BRICS in Wait-and-See Mode After Trump Threatens Extra Tariffs
Members of the ten-nation grouping of emerging-market economies were reluctant to engage with Trump's warning of additional 10% tariffs as they left their hotels in Rio de Janeiro for the concluding day of the BRICS summit hosted by President Luiz Inacio Lula da Silva.
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33 minutes ago
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State of Crypto: The Industry's No Good, Very Bad Wait Actually Excellent Week
The "Guiding and Establishing National Innovation for U.S. Stablecoins Act," otherwise known as the GENIUS Act, is now the law of the land, after President Donald Trump signed the first major U.S. legislation following a week-long process to pass it and two other bills in the House of Representatives. You're reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. On Friday, U.S. President Donald Trump signed a crypto bill into law. This is the first time a major cryptocurrency bill has become law, and it likely is not the last. For the first time, a major cryptocurrency bill has become law in the U.S. The GENIUS Act, which sets out to create a regulatory framework governing stablecoins, or cryptocurrencies pegged to another asset like the U.S. dollar, kickstarts a process that will see the Federal Reserve, Office of the Comptroller of the Currency and other regulators become far more involved in the crypto sector. There was a bit of a false start. The House Rules Committee met Monday evening to debate the bills with key members of the Financial Services and Agriculture Committees ahead of a procedural vote, which the House held Tuesday. That procedural vote was expected to sail through, albeit on party-line votes. It did not. Members of the House Freedom Caucus voted against the procedural motion to open debate and threw a wrench into the House's "Crypto Week." Later that evening, U.S. President Donald Trump posted on his social media platform Truth Social that 11 of the holdouts had agreed to vote for the motion and the House reconvened on Wednesday to first vote to hold a redo on the other vote (this one passed mostly along party lines) and then to actually redo the other vote. Many of the 11 holdouts continued to hold out. Trump, in remarks made before signing the GENIUS Act on Friday, joked about this: "I am so tired of making phone calls at 2, 3, 4 o'clock in the morning." Still, after a record-breaking 9+ hour vote, the lawmakers did finally vote in favor of the move to debate, clearing the way to a final vote for the three bills on Thursday. Despite these hiccups, Congressman Bryan Steil noted that Crypto Week largely played out as planned, with three bills getting passed and one heading to the president's desk. "In the House, it feels like in the home stretch with the narrow majority, there's final negotiations, final discussions," he said on CoinDesk TV Thursday ahead of the vote. "But the good news is the play call that was made at the start of the week is the play call we're executing today, which is passing GENIUS, putting that on the president's desk for his signature into law." Moreover, while industry participants anticipated that maybe 30 or so Democrats would vote for the bills, the actual numbers dramatically surpassed this — 78 Democrats joined 216 Republicans in voting for Clarity and 102 Democrats/206 Republicans voted for GENIUS. For context, last year's Financial Innovation and Technology for the 21st Century Act (FIT21), Clarity's predecessor, saw 78 Democrats and 208 Republicans vote in favor. House Financial Services Committee Chairman French Hill, speaking at a press conference after Thursday's votes, was positively giddy at successfully shepherding the bills through in just a matter of months: "I knew that my target was to beat FIT21 and I made a bet with myself — and I won." Neither Clarity nor GENIUS are done yet. The next steps for GENIUS belong to the federal regulators tasked with implementing its provisions. The Federal Reserve, Office of the Comptroller of the Currency and others will now have to launch the rulemaking process to develop the actual regulations asked for in the law. Clarity's next steps are murkier. The Senate is clearly working on its own bill, at least at the moment — senators have introduced principles and are holding hearings. These actions suggest the Senate Banking and Agriculture Committees may do their own thing, rather than adopt Clarity as it is. Hill, in Thursday's press conference, made it clear he hoped the Senate would take Clarity up. And House Agriculture Committee Chair Glenn GT Thompson said on CoinDesk TV on Thursday morning that he had been working with his Senate counterparts as it launched its process. Banking Committee Chair Tim Scott previously set a Sept. 30 deadline for moving the Senate's market structure bill, which will govern a far broader swath of the industry. Read CoinDesk's coverage from Crypto Week: House Gears Up for Crypto Market Structure Vote on Wednesday, Stablecoins Thursday House's Crypto Markets Bill on Track, But Some in Industry Hope For Senate Overhaul 'Crypto Week' Back on Track? Trump Says Defecting Lawmakers Ready to Vote for Bills Senate Agriculture's Top Dem: Crypto Market Structure Effort Needs 'Serious Changes' 'Crypto Week' Is Stuck Again as House Procedural Vote Drags On 'Crypto Week' Back on Track After Lengthy House Do-Over Vote U.S. House's 'Crypto Week' Shifts Toward Getting All Legislation Out Thursday U.S. House Passes CLARITY Act, Moves on to Stablecoin Vote GENIUS Act for Stablecoins Passes House on Way to Being First Major U.S. Crypto Law 'Crypto Week' Reaction: What GENIUS and CLARITY Bills Mean for the Industry Trump to Sign the Historic GENIUS Act Into Law. What Does It Mean for Crypto? Trump Signs GENIUS Act Into Law, Elevating First Major Crypto Effort to Become Policy Tether CEO Says He'll Comply With GENIUS to Come to U.S., Circle Says It's Set Now Trump Signs GENIUS Act Into Law: The Full Transcript : The federal banking regulators published a statement addressing crypto custody. : The U.S. Department of Justice and Commodity Futures Trading Commission are dropping their investigations into whether Polymarket allowed U.S. traders access to its platform despite a consent decree Polymarket agreed to saying it wouldn't. : Brian Moynihan said the Bank of America does have plans to get into stablecoins and has already begun working on something. : Roger Ver is fighting his extradition to the U.S. to face tax evasion charges. Tornado Cash developer Roman Storm's criminal trial kicked off this week, with jury selection taking a day and a half and the overall trial now expected to run approximately three weeks. Storm was arrested in 2023 and charged with conspiracy to commit money laundering, conspiracy to violate sanctions and conspiracy to operate an unlicensed money transmitting business. So far prosecutors have only just begun making their case, beginning with a set of witnesses who say they were victims of Tornado Cash. Prosecutors will be making their case to a largely non-technical jury. Just one member works as an IT manager, while another works at Palantir. The rest have a range of jobs and educational backgrounds. There's also ongoing motions efforts separate from the trial itself, with defense attorneys moving to try and kick out some of the evidence prosecutors have suggested they'll introduce. Right to Code? Tornado Cash Dev Roman Storm's Money Laundering Trial Kicks Off Monday Jury Seated for Tornado Cash Dev Roman Storm's Trial Legitimate Privacy Tool or Dirty Money 'Laundromat'? Lawyers Debate Role of Tornado Cash on Day 1 of Roman Storm Trial Hack 'Victims' Say Tornado Cash Offered No Help in the Wake of Exploits: Day 2 of Roman Storm Trial Monday 20:00 UTC (4:00 p.m. ET) The House Rules Committee met to discuss the Clarity Act, GENIUS Act and Anti-CBDC Act and debate on whether there would be an amendment process prior to votes for these bills. Tuesday 19:00 UTC (3:00 p.m. ET) The Senate Agriculture Committee held its first hearing on digital commodities ahead of anticipated market structure legislation. Wednesday 13:00 UTC (9:00 a.m. ET) The House Ways and Means Committee met to discuss crypto tax issues. 14:15 UTC (10:15 a.m. ET) House Democrats led by Financial Services Ranking Member Maxine Waters held a press conference to reiterate their concerns with the various pieces of legislation. Thursday 19:45 UTC (3:45 p.m. ET) The House scheduled a vote for the crypto bills, though this time was moved up to 2:40 p.m. ET right before that revised time. Friday 18:30 UTC (2:30 p.m. ET) The White House held a signing ceremony for the GENIUS Act. () Tokens purporting to represent stocks may not actually track the prices of those underlying stocks that closely, the Journal reports. () Immigration and Customs Enforcement is using a powerful new facial recognition tool. () This is just a charming story about a massive marmot. Enjoy. If you've got thoughts or questions on what I should discuss next week or any other feedback you'd like to share, feel free to email me at nik@ or find me on Bluesky @ You can also join the group conversation on Telegram. See ya'll next week!Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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2 hours ago
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Epstein, Trump, a birthday letter and a lawsuit: Everything you need to know
Six years after his death, disgraced financier Jeffrey Epstein is again in the spotlight, this one cast by President Donald Trump's unrelenting MAGA base. Epstein was arrested in 2019 and found dead in his cell at a jail in New York City just five weeks later. Investigators concluded that he killed himself while awaiting trial on federal sex trafficking charges, but there have long been whispers that something more nefarious occurred. Many of the president's most ardent red hat-wearing supporters have cried conspiracy in the years since, suggesting that Epstein was actually murdered in a bid to protect wealthy and prominent people involved in his alleged crimes. The theory further suggests the existence of a 'client list' within the government's trove of documents dubbed the 'Epstein files.' The notion plays on Trump's vows to dismantle the 'deep state,' which refers to an alleged secret network of powerful people manipulating government decisions behind the scenes. However, members of the Make America Great Again movement have found their trust in Trump beginning to waver in recent weeks, particularly over of his handling of the files. The president's hesitation to release them has also sparked questions about his relationship with Epstein. Trump has already appeared in legal documents concerning the late billionaire, but never in a way that implicates him in any crime. Here's what you need to know about the ongoing saga: —The controversy During the 2024 presidential campaign, when asked on Fox News if he would declassify the Epstein files, Trump said, 'Yeah, yeah I would.' His attorney general, Pam Bondi, seemingly supported the notion in February, intimating in a separate Fox News interview that the files were 'sitting on (her) desk right now to review.' Shortly thereafter, the Justice Department released some government documents regarding the case, but there were no new revelations. Then, earlier this month the Trump administration appeared to perform its first pivot on the matter with a memo saying Epstein had in fact committed suicide. It also declared, after a lengthy review of all available evidence, that there is 'no incriminating client list' or proof the financier blackmailed prominent people as part of his alleged actions. The Justice Department further noted that no more files related to the case — other than a video meant to prove that Epstein killed himself — would be made public. Amid the subsequent backlash from his supporters, Trump took to his platform, Truth Social, in a bid to quell his base, accusing former Presidents Barack Obama and Joe Biden, as well as former FBI Director James Comey, of making up such documents. 'What's going on with my 'boys' and, in some cases, 'gals?'' Trump wrote last weekend. 'They're all going after Attorney General Pam Bondi, who is doing a FANTASTIC JOB! We're on one Team, MAGA, and I don't like what's happening.' On Wednesday, he blasted Democrats for creating a 'new SCAM' that 'we will forever call the Jeffrey Epstein Hoax,' while deriding some of his own loyalists for demanding he order the release of the files. —The firing of Maurene Comey Also on Wednesday, the Justice Department fired Maurene Comey from the U.S. Attorney's Office for the Southern District of New York, where she most recently led the prosecution of Sean 'Diddy' Combs. He was found guilty on two counts of transporting people to engage in prostitution, but acquitted on the more serious charges of racketeering and sex trafficking. Comey — the daughter of former FBI director James Comey — also successfully prosecuted Ghislaine Maxwell, who was found guilty of sex trafficking in 2021 for helping Epstein recruit and abuse underage girls. Comey's cases also included the one against Epstein himself, but he died before he could stand trial. Asked about the prosecutor's firing on Thursday, White House press secretary Karoline Leavitt said, 'This was a decision made by the Department of Justice.' No further details were provided, but some have speculated that Comey's family tree might have something to do with her sudden dismissal. The president's relationship with her father was strained from the start, with Trump firing him amid an investigation into potential ties between Russia and his presidential campaign. In a note to her colleagues on Thursday, Comey said that her firing should fuel 'a fire of righteous indignation at abuses of power.' She also encouraged 'dedication to truth above all else.' 'If a career prosecutor can be fired without reason, fear may seep into the decisions of those who remain,' Comey said. 'Do not let that happen. Fear is the tool of a tyrant, wielded to suppress independent thought.' —Trump's birthday letter A day after Comey's firing, The Wall Street Journal reported on a collection of letters gifted to Epstein for his 50th birthday in 2003, one of them allegedly written by Trump. The note apparently included a drawing of a naked woman with his signature written across her waist in a way that appeared to mimic pubic hair. 'A pal is a wonderful thing,' Trump wrote to Epstein, per the WSJ. 'Happy Birthday — and may every day be another wonderful secret.' In a phone interview with the Journal ahead of the exposé, Trump denied writing the letter or drawing the picture, saying, 'I don't draw pictures of women. It's not my language. It's not my words.' He also told the Journal he would prepare a lawsuit if the 'fake' story was published. Vice President JD Vance also rushed to Trump's defense, calling the Journal's reporting 'complete and utter bulls–t' before questioning the legitimacy of the letter. 'Where is this letter?' he wrote on social media. 'Would you be shocked to learn they never showed it to us before publishing it? Does anyone honestly believe this sounds like Donald Trump?' —Motion to release jury records Following the publication of the Journal's story, Trump said he would tell Bondi to release some files from Epstein's criminal case — though not the full court records. 'I have asked the Justice Department to release all grand jury testimony with respect to Jeffrey Epstein, subject only to court approval,' he announced. 'With that being said, and even if the court gave its full and unwavering approval, nothing will be good enough for the troublemakers and radical left lunatics making the request. It will always be more, more, more.' The Department of Justice on Friday obliged and filed a motion for the grand jury files related to Epstein's 2019 indictment to be unsealed, 'subject to appropriate redactions of victim-related and other personal identifying information.' However, the transcripts will likely do little to quell the questions bubbling up from Trump's base, as he has still yet to order the release of the DOJ files pertaining to Epstein. —Trump sues the Wall Street Journal for billions Within hours of the Justice Department filing its motion, Trump followed through on his threats to sue The Wall Street Journal, filing a defamation suit in Miami federal court. It lists Dow Jones & Company, News Corp, owner Rupert Murdoch and reporters Khadeeja Safdar and Joseph Palazzolo as the plaintiffs. Trump is seeking billions of dollars in damages. 'Despite the glaring failures in journalistic ethics and standards of accurate reporting, Defendants Dow Jones and News Corp — at the direction of Defendants Murdoch and (CEO Robert) Thomson — published to the world the false, defamatory and malignant statements authored by Defendants,' the lawsuit reads. Trump has previously sued several prominent news outlets, including The Des Moines Register, ABC News and CBS.
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2 hours ago
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'Elbows up' isn't the right approach to Trump, says Saskatchewan premier
As opposition parties argue Prime Minister Mark Carney is failing to live up to his pledge to be "elbows up" against Donald Trump, Saskatchewan Premier Scott Moe says he never thought that mentality was the right approach to dealing with the U.S. president's tariffs. "They're still going to be our largest trading partner and probably still going to be our largest ally as we increase our military investment to keep our continent safe alongside the U.S.," Moe said in an interview with CBC's The House that aired Saturday morning. "I've never thought 'elbows up' was the proper approach with respect to negotiating." Opponents attack Carney Carney's opponents have attacked him over the last few days after the prime minister said on Tuesday there's "not a lot of evidence right now" the U.S. is willing to cut a trade deal without some tariffs included. Conservative Leader Pierre Poilievre said in a social media post on Tuesday that Carney's remarks are "another unilateral concession from a man who said he would never back down to the U.S. president." On Wednesday, Bloc Québécois Leader Yves-François Blanchet accused Carney of backpedalling. He told reporters on Parliament Hill the prime minister has "made compromises on so many things so far without achieving anything." Carney has resisted placing additional counter tariffs on the U.S. after Trump raised steel and aluminum tariffs to 50 per cent. The prime minister also scrapped Canada's digital services tax to bring Trump back to the negotiating table in late June. It's not clear whether those moves have helped Canada's negotiations, since talks are private. However, even after those decisions, Trump is still threatening 35 per cent tariffs on Canadian goods across the board. Moe against counter tariffs Moe told host Cullen he's never been a fan of counter tariffs because they raise prices and "hurt Canadian families and Canadian businesses." "I've always been more focused on what can we do to get people to the table, keep them at the table and hammer out that agreement." The Saskatchewan premier said he hopes any U.S. tariffs are "small or not impactful to Canadian industries." On Friday, when asked on CBC's Power & Politics whether she would see Carney's moves as capitulating to Trump, New Brunswick Premier Susan Holt said "absolutely not." "I think there's a lot that goes into these negotiations, coming up with the best deal for our country, for our exporters, for our economy," Holt told guest host John Paul Tasker. She also said her province wants "to make sure our seafood sector is walking away tariff-free" and it wants to see a path to a North American trade deal "that we can all be confident will be honoured in the years ahead." Premiers preparing to meet with Carney On Tuesday, Canada's premiers will meet with Carney in Huntsville, Ont., to discuss Trump's latest tariff threat and how to strengthen Canada's economy by cutting interprovincial trade barriers. Holt said she wants an update on the U.S. negotiations "because New Brunswick is very keen to see an elimination of this uncertainty" and she'll be discussing ways her province can boost ties with other regions of Canada. During an interview on Power & Politics on Thursday, Moe said the agreements that some provinces have already made with each other to cut trade barriers are good, but he's pitching all provinces join the New West Trade Partnership Agreement (NWTPA). The NWPTA was established in 2010 by Saskatchewan, Alberta and B.C., with Manitoba joining in 2017. The agreement reconciles rules affecting trade, investment and labour mobility and has fewer exemptions than the Canadian Free Trade Agreement. "Maybe it's time for us just to rip the Band-Aid off, and the most free and open trade agreement that we have in Canada is the New West Partnership," Moe said. "To extend it to all provinces I think would be a positive. Not just for the province that I represent, but I think in the medium to long term, it'd be a real positive for all Canadians."
