Latest news with #BillHagerty
Yahoo
9 hours ago
- Business
- Yahoo
The Senate Must Finish the Job on America's Pro-Crypto Future—Emmer, Begich
President Trump ran and won on a bold promise: to make America the global capital of cryptocurrency and blockchain innovation. Now, with a Republican House, a Republican Senate, and a Republican President, we have both the mandate and the responsibility to deliver. Last week, we made historic progress. President Trump signed into law Senator Bill Hagerty's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act—a landmark bill that cements a federal framework for dollar-backed digital assets. These payment stablecoins, pegged to secure assets, now have clear rules that promote transparency, protect consumers, and boost demand for U.S. Treasuries—all while reinforcing the dollar's position as the world's most foundational transactional currency. The GENIUS Act is a major win for American leadership in digital finance. But, on its own, it's not enough. To secure the full promise of stablecoins—and of American crypto innovation more broadly—the Senate must also pass Chairman French Hill's Digital Asset Market Structure Clarity (CLARITY) Act, which just passed the House. These two bills are complementary: GENIUS establishes the rules for stablecoins; CLARITY delivers the broader market structure that distinguishes digital commodities from traditional securities and clearly defines the regulatory roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Without the CLARITY Act, the rules governing digital assets will remain fragmented, confusing and vulnerable to politicization. Under the Biden administration, that ambiguity was weaponized—resulting in regulatory overreach, stifled innovation, and an exodus of talent and capital overseas. President Trump is reversing course, embracing a vision of American-led digital innovation—through executive action, a call for bitcoin reserves, and by working with the most pro-crypto Congress in U.S. history. But without legislative clarity, that progress is at risk. FTX—the most spectacular crypto fraud in history—happened outside the U.S. precisely because early regulatory uncertainty pushed innovators offshore. The lesson is clear: without clear rules of the road, the result is chaos abroad and missed opportunity at home. The CLARITY Act provides the roadmap we need to keep the digital asset economy rooted in the U.S., with smart regulation that matches the technology's unique characteristics. It will not only protect consumers and investors—it will also position the U.S. as a global leader, using financial innovation as a diplomatic asset. Central bank surveillance There's another critical frontier the Senate must address: protecting Americans from surveillance-driven central bank digital currencies (CBDCs). While other nations embrace centralized digital currencies as tools of control—none more chillingly than the Chinese Communist Party—we must draw a firm line in defense of American freedom. That's why the House passed the Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing a CBDC. It's a necessary safeguard, and we're working to ensure its passage. We cannot unleash a new era of innovation while leaving the door open for future administrations to turn that same technology against our own citizens. The Senate must send the Anti-CBDC Surveillance State Act and the CLARITY Act to President Trump's desk so that the United States doesn't just participate in the digital asset revolution, but leads it. This isn't a Republican issue or a Democratic issue. It's an American issue. Whether you're from Minnesota or Alaska, whether you're 18 or 80—when done right, this technology empowers individuals, strengthens financial sovereignty, and unlocks opportunity for all. It's the future. And now, we must finish the job. 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
Time of India
4 days ago
- Automotive
- Time of India
‘Mr. Honda & Mr. Toyota...': Trump Cuts Short Own Joke On ‘Fluent Japanese'
/ Jul 19, 2025, 01:25PM IST U.S. President Donald Trump began recounting a light-hearted story about meeting Japan's Honda and Toyota executives, introduced by former Tokyo ambassador Bill Hagerty, but abruptly stopped before mimicking the Japanese language. "And then he said, Mr. Toyota, right? Toyota. And I said, What business are you in? Let me guess. He said, Cars. He was my interpreter," he added. His comments came at the event to sign the GENIUS Act, attended by business leaders, including representatives from Robinhood, Tether, and Gemini. Watch.
Yahoo
4 days ago
- Business
- Yahoo
Trump signs GENIUS Act into law
Trump signs GENIUS Act into law originally appeared on TheStreet. President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law amid much fanfare on July 18. Passed by the Senate on June 17 and the House on July 17, it is the first major crypto-related legislation to become a law in the U.S. The landmark legislation aims to regulate stablecoins — a cryptocurrency segment that attempts to stabilize its value, unlike traditionally volatile cryptocurrencies such as Bitcoin, by being pegged to a traditional currency like the U.S. dollar or a commodity like gold. The GENIUS Act mandates strict stablecoin reserve, transparency, and oversight requirements within a federal framework. Trump thanked the bill's sponsor, Sen. Bill Hagerty (R-TN), for drafting it. "It's a very important act, the GENIUS Act. They named it after me," he quipped. Industry leaders and experts hail 'watershed moment' Jeremy Allaire, co-founder and CEO of the stablecoin issuer Circle Internet Group (NYSE: CRCL), called the legislation "enormously significant" and said it will unleash American technology innovation to build the new internet financial system. Brad Garlinghouse, CEO of the blockchain tech and stablecoin issuer Ripple, compared the historic moment to the passing of the Dodd-Frank Act in crypto exchange's global head of policy and government relations, Jonathan Jachym, told TheStreet Roundtable: "These milestones reflect years of collaboration among industry leaders, public servants, and American voters who see crypto policy as a path to empowering individuals, protecting consumers, and keeping the U.S. at the forefront of financial innovation." Ji Hun Kim, CEO of the Crypto Council for Innovation (CCI), said: "The passage of the GENIUS Act is a true watershed moment for the US. This comprehensive framework gives issuers, builders, and regulators the clear rules they have been asking for. It puts innovation and consumer protection first." Trump-backed stablecoin worth $2.2B market cap The stablecoin industry is worth $260 billion at the time of writing, with Tether's USDT and Circle's USDC themselves accounting for more than 85% of the total market share, as per DeFiLlama. USD1, the stablecoin launched by the Trump family-backed crypto company World Liberty Financial in March, has a market cap of only $2.2 the offering, along with other crypto ventures associated with the First Family, has been under public scrutiny as Democrat leaders such as Sen. Elizabeth Warren (D-MA) have criticized the president for alleged conflicts of interest. More 'clarity' to crypto industry Thomas Mattimore, co-creator of the decentralized finance (DeFi) investment platform Reserve, told TheStreet Roundtable in a written statement: 'The legislation that's moving through Congress will provide clarity – pun intended – to those of us who are driving decentralized finance forward." The "clarity" Mattimore mentioned alluded to the CLARITY Act that the House passed the previous day along with the Anti-CBDC Act. The Senate is yet to pass these two bills. The total crypto market cap stood at $3.85 trillion at the time of writing. Trump signs GENIUS Act into law first appeared on TheStreet on Jul 18, 2025 This story was originally reported by TheStreet on Jul 18, 2025, where it first appeared. 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
eNCA
5 days ago
- Business
- eNCA
US House passes landmark crypto measures in win for Trump
WASHINGTON - The US House of Representatives on Thursday passed three landmark cryptocurrency bills, fulfilling the Trump administration's commitment to the once-controversial industry. Lawmakers easily approved the CLARITY Act, which aims to establish a clearer regulatory framework for cryptocurrencies and other digital assets. The bill is designed to clarify industry rules and divide regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It will now advance to the Senate, where Republicans hold a slim majority. House legislators also readily passed the GENIUS Act, which codifies the use of stablecoins -- cryptocurrencies pegged to stable assets like the US dollar or US bonds. This bill is expected to go directly to President Trump for his signature to become law. The Senate passed the GENIUS Act last month, and it sets requirements such as mandating that issuers hold reserves of assets equal in value to their outstanding cryptocurrency. "This historic legislation will bring our payment system into the 21st century. It will ensure the dominance of the US dollar. It will increase demand for US Treasuries," said Senator Bill Hagerty, the measure's sponsor in the Senate. This wave of legislation follows years of skepticism towards crypto, driven by the belief that the sector, born from bitcoin's success, should be tightly controlled and kept separate from mainstream investors. However, after crypto investors contributed millions of dollars to his presidential campaign last year, Trump reversed his previous doubts about the industry. He even launched a Trump meme coin and other ventures as he prepared for his return to the White House and hosted a gala dinner for the coin's top buyers once he was in office. And according to the Financial Times, Trump is now preparing to open the $9 trillion US retirement market to cryptocurrency investments as well as gold, and private equity. Notably, both the CLARITY Act and the GENIUS Act garnered significant bipartisan support, with Democrats also having seen an increase in lobbying and contributions from the crypto industry. "It's critically important we bring more certainty to the marketplace with clear rules of the road," said congressman Josh Gottheimer, a Democrat who supported the bills.
France 24
5 days ago
- Business
- France 24
US House passes landmark crypto bills, boosting Trump's deregulation objectives
The US House of Representatives on Thursday passed three landmark cryptocurrency bills, fulfilling the Trump administration's commitment to the once-controversial industry. Lawmakers easily approved the CLARITY Act, which aims to establish a clearer regulatory framework for cryptocurrencies and other digital assets. The bill is designed to clarify industry rules and divide regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It will now advance to the Senate, where Republicans hold a slim majority. House legislators also readily passed the GENIUS Act, which codifies the use of stablecoins -- cryptocurrencies pegged to stable assets like the US dollar or US bonds. This bill is expected to go directly to President Trump for his signature to become law. The Senate passed the GENIUS Act last month, and it sets requirements such as mandating that issuers hold reserves of assets equal in value to their outstanding cryptocurrency. "This historic legislation will bring our payment system into the 21st century. It will ensure the dominance of the US dollar. It will increase demand for US Treasuries," said Senator Bill Hagerty, the measure's sponsor in the Senate. This wave of legislation follows years of skepticism towards crypto, driven by the belief that the sector, born from bitcoin 's success, should be tightly controlled and kept separate from mainstream investors. However, after crypto investors contributed millions of dollars to his presidential campaign last year, Trump reversed his previous doubts about the industry. He even launched a Trump meme coin and other ventures as he prepared for his return to the White House and hosted a gala dinner for the coin's top buyers once he was in office. And according to the Financial Times, Trump is now preparing to open the $9 trillion US retirement market to cryptocurrency investments as well as gold, and private equity. Notably, both the CLARITY Act and the GENIUS Act garnered significant bipartisan support, with Democrats also having seen an increase in lobbying and contributions from the crypto industry. "It's critically important we bring more certainty to the marketplace with clear rules of the road," said congressman Josh Gottheimer, a Democrat who supported the bills. Since taking office, Trump has made several moves to support the crypto sector, including appointing crypto advocate Paul Atkins to lead the SEC. He also established a federal "Strategic Bitcoin Reserve" to audit the government's bitcoin holdings, primarily accumulated through law enforcement's judicial seizures. Forbes magazine estimates that the president's foray into the crypto business has doubled his wealth to $5.3 billion in just one year. In a largely partisan vote, the Republican-led House also passed the Anti-CBDC Surveillance State Act. It aims to block the issuance of a central bank digital currency (CBDC) -- a digital dollar issued by the US Federal Reserve -- even if there currently are no plans for such an endeavor. Republicans argue that a CBDC could enable the federal government to monitor, track, and potentially control private citizens' financial transactions, thereby undermining privacy and civil liberties. Passage of this measure in the Senate is far from guaranteed before it can go to the president's desk. An earlier attempt to set aside the anti-CBDC bill caused a significant stir among a small group of Republicans and delayed passage of the other two bills until eleventh-hour lobbying by Trump helped resolve the issue.
