Another DeSantis ally takes the helm of a public university in Florida
Manny Diaz, who DeSantis previously appointed to be his state commissioner of education , started his first day on the job Monday as the interim president of the University of West Florida in Pensacola.
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Trump signs new stablecoin regulations into law, a major milestone for crypto industry
WASHINGTON (AP) — President Donald Trump on Friday signed into law new regulations for a type of cryptocurrency, a major milestone for an industry that has spent heavily to strengthen its legitimacy and political might. The GENIUS Act sets initial guardrails and consumer protections for stablecoins, which are tied to assets like the U.S. dollar to reduce price volatility compared with other forms of cryptocurrency. It passed both the House and Senate with wide bipartisan margins. The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the 'crypto capital of the world.' 'For years you were mocked and dismissed and counted out," Trump told crypto industry executives at a White House bill signing attended by about 200 people, including several top GOP lawmakers. 'This signing is a massive validation of your hard work and your pioneering spirit.' The crypto industry has long complained it was unfairly targeted by former President Joe Biden's administration and spent heavily to help Trump win last year's election. The president lavished praise on crypto leaders during his speech Friday, saying 'nobody has gained the respect in such a short period of time.' Trump said helping the cryptocurrency industry was 'good for the dollar and it's good for the country.' 'That's why I backed you at an early stage,' said Trump, who had previously been a skeptic of cryptocurrency before embracing it. His administration has taken several early steps to boost the crypto industry, including the Securities and Exchange Commission dropping several enforcement actions against large crypto companies. Trump then added a candid admission about the political calculus of his support for the crypto industry: 'And I also did it for the votes,' he said, drawing laughter from the audience. The president also joked that lawmakers had named the GENIUS Act after him. The acronym stands for 'Guiding and Establishing National Innovation for U.S. Stablecoins.' The use of stablecoins has grown dramatically in recent years. Circle, the U.S.-based issuer of one of the most popular cryptocurrencies, made its debut on the New York Stock Exchange earlier this year and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors. Stablecoin issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins. A provision in the GENIUS Act bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin earlier this year and received an early boost from an investment fund in the United Arab Emirates. The House also passed two other bills Thursday that are meant to help the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate. Seung Min Kim And Alan Suderman, The Associated Press Sign in to access your portfolio
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26 minutes ago
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Trump signs stablecoin bill into law, capping string of 'Crypto Week' victories
President Trump on Friday signed into law a bill that establishes the first federal framework for dollar-backed stablecoins, one of the biggest victories yet for a crypto industry that has pushed for more favorable oversight in Washington, D.C. "I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that's what we've done," said Trump said during a signing ceremony for the GENIUS Act at the White House. Two other crypto bills also passed through the House this week, the CBDC Anti-Surveillance State Act and the CLARITY Act, that served as additional wins for the crypto industry. They prohibit the creation of central bank digital currencies and assign oversight over all digital assets except stablecoins to either the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC). Both will now go to the Senate, where their ultimate fates are still unknown. The passage of all three bills came after a series of roadblocks and delays as GOP leaders struggled to bring some Republican holdouts in line during a week dubbed "Crypto Week' by backers of the legislation. Trump is also deepening his own financial involvement in cryptocurrencies with several separate ventures. They include World Liberty Financial, a new crypto startup backed by Trump and his sons that has already launched its own US-dollar-pegged stablecoin (USD1) in partnership with BitGo. Stocks with crypto ties have been surging recently as investors anticipated the moves in the nation's capital, notably Coinbase (COIN), Robinhood (HOOD), and newly public stablecoin issuer Circle (CRCL). Read more: Can you buy crypto with a credit card? See the pros and cons. The GENIUS Act signed into law by Trump Friday outlines how US companies can issue and manage dollar-backed stablecoins for payments, giving those digital assets a massive stamp of approval that is expected to encourage wider adoption. It bans members of Congress and their families from earning profits from stablecoins, but not Trump and his family, an omission that irked some Democrats and slowed progress on the legislation earlier this spring. Between Washington and Wall Street, the expectations are riding high for what this legislation ultimately brings. A senior Treasury official said growth in the $260 billion stablecoin market over the months and years ahead will have a significant impact on the dominance of the US dollar and demand for US debt. The legislation is also expected to unleash a wave of new stablecoin entrants as traditional companies ranging from banks to megaretailers consider whether to issue their own coins. "Banks and nonbanks have parity here, so I think the banks will be able to compete in this new payments regime," said Patrick McHenry, the former Republican congressman and House Financial Services chair who helped move forward an earlier iteration of the stablecoin bill in the last Congress. JPMorgan Chase (JPM) CEO Jamie Dimon and Citigroup (C) CEO Jane Fraser both said Tuesday they are planning to get involved in stablecoins, the latest evidence of how Wall Street is pivoting to embrace digital assets. Big banks have convened to explore prospects for launching a collaborative stablecoin network. Dimon, a longtime skeptic of cryptocurrencies, said the bank needs to embrace stablecoins as a way to keep pace with payment rivals. Last month, JPMorgan announced plans to launch a so-called deposit token called JPMD that is somewhat like a stablecoin but available only to JPMorgan's institutional clients. "We're going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it," Dimon said. Other banks are also paying attention. "I think it's real. I think it's here to stay. I think it's a little overhyped at this point, but we'll figure out the best way that we can get involved," Bruce Van Saun, CEO of Citizens Financial Group (CFG), told Yahoo Finance. The Wall Street Journal has separately reported that Amazon (AMZN) and Walmart (WMT) are exploring stablecoin opportunities. The new wave of competition could upend the traditional payment system, especially if merchants seek to use stablecoins as a way to get around conventional card-based networks such as Visa (V) and Mastercard (MA). The legislation also would empower the Federal Reserve and the Office of the Comptroller of the Currency (OCC) to oversee stablecoin issuers that hold $10 billion or more in assets. Smaller issuers would be under the purview of state regulators. All issuers would be required to hold reserves in cash or US Treasurys, undergo regular audits, and publicly disclose their holdings and redemption processes. Like money market funds, the tokens must aim to be redeemable at face value. But unlike money market funds, stablecoins under this bill cannot pay interest. There's an ongoing debate about how widespread the usage of these digital assets will ultimately be. Stablecoin proponents tout these assets as a haven from crypto's wild volatility and a safer place for traders to store their gains because they can be pegged to non-crypto assets like the dollar. Their near-instant settlement and programmability also carry advantages proponents believe could enhance cross-border transactions and wider access to the US dollar. But there are still concerns among detractors that there could be risks with stablecoins, including the possibility of panic runs among investors. 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"You Have No Principles Or Backbone": 22 Tweets Calling Out The Dystopia That Is American Politics This Week
Editor's Note: While we can't endorse what X has become, we can bring you the worthwhile moments that still exist there, curated and free of the surrounding chaos. American politics — well, frankly, global politics — is chaos right now, but I find it comforting to know I'm not alone in thinking the world has gone bananas. So, here are 22 of the best, most relatable, and sometimes funny political tweets from the last week: 1. Related: 2. 3. 4. 5. "You should work till you die" - guy who worked 10 months as a lawyer and the rest of his career as a 'political commentator' — NEET (@NEETOCRACY) July 16, 2025 The Ben Shapiro Show / Twitter: @NEETOCRACY 6. Note: A different image of Omar was used here due to photo rights. Related: 7. 8. 9. life must be so much more simple when you have no principles or backbone. — victoria👹🔜worlds (@vicwingly) July 14, 2025 The Charlie Kirk Show / Twitter: @vicwingly 10. There's no way americans are calling this guy a communist on a post proposing A FUCKING BUS LANE 😭😭 — Fadel :) (@carpnotcapy) July 11, 2025 Zohran Kwame Mamdani / Twitter: @carpnotcapy Related: 11. 12. CBS canceled Colbert's show just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump – a deal that looks like deserves to know if his show was canceled for political and share his message. — Elizabeth Warren (@SenWarren) July 18, 2025 CBS / Twitter: @SenWarren 13. 14. I just saw this video of JD Vance 'running' and now I can't stop laughing. 😂😂 — Jo (@JoJoFromJerz) July 13, 2025 Twitter: @JoJoFromJerz 15. 16. Related: 17. 18. 19. A metaphor for his entire corrupt presidency. — Luis Moreno (@LuisMorenolg) July 16, 2025 Reuters / Twitter: @LuisMorenolg 20. 21. 22. And finally: we've officially gotten to the point where fox news commentators are comfortable calling themselves nazis — hasanabi (@hasanthehun) July 15, 2025 Fox News / Twitter: @hasanthehun See you next week! For more political tweets, check out our most recent roundup: "Wake Up America": 28 Of The Very, Very Best Political Tweets Of The Week Also in In the News: Also in In the News: Also in In the News:
