Pacific Island Affairs Road to salvation It's no wonder Parramatta Road suffers a lack of pedestrian traffic (' Taking a stroll down Sydney's boulevards of broken dreams ', June 18). There are many stretches of this unloved 'hellscape' road which still have wonderful historic facades, but these are largely hidden by hideous rusting, ad-plastered awnings which make the shops underneath dark and gloomy and blight the scene. How's this for starters? Narrow the road, remove all the awnings and the ugly power poles and plant shade trees, making pleasant places to shop and share a catch-up and coffee. The shopfronts should be restored to their former glory with financial incentives (rate relief?) and if further window shade is needed, add discreet folding blinds. We can't replicate Van Gogh's Cafe Terrace in Arles, but we can at least try to alleviate the current depressive gloom. Lance Dover, Pretty Beach Long live obituaries I support your correspondent Nick Franklin, who laments the disappearance of the Herald 's obituaries page (Letters, June 18). Obituaries are an important record of those who make an impact on our society. Researchers in the future will curse this decision. Obituaries are also usually fascinating and entertaining reading, more so than much of the trivia that makes up so much of the news these days. Bring back the obituary. 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Sydney Morning Herald
an hour ago
- Sydney Morning Herald
Schools boss signed off on $67,000 ‘fungus bench' that was flagged as biosecurity hazard
Manning conceded that 'it would have been better' if other bidders had been aware Jones had written the brief when competing for the tender, but disagreed her company should have been excluded from the tender. 'At that point in time I didn't see an issue with it, no, I didn't see an issue with it. If I did it again I would do it differently, yes,' he said. Jones' involvement pre-dated just the writing of the scope of services. The ICAC heard on Tuesday that she had a contract with the agency extended three times in six months leading up to the tender, and had another of her employees, Amreetha Kariyawasam, embedded with School Infrastructure on a three-month contract worth $108,000 plus GST. On March 27, 2018, Jones complained directly to Manning that other School Infrastructure staff were 'keeping Amreetha out' of developing a new strategy because 'they say she has a conflict of interest which I don't agree with'. That email came at the end of a longer trail discussing the release of the new 'engagement' strategy for the agency which pre-dated the tender. It was not clear how Jones was included because she was not a party to the original emails. However, on Wednesday it became clear that Manning had blind copied her into correspondence in which he had instructed another executive to delay progress on the strategy until he returned from an overseas trip. Manning could not say why he blind copied her, saying it 'could have been an accident' or 'could have been deliberate'. The commission then saw an email Manning sent to a human resources employee about two staff members. It was sent on the same day as Jones' complaint. Manning wrote in the email that 'continued poor behaviour by a couple of the team may need to be dealt with by asking them to leave the organisation'. But Manning said there had been problems with the two employees. One of them had 'lied' about a separate issue, he said, and had caused 'continual issues' such as running 'tick-a-box' community engagement which caused 'downstream issues' for the agency. 'When they [held information booths] in shopping centre [they would] find spaces right at the back so it was less prominent, that was the feedback I was getting from the team,' he said. Manning has previously told the inquiry he only began to consider Jones a friend in 2023, after she helped him with problems he was having with the new Labor government. He also invited her to his 50th birthday in 2021. He denied a suggestion from counsel assisting Jamie Darams SC that he had been 'favourable' to Jones. 'I don't think so, no,' he said. 'I don't know whether I had a view or not at the time.' Later, the ICAC heard Manning organised a contract for Elena Bondareva, a US-based consultant he had worked with in the past but hadn't seen for 'a number of years', as a sustainability adviser. Bondareva was hired as a direct appointment via another 'reverse brief', which she wrote. The initial appointment was for a daily fee of $2250. The brief, signed in 2020, noted an 'approximate upper limit' of $90,000 for two months. But the contract was repeatedly extended, and she was paid $676,730 over four years. Bondareva was working on 'engineered living materials', Manning told the ICAC, including algae and fungus to create materials including pavers, bricks and outdoor furniture. The agency conducted an expression of interest tender for 'engineered living materials', which Manning said 'got a lot of traction' but struggled because of the difficulty in procuring fungus-based materials in Australia. Manning said the idea was to procure 'very normal' fungus-based items including bricks, 'rather than trying to do something too clever', but there were 'biosecurity risks' because of the need to import the materials. Loading In 2023, after plans for a 'grafted' tree canopy fell over because School Infrastructure could not find an engineer to declare it was safe, the agency bought a bench made from mycelium. The commissioner of the inquiry, Paul Lakatos SC, labelled it a 'fungus bench'. The inquiry saw various briefs which showed the cost of the bench between $67,000 and $79,000, but the bench was stopped at customs after it was flagged as a 'biosecurity hazard' by Border Force. 'Unfortunately, it is not good news in relation to the delivery of the mycelium bench,' an employee wrote to Manning in July 2023.
