Latest news with #BlockchainAssociation
Yahoo
5 days ago
- Business
- Yahoo
Crypto Lobbyists Urge U.S. Senators to Dodge Distraction in Stablecoin Debate
The U.S. Senate's stablecoin bill is heading back into the final days of floor debate, and the crypto industry's Washington lobbyists are calling for senators to stay focused on the task even as other legislative efforts muscle into the debate. If the bill clears those potential obstacles and passes this week, it'll mark the first time a major piece of crypto legislation has cleared the Senate. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is the Senate's much-revised effort to regulate the issuers of stablecoins — the steady tokens generally based on the value of a U.S. dollar, such as Tether's USDT and Circle's USDC. The bill already cleared the Senate Banking Committee and an earlier floor-vote test with major bipartisan support, though many Democratic critics tied the effort to concerns over President Donald Trump's personal crypto business interests. "As the bill continues through the amendment process, we respectfully urge lawmakers to remain committed to its central goal: providing a targeted and comprehensive approach to stablecoin oversight," some of the top Washington lobbying groups said in a joint statement on Monday, signed by the leaders of the Blockchain Association, Crypto Council for Innovation, DeFi Education Fund and the Digital Chamber. This marks a first policy engagement from new Blockchain Association CEO Summer Mersinger, who just left her commissioner post at the Commodity Futures Trading Commission on Friday. Senate Majority Leader John Thune had said he'd throw open the final debate on the GENIUS Act open to amendments, and more than 50 of them were delivered. As often happens to legislation with momentum, lawmakers have latched onto the bill in hopes of letting their unrelated efforts ride its coattails to victory. In this case, the senators behind the Credit Card Competition Act that aims to force more competition between card issuers filed to add that as an amendment to the stablecoin legislation. Policy analysts such as Ian Katz at Capital Alpha Partners give the credit-card initiative very low odds of getting signed into law — 10-15%, Katz said in a Monday research note. His firm had a more optimistic outlook for the GENIUS Act, putting it at "a 60-65% chance of becoming law this year." While approval in this chamber of Congress represents the most difficult of all the hurdles faced by the legislation, it would still need approval in the House of Representatives, which may have its own ideas on how to approach 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
Yahoo
20-05-2025
- Business
- Yahoo
CFTC will shrink to a two-person team as two commissioners leave
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. The Commodity Futures Trading Commission will soon shrink to a two-member team after two commissioners announced their exits last week. Commissioner Christy Goldsmith Romero announced Friday she would leave the commission May 31 and retire from federal service. Fellow Commissioner Summer Mersinger announced two days earlier she also would leave the CFTC at the end of the month. Mersinger, a Republican, will become chief executive of the Blockchain Association, the organization confirmed Wednesday. 'This decision is not easy, and it breaks my heart to leave the agency that I have grown to love so much over the last five years,' Mersinger said in a statement. 'It has been a privilege to work and serve at the CFTC in both the first and the current Trump Administrations, doing my part to assist in pursuing the President's important policies.' Marta Belcher, the president of the Blockchain Association's board, said she was 'absolutely thrilled' to welcome Mersinger, who assumes her new role June 2. 'This is a pivotal moment for crypto policy, and we are confident that she is the ideal leader to take Blockchain Association, and the industry, to new heights,' Belcher said Wednesday. Goldsmith Romero, a Democrat, said she is most proud of the CFTC's work to 'strengthen customer protection and market integrity.' Both Goldsmith Romero and Mersinger have served on the commission since 2022. Mersinger was appointed to a second term last year and could have served through 2028. Goldsmith Romero, meanwhile, may be most recognizable, of late, as the Biden administration's nominee to lead the Federal Deposit Insurance Corp. after now-former FDIC Chair Martin Gruenberg agreed to resign in the wake of allegations in 2023 that a toxic culture had engulfed the agency. Goldsmith Romero's nomination never received a vote by the full Senate. 'During my tenure, derivatives markets experienced significant growth, while remaining resilient and financially stable through times of market stress and volatility,' she said in a statement Friday. 'For that, I am most proud of the CFTC's work.' Goldsmith Romero and Mersinger's departures leave the CFTC with two commissioners: Acting Chair Caroline Pham, a Republican, and Kristin Johnson, a Democrat. And Pham has said she would step down once Brian Quintenz is confirmed to lead the regulator. Quintenz is a CFTC veteran who worked at the commission for four years before leaving the agency in September 2021. He has led Andreessen Horowitz's crypto policy initiatives since December 2022. The CFTC can still operate with a quorum of two members. But matters that require a vote, like approving the agency budget or enforcement actions, can be stalled if the two members cannot agree, Daniel Davis, a partner at Katten Muchin Rosenman and a former CFTC general counsel, told Bloomberg. The functioning of some financial regulators has come into focus after President Donald Trump fired the National Credit Union Administration board's two Democrats, Todd Harper and Tanya Otsuka, leaving the agency with no quorum and just one board member: Republican Chair Kyle Hauptman. The NCUA's board usually comprises three members with no more than two belonging to the same political party. The NCUA board can continue with its usual supervisory and enforcement duties with one member, but cannot vote to implement policy changes or approve new enforcement actions without a quorum of two members, the trade group America's Credit Unions noted. The CFTC, meanwhile, comprises five commissioners appointed by the president and confirmed by the Senate for a five-year term. At any one time, no more than three commissioners may be from the same political party. If the Senate fails to confirm a chairman, the commission votes to select one of the commissioners as acting chairman. 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
Arabian Post
15-05-2025
- Business
- Arabian Post
Wintermute Deepens U.S. Ties with New York Headquarters
Wintermute, a prominent algorithmic trading firm in the digital asset sector, has inaugurated its U.S. headquarters in New York City, marking a significant step in its global expansion strategy. This move positions the firm closer to American financial markets and regulatory bodies, enhancing its engagement with U.S.-based partners. The establishment of the New York office aligns with Wintermute's objective to solidify its presence in the world's largest financial market. CEO Evgeny Gaevoy emphasized the strategic importance of this development, stating that the U.S. policy landscape has become more conducive to digital asset innovation. He noted that having a physical presence in New York enables the firm to engage more directly with institutional counterparties and respond swiftly to collaborative opportunities. As part of its U.S. expansion, Wintermute has appointed Ron Hammond as Head of Policy and Advocacy. Hammond brings nearly a decade of experience in cryptocurrency legislation, having previously served as the Senior Director of Government Relations at the Blockchain Association. His tenure on Capitol Hill included drafting the Token Taxonomy Act, a bipartisan bill aimed at providing regulatory clarity for digital assets. Hammond's role at Wintermute involves leading policy engagement efforts across federal and state levels. He will provide technical input on legislation, contribute policy ideas, and coordinate responses to emerging proposals. Hammond expressed enthusiasm about joining Wintermute, highlighting the firm's potential to contribute meaningfully to the development of the U.S. digital asset regulatory framework. Wintermute's decision to establish a U.S. headquarters comes amid a broader trend of crypto firms expanding into the American market, driven by evolving regulatory clarity and institutional adoption. The firm reports an average daily trading volume exceeding $15 billion and operates across more than 60 centralized and decentralized exchanges. Its services include over-the-counter trading and liquidity provision, catering to a global clientele. Arabian Post – Crypto News Network
Yahoo
14-05-2025
- Business
- Yahoo
CFTC Commissioner Mersinger to Be CEO at Blockchain Association
Summer Mersinger, one of the Republican commissioners at the Commodity Futures Trading Commission, will soon take over the Blockchain Association as its incoming chief executive, a top official at the association confirmed on Wednesday. The organization, one of the leading crypto lobbying voices in Washington, will be absent a leader when longtime CEO Kristin Smith steps down this week and officially becomes president at the Solana Research Policy Institute. That vacuum at one of the largest U.S. advocacy groups will be filled by Mersinger at the start of next month, according to Marta Belcher, the president and chair of the association's board, who confirmed the move on stage at Consensus 2025 in Toronto. Mersinger's departure will temporarily leave the CFTC with a single Republican, Acting Chairman Caroline Pham, against two Democrat commissioners, Kristin Johnson and Christy Goldsmith Romero. However, Romero has already announced her retirement from government service as soon as the Senate confirms President Donald Trump's pick as the new chairman, Brian Quintenz. The Senate hasn't hurried with its confirmation of Quintenz as it did with Paul Atkins, the new chief of the Securities and Exchange Commission, but his confirmation will swing the agency back to a 2-1 Republican majority, leaving two open positions — one for each party. The agency is poised to become one of the crypto industry's key regulators if Congress approves new legislation to regulate the sector. Lawmakers from both parties have favored a larger role for the CFTC in overseeing the spot market for the trading of the bulk of the digital asset volume. Mersinger had been a defender of the crypto industry during the administration of President Joe Biden, when Rostin Behnam was chairman at the CFTC. She'll now be representing it as the industry is pressing for two major pieces of legislation that will establish its regulatory footing in the U.S. The leadership change at the Blockchain Association comes at the same time as turnover among most of the other key crypto advocacy groups in the U.S., of which there are now many. 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
The Hill
14-05-2025
- Business
- The Hill
CFTC commissioner leaving agency to head up crypto trade group
Commodity Futures Trading Commission (CFTC) commissioner Summer Mersinger is leaving the agency to lead the Blockchain Association, the crypto trade group announced Wednesday. Mersinger, who has spent the last three years at the agency, will take over as CEO of the Blockchain Association as its longtime CEO Kristin Smith leaves to head up a new crypto non-profit. 'We are absolutely thrilled to welcome Commissioner Mersinger as Blockchain Association's new CEO,' Marta Belcher, president of the board of Blockchain Association, said in a statement 'This is a pivotal moment for crypto policy, and we are confident that she is the ideal leader to take Blockchain Association, and the industry, to new heights,' Belcher added. Mersinger's last day at the CFTC will be May 30, and she will start her new role at the Blockchain Association on June 2. Smith, who departs the crypto trade group for the Solana Policy Institute on May 16, touted the commissioner Wednesday. 'With 20+ years of experience across both chambers of Congress and the CFTC, she'll play a key role in our industry's future. @BlockchainAssn is in excellent hands,' Smith said in a post on X. The CFTC is one of two agencies tasked with regulating the crypto industry, alongside the Securities and Exchange Commission (SEC). However, unlike its counterpart, the CFTC has maintained a more amicable relationship with the industry in recent years. Mersinger was initially considered a contender to lead the agency in the early days of the Trump administration. However, President Trump ultimately tapped Brian Quintenz, a former CFTC commissioner and a16z crypto's head of policy, for the role. The transition at the Blockchain Association comes at a key moment for the crypto industry, as it gains new momentum with the support of the Trump administration and Republican leaders in Congress. However, progress on key crypto legislation has faltered in recent days. Democrats blocked the Senate from moving forward with consideration a stablecoin bill last week amid a dispute with Republicans over negotiations. House Democrats separately walked out a hearing on market structure legislation last week, citing concerns with Trump and his family's growing crypto portfolio.
