Latest news with #BillHagerty
Yahoo
3 days ago
- Business
- Yahoo
What is a stablecoin, anyway? Circle's $6.7 billion IPO filing puts spotlight on crypto tokens pegged to the U.S. dollar
The issuer of USDC, a popular stablecoin that's pegged to the U.S. dollar, is officially launching an initial public offering. Circle Internet Group filed paperwork with the U.S. Securities and Exchange Commission on Tuesday to raise up to $624 million by offering 24 million shares to investors. Spicy AI-generated TACO memes are taking over social media because 'Trump always chickens out' Lego's first book nook is an addictively interactive diorama Forget quiet quitting: I'm using 'loud living' to redefine workplace boundaries With its IPO plans, New York-based Circle is hoping to put a lot of circles—well, zeros—behind its valuation, targeting up to $6.71 billion. Tuesday's filing has been long-awaited, as the company confidentially filed for an IPO in January 2024 after scrapping 2022 plans to go public via a merger with a special purpose acquisition company (SPAC). While more players in the crypto space have been diving into public markets in recent years, Circle's filing comes at pivotal timing amid a lot of interest in stablecoins. The company's biggest coin, USDC, is the seventh-largest cryptocurrency by market cap, according to CoinMarketCap, and second-largest stablecoin behind Tether. You may have been hearing more talk of stablecoins among investors and even the U.S. government. But what even is a stablecoin, anyway? If you're confused, read on for a complete breakdown of what you need to know. Stablecoins serve a much different role in the crypto space than the likes of Bitcoin or Ethereum, which can experience wild spikes in their prices. As the name suggests, stablecoins are intentionally stable in price because their value is pegged to an asset like the U.S. dollar. Both the Tether and USDC coins are pegged 1:1 to the U.S. dollar, meaning that for every unit of these cryptocurrencies in circulation, they're backed by $1 of cash or U.S. Treasury bonds. Their prices typically fluctuate only tiny fractions of a cent higher or lower than $1. Even amid Tuesday's IPO news, the price of USDC was essentially flat. Circle is also the issuer of EURC, which is pegged to the value of the euro. Given their price stability, stablecoins offer a valuable ballast to investors amid the volatility of crypto markets for investors. Once popular as a bridge between traditional and decentralized finance markets, there's been more interest in stablecoins as various countries around the world embrace cryptocurrencies. If you feel like you're hearing more about stablecoins lately, it's because they've been the topic of recent debate in the U.S. Senate. In February, Senator Bill Hagerty, a Republican from Tennessee, introduced the GENIUS Act, which would have classified stablecoins as securities under the jurisdiction of the SEC to establish regulatory guardrails for these coins. That Act would have brought a new layer of legitimacy to the crypto industry by bringing stablecoins into the regulated financial system. But the U.S. Senate voted earlier this month to block further advancement of the GENIUS Act, which was widely viewed as a significant setback for the industry. Once a skeptic, President Donald Trump has become a vocal proponent of cryptocurrencies, though some investors worry his support isn't helping. The $TRUMP meme coin launched just days before he returned to the office for his second term. In March, he voiced his support for legislation that provides regulatory certainty for stablecoins and has said he wants the U.S. to be the 'crypto capital' of the world. Even though stablecoins have been the topic of much debate in Washington, D.C. that's not likely to affect Circle's IPO. There's been a relative dearth of initial public offerings since an all-time record in 2021 and investors may be eager to hop aboard a new offering, particularly amid a broader market recovery. Circle has applied to list its stock on the New York Stock Exchange under the ticker symbol 'CRCL' and indicated that shares could be priced between $24 and $26. But there's no definitive timeline yet for when the stock could begin trading. This post originally appeared at to get the Fast Company newsletter:
Axios
3 days ago
- Business
- Axios
Latest Senate stablecoin bill addresses foreign issuers, national security safeguards
Since it passed out of the Banking Committee in March, Sen. Bill Hagerty's legislation on issuing stablecoins now specifically has language addressing conflicts of interest and national security protections. Why it matters: Stablecoin legislation in the Senate has addressed many of the Senate Democrats' most pressing concerns, but still carries one notable exception. The big picture: The revised version of the GENIUS Act does more to constrain stablecoin issuers to protect consumers, undermine criminal activity and secure the banking system. "GENIUS now in its current form is more prescriptive. Just in terms of specific requirements," James Rathmell, general counsel of Haun Ventures, tells Axios. Catch up quick: The original legislation that cleared banking in March (S. 394) was a slimmer bill, one that primarily dealt with issuance. The majority leader exercised a special rule to let Hagerty bring a new version to the floor, S. 1582. The Senate agreed to a motion to proceed on the bill, by a vote of 69-31. Zoom in: The details of this legislation have been shifting fast, but these are changes we can see from the published draft: One large issue has been foreign issued stablecoins, such as the world's largest, tether. In order for their stablecoins to trade among U.S. users, under the latest version, foreign stablecoin issuers will have their nation's regulatory regime assessed by the Treasury and other banking regulators for comparability with the U.S. In particular, they will need to have the technological capacity to comply with law enforcement requests, such as seizing and freezing criminal assets (the big stablecoins can do this now), as described in a more detailed anti-money laundering section than that found in the prior version. Between the lines: The teeth in the new version of GENIUS comes in how it deals with non-compliant stablecoins. After three years, no U.S.-based cryptocurrency distributors can touch non-compliant stablecoins, and significant penalties for knowing non-compliance are detailed in the current version. In addition, the new version has other language, including preventing stablecoins from offering yield (Sec. 2), requiring audits, preventing misleading marketing and slightly expanding the list of reserve assets (all in Sec. 4). Yes, but: The elephant in the room is President Trump's family crypto ventures, which have been a stumbling block for pro-crypto members of Congress. The revised GENIUS act introduced new language reiterating existing ethics rules that would prevent federal elected officials from issuing stablecoins, but those rules are generally understood to exempt the president — and enforcement has always been the key issue anyway.
Yahoo
24-05-2025
- Business
- Yahoo
Sen. Hagerty Says GENIUS Act Will 'Bring America's Payment System Into The 21st Century While Strengthening The Dollar'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. In a significant move toward modernizing America's financial infrastructure, the Senate has advanced the GENIUS Act, a bipartisan piece of legislation set to transform the nation's payment systems. 'This groundbreaking, bipartisan legislation will bring America's payment system into the 21st century,' according to Sen. Bill Hagerty (R-TN). The bill aims to create a cutting-edge digital payment framework while reinforcing the dollar's global position, with far-reaching implications for investors across multiple asset classes. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . At its core, the GENIUS Act prioritizes the development of digital payment rails focused on transaction speed and efficiency, described in the legislation as 'the fastest rails possible.' The initiative represents a rare moment of cross-party collaboration in today's polarized political landscape, with lawmakers from both sides of the aisle recognizing the strategic importance of payment infrastructure modernization. Perhaps most significantly, the GENIUS Act has been crafted with a clear objective: to ensure continued U.S. dollar hegemony in global finance. As one key proponent stated: 'The GENIUS Act... will ensure U.S. dollar dominance.' This focus on strengthening the dollar's position comes amid growing competition from both traditional currencies and emerging digital alternatives. Market analysts project that the legislation will catalyze substantial new demand for U.S. Treasuries—potentially exceeding $1 trillion—as the new framework increases confidence in dollar-based assets. Trending: New to crypto? on Coinbase. The advancement of this legislation is expected to generate measurable impacts across multiple markets: Equity Markets Companies in the fintech and digital payments sectors may see immediate positive reactions as investors anticipate accelerated innovation and adoption. Firms with established digital payment infrastructure or those positioned to capitalize on modernized payment rails could experience particular upside potential. Bond Markets The projected surge in Treasury demand—potentially exceeding $1 trillion—could exert downward pressure on yields. This dynamic might trigger strategic repositioning within fixed income portfolios as investors adjust to a potentially lower yield environment. Digital Assets Perhaps most notably, the GENIUS Act explicitly aims to foster innovation within the digital asset space in the U.S. This regulatory clarity could reduce uncertainty for crypto markets, potentially encouraging greater institutional participation and innovation in blockchain-based financial services. Innovation Framework By establishing clearer guidelines for digital payment innovation, the legislation signals that American policymakers recognize the strategic importance of leadership in financial technology. The act appears designed to create a regulated environment where innovation can flourish while maintaining necessary consumer protections and financial stability. Looking Ahead As the GENIUS Act moves through the legislative process, market participants will be watching closely for implementation details and timelines. The bill's advancement represents a significant step toward modernizing America's financial infrastructure while reinforcing its position in global finance. For investors, the legislation may create both immediate tactical opportunities in affected sectors and longer-term strategic considerations as payment systems evolve. The potential strengthening of the dollar's position could have particularly far-reaching implications across global markets. Read Next: A must-have for all crypto enthusiasts: . 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Image: Shutterstock Send To MSN: 0 This article Sen. Hagerty Says GENIUS Act Will 'Bring America's Payment System Into The 21st Century While Strengthening The Dollar' originally appeared on 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
Coin Geek
22-05-2025
- Business
- Coin Geek
Justin Sun attends $TRUMP dinner, stablecoin bill faces amendments
Getting your Trinity Audio player ready... U.S. stablecoin legislation is bracing for debate and possible amendments, while crypto critics are annoyed by President Trump's memecoin dinner guests. On May 21, the U.S. Senate voted 69-31 in favor of proceeding to consideration of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The Act, which aims to regulate 'payment stablecoins,' passed a cloture vote on May 19 by a slightly smaller margin, despite largely cosmetic tweaks that some Democrats said had failed to alleviate their concerns about GENIUS's shortcomings. While debate on the bill might not happen until after the Memorial Day holiday (May 26), GENIUS will also face a flurry of proposed amendments once senators return to work. Precedent suggests few, if any of these amendments will secure enough support to be included in the final version of GENIUS, but that isn't stopping some senators from trying. Sen. Bill Hagerty (R-TN), a GENIUS co-sponsor, told Bloomberg that 'we have a large number of amendments to sort through, and my goal is to make certain that the stablecoin legislation passes and that we avoid a situation where it gets cluttered up or bogged down with a number of amendments that could be unrelated to this … we probably have well over a hundred amendments to evaluate, but we will narrow this down and get through it.' One of these 'unrelated' amendments would see GENIUS absorb language from a different bill seeking to reduce credit card swipe fees. The Credit Card Competition Act, a bipartisan effort from Dick Durbin (D-IL) and Roger Marshall (R-KS), has been around for a couple years but never got much traction. Marshall filed an amendment to add the swipe fee language on May 20. Supporters of the credit card bill say including it in GENIUS could help coax reluctant Democrats into voting 'aye,' but the crypto sector—along with the big banks and card issuers—is reportedly lobbying hard to prevent a vote on this amendment going forward. Semafor quoted Hagerty saying that his party was 'trying to keep [GENIUS] as clean and expedient as possible.' Senate Majority Leader John Thune (R-SD), would only say that GENIUS's co-sponsors were 'hearing out members and finding out what kind of amendment votes they want to get.' Trillions , not billions Whatever form of GENIUS emerges from this process, it will then make its way to the House of Representatives, which has its own stablecoin bill (STABLE) that hasn't been spoken of much since it was approved by the Financial Services Committee on April 2. The House has been preoccupied with passing President Trump's 'big, beautiful' budget bill, but once those cats have been herded, some thought can be given to how to reconcile STABLE with GENIUS before a harmonized version can be sent to Trump's desk for signing into law. Delays notwithstanding, the crypto sector is thrilled with the progress they've made on Capitol Hill since Trump's return to the White House. On May 21, Trump's 'AI & Crypto Czar' David Sacks told CNBC that the stablecoin legislation 'could create trillions of dollars of demand for our Treasuries practically overnight, very quickly.' GENIUS requires regulated stablecoin issuers to hold fiat reserves at a ratio of 1:1 with the dollar value of their issued tokens. Acceptable reserves include cash, insured deposits at banks/credit unions, short-dated T-bills, money market funds, repurchase agreements and the like. On May 20, Bitwise Asset Management's chief investment officer Matt Hougan issued a note to clients predicting the current $200 billion stablecoin market 'will be a $2.5 trillion market in no time.' Hougan asked clients to 'imagine a world where JPMorgan and Bank of America issue stablecoins, where Amazon gives you a 2% discount if you buy using stablecoins instead of Visa, and where it's as common to accept stablecoins as it is to accept Venmo or PayPal.' Back to the top ↑ Justin Sun rings the dinner bell The timing may have been coincidental, but just hours after Monday's GENIUS cloture vote, Tron founder Justin Sun outed himself as the 'top holder' of President Trump's $TRUMP memecoin. Sun later tweeted his 'new title: TOP fan of Trump.' This status entitles Sun to attend the 'gala dinner' going down on May 22 at the Trump National Golf Club in Virginia with the other top 220 $TRUMP holders, as well as the 'Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!' reserved for the top 25 $TRUMP holders. The top 25 holders will also receive a Special VIP Tour of somewhere or something, during which Trump may or may not be in attendance. Should the duties of state require Trump's full attention on Thursday, the 25 $TRUMP whales have been promised a special Trump-themed non-fungible token (NFT) in lieu of their Trump face-time. Speaking to Politico, Sen. Elizabeth Warren (D-MA) questioned the 'convenient' timing of Sun's reveal, noting that Sun is 'a major investor' in the Trump-controlled World Liberty Financial (WLF) decentralized finance (DeFi) project. Warren said it's 'critical that everyone understands the GENIUS Act doesn't stop this type of corruption—it greenlights it.' The 'Sun' wallet topping the $TRUMP leaderboard contains ~$19 million worth of the tokens. Sun previously spent $75 million acquiring WLF's governance token WLFI, earning him a WLF advisor gig while boosting his total known contributions to Trump-linked ventures to $94 million. While the Sun wallet bore Justin's name, it was previously linked with the Seychelles-based HTX (formerly Huobi) exchange. Sun has long been rumored to exert operational control over HTX, while Sun himself claims he's only an HTX 'advisor.' Earlier this month, HTX became the first digital asset exchange to list USD1, the stablecoin issued by WLF this spring. On May 20, Sun appeared on a 'Real Talk with HTX Executives' live talk show in which he claimed to be 'honored to serve as an advisor to the Trump family's crypto team.' The show highlighted Sun's 'recent efforts to expand HTX's reach into the U.S. market,' while Sun himself claimed to be 'helping bridge the gap between crypto and traditional politics and, in a broader sense, possibly even between the two major economies [U.S. and China].' Back to the top ↑ Congress keeps dropping Justin's name Sun's name came up during a May 20 House Appropriations Committee hearing, at which the featured guest was new Securities and Exchange Commission (SEC) chairman Paul Atkins. Rep. Glenn Ivey (D-MD) noted that in March 2023, the SEC charged Sun with manipulating markets to boost the value of his projects' tokens. These charges were stayed in February at the joint request of Sun and the SEC. Citing Sun's $75 million investment in WLF and his $TRUMP dinner tweets, Ivey said it 'smells very bad,' but he found it 'especially problematic' given the SEC's decision not to pursue its legal case against Sun. Atkins, who wasn't confirmed until last month, said, 'I don't know anything about' Sun's case, which he claimed was still technically 'active.' Atkins pointed out that the SEC's current roster of commissioners had basically washed its hands of memecoin oversight in February. Ivey's allotted time ran out before he could press Atkins for more detailed responses. That same day, Secretary of State Marco Rubio appeared at a Senate Committee on Foreign Relations hearing at which he was asked about the $TRUMP dinner by Sen. Chris Murphy (D-CT). Questioned whether any of the dinner guests might be under U.S. economic sanctions or have ties to terror groups, Rubio said, 'I don't know anything about it. I didn't even know there was a dinner on Thursday night.' Pressed further, Rubio held his ground, saying, 'I don't keep the president's social schedule. It's not on my phone.' Murphy said this appeared to present a real problem, because 'there is clearly a way around the State Department for foreign individuals of significant influence and wealth to be able to directly lobby the president.' Back to the top ↑ $TRUMP dinner opponents are strange bedfellows While a few other names of the top $TRUMP holders have leaked out, the dinner and the VIP reception have otherwise been subject to a disclosure blackout. This led the Wall Street Journal's editorial board to publish an op-ed saying the dinner should be 'called off.' If not, the public has a right to know 'who may be trying to buy access to the President.' Noting previous reporting that 19 of the top 25 $TRUMP holders appear to have purchased their tokens via digital asset exchanges that are supposed to prohibit American users, the WSJ board wondered if these foreigners are 'seeking a seat at the President's table to influence U.S. policy, especially in foreign affairs?' The WSJ noted that, while the dinner might not technically violate any laws, it nonetheless 'creates the risk of ethical conflicts.' The board further noted that Trump previously pledged to make his second stint in the Oval Office the 'most transparent in history.' The board suggests that 'one way to fulfill that promise is to be transparent about his crypto investors.' An activist group linked to Sen. Bernie Sanders (I-VT), known as Our Revolution, plans to protest outside the golf club on the night of the $TRUMP dinner. Our Revolution director Joseph Geevarghese said Trump's meme coin 'isn't just unethical, it's blatant corruption.' Sen. Jeff Merkley (D-OR), who recently introduced the End Crypto Corruption Act in a bid to prohibit the president from enriching himself via crypto ventures, reportedly plans to join the Our Revolution protest. Back to the top ↑ Watch | Spotlight On: Centi Franc—the truly stable stablecoin title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen>
Bloomberg
22-05-2025
- Business
- Bloomberg
Freedom Caucus Threatens to Tank Vote
"Balance of Power: Late Edition" focuses on the intersection of politics and global business. On tonight's show, Rep. Ralph Norman (R) South Carolina discusses the latest on the tax bill and states that the legislation does not have the support to pass on the House floor. Senator Bill Hagerty (R) Tennessee talks about whether or not he'd make any changes to the tax bill, and Rep. Sarah Elfreth (D) Maryland states she would vote no on the legislation as it cuts health care coverage for hundreds of thousands of people in her district. (Source: Bloomberg)
