Latest news with #CLARITYAct


Time of India
2 days ago
- Business
- Time of India
Cryptocurrency Live News & Updates : Crypto Leaders Attend White House Signing of GENIUS Act
18 Jul 2025 | 11:55:10 PM IST Top crypto executives Brian Armstrong and Jeremy Allaire are set to witness the signing of the GENIUS Act by President Trump, a significant regulatory milestone for the industry. The cryptocurrency landscape is buzzing as President Trump prepares to sign the GENIUS Act into law, with major industry figures like Coinbase's Brian Armstrong and Circle's Jeremy Allaire in attendance. This act, which focuses on stablecoin regulation, follows the passage of two other key bills, the CLARITY Act and Anti-CBDC Act, marking a pivotal moment for the crypto sector. Meanwhile, Bitcoin's dominance has dipped to a three-month low, with Ethereum leading the altcoin surge, recently breaking the $3,600 mark amid substantial ETF inflows. Analysts suggest that the favorable regulatory environment is driving this shift, as institutional interest in Ethereum grows. In contrast, JPMorgan's analysts are advocating for tokenized bank deposits over stablecoins, highlighting a shift in regulatory preferences. Additionally, WIF is facing resistance at a critical price point, indicating a cautious market sentiment. Overall, these developments reflect a transformative period for cryptocurrencies, with legislative support and market dynamics shaping the future of digital assets. Show more
Yahoo
2 days ago
- Business
- Yahoo
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," 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. 登入存取你的投資組合


Forbes
2 days ago
- Business
- Forbes
These Billionaires Got Richer Thanks To "Crypto Week"
getty B itcoin is soaring to the moon, with the cryptocurrency posting a new all-time high on Monday of $122,838, nearly a 100% increase since July of last year. For a brief time, Bitcoin's market cap was upwards of $2.4 trillion, surpassing Amazon as the fifth most valuable asset in the world. The run-up came at the start of what the U.S. House Committee on Financial Services has called 'Crypto Week,' Three cryptocurrency bills – the CLARITY Act, Anti-CBDC Surveillance State Act and the GENIUS Act— were all approved on Thursday by the House of Representatives. Together they help establish a regulatory framework and help integrate cryptocurrencies into traditional finance.. 'These pieces of legislation further the President's pro-growth and pro-business agenda, and provide a clear regulatory framework for digital assets,' according to House Majority Leader Steve Scalise. All this anticipation has helped produce outsized returns for BTC holders, with the coin's price far outpacing even the broader market, itself near record highs and up nearly 12% from a year ago. Donald Trump, who will be signing these pieces of legislation into law, stands to personally benefit from their adoption. His World Liberty Financial launched a new stablecoin called USD1 earlier this year that Forbes has valued at more than $100 million. It's probably up at least 30% since then, adding tens of millions to the president's net worth. Trump's involvement with the passage of the three bills was hands-on, personally meeting with republican holdouts who blocked earlier crypto bills. 'I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,' Trump wrote in a Truth Social post on Tuesday. Here are a few of the biggest billionaire winners, including the largest holders of Bitcoin based on Forbes billionaire ranks, over the last year according to Forbes ' estimates. One person not among the gainers is Crypto's richest person Changpeng Zhao, whose fortune comes from his cryptocurrency exchange Binance but does not appear to own much Bitcoin. No one would be richer or gain more from Bitcoin's rise than its mysterious founder, Satoshi Nakamoto—if s/he really exists and is really one living person. With estimated holdings of up to 1.1 million Bitcoins, Satoshi's stash could now be worth more than $135 billion thanks to Bitcoin's all-time high. That would be good enough to make Satoshi the 11th-wealthiest person in the world, $10 billion richer than computer billionaire Michael Dell and just $7 billion poorer than Warren Buffett. But the problem is that no one has been able to definitively prove the identity of Satoshi, who authored Bitcoin's white paper in 2008 before handing it off to the community and has never sold a token since. The pseudonymous person or possible team of people behind Satoshi Nakamoto left the stage more than a decade ago. That has not stopped many from trying to reveal the true identity in what has become one of the greatest unsolved mysteries. It's also impossible to determine an exact accounting of Satoshi's bitcoin addresses or total holdings since the network, too, is pseudonymous (Forbes previously reported estimates range between 600,000 and 1.1 million tokens). For those reasons, Forbes has yet to place Satoshi on the billionaires list, even as all those zeroes keep piling up. This story was updated on July 18 to reflect the passage of the three acts and impact on Donald Trump's stable coin holdings. Jamel Toppin for Forbes Michael Saylor | $11.2 bil | +$6.8 bil Few are as bullish about Bitcoin as Saylor, who has made heavy investments in the coins through his publicly traded software firm MicroStrategy and his personal accounts. Microstrategy (market capitalization: $127 billion) owns 601,550 BTC, worth nearly $74 billion on Monday. That includes an additional 4,225 BTC bought at an average price of $111,827 per token from July 7th to July 13th, according to a recent Securities and Exchange Commission filing. In 2020, Saylor divulged that he personally held 17,732 BTC, purchased for some $175 million at an average price of $9,882. That stash would now be worth more than $2 billion. Brian Armstrong | $16.4 bil | + $5.2 bil The CEO of Coinbase, Armstrong has been consistently selling stock through 2025 using an automated trading program, but still owns roughly 19% of the company he cofounded, helping him indirectly profit from the rise in Bitcoin's price like Ehrsam. Michael Prince for Forbes Tyler and Cameron Winklevoss | $4.2 bil each | +$3.7 bil each The Winklevoss twins hold an estimated 28,288 BTC, now worth roughly $3.5 billion. Famous for alleging Mark Zuckerberg stole their idea for Facebook, the twins donated 15.47 Bitcoin apiece, worth $1 million each at the time, to Donald Trump's 2024 campaign, citing issues with the Biden administration's approach toward cryptocurrency in a June 2024 post on X by Tyler Winklevoss. Mike Novogratz | $4.9 bil | +$2.4 bil Novogratz is an early Bitcoin investor and the founder, CEO and majority shareholder of Galaxy Digital Holdings, a crypto investment firm that trades on the Toronto Stock Exchange. He first bought Bitcoin in 2013, and has invested in a wide variety of startups and tokens within the cryptocurrency industry. Fred Ehrsam | $4.2 bil | +$1.1 bil Cofounder of Coinbase Global, the largest cryptocurrency exchange in the United States, Ehrsam left the company in 2017 to found Paradigm, a cryptocurrency investment firm with more than $8 billion in assets. He remains on the board of Coinbase, and owns 4% of the shares, which trade on the Nasdaq Global Select Market and are up 81% over the past year—buoyed in part by Coinbase's corporate reserves of 51,017.36 BTC, worth $6.3 billion at Monday's all-time high price. Getty Images Tim Draper | $3.6 bil | +$1.6 bil Draper is a founding partner of venture capital firm Draper Fisher Jurvetson and an early Bitcoin investor. In 2014, he bought 29,656 bitcoins which were confiscated by U.S. Marshalls from the Silk Road black market; they're now worth over $3.6 billion.


eNCA
2 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.


Time of India
2 days ago
- Business
- Time of India
XRP jumps nearly 7% today as U.S. crypto bills pass and corporates add $421M—will Trump-era momentum drive it to $10 next? Here's the new prediction
XRP is trading at $3.49 , up $0.22 (+6.73%) in the last 24 hours, as the crypto market reacts to a flurry of bullish catalysts—from major U.S. legislative breakthroughs to massive whale accumulation and corporate adoption. Ripple's XRP officially shattered its previous 2018 record today, climbing above $3.60 for the first time in over six years. With no overhead resistance left, XRP has now entered price discovery , backed by a rare convergence of bullish fundamentals, legal clarity, and whale accumulation. Explore courses from Top Institutes in Select a Course Category Others Design Thinking Degree Healthcare MBA Data Science Digital Marketing Data Analytics Technology healthcare CXO Product Management Data Science Operations Management MCA Leadership Cybersecurity Finance Artificial Intelligence PGDM Management Public Policy others Project Management Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details The U.S. House just passed three major crypto bills: by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 1 minute and see why everyone is addicted. Undo The GENIUS Act , establishing a regulatory framework for stablecoins The CLARITY Act , drawing the line between securities and commodities The Anti-CBDC Act , aimed at preventing a U.S. government–issued central bank digital currency Each bill passed with strong bipartisan support, reflecting a growing pro-crypto stance in Washington. President Donald Trump is expected to sign the bills by executive order in the coming days, which could pave the way for further investment vehicles—such as XRP spot ETFs—and integration of crypto into 401(k) retirement plans. 'This is the most crypto-friendly legislative session in history,' said former CFTC Chairman Christopher Giancarlo. 'Tokens like XRP now have a clear lane in U.S. capital markets.' Corporate interest in XRP is booming Companies like VivoPower and Webus have reportedly committed to hold over $421 million worth of XRP in their treasuries. Their allocation reflects growing corporate confidence in XRP's use case for global payments and as a regulatory-friendly digital asset. Live Events Companies are beginning to follow the MicroStrategy playbook—but with XRP. VivoPower , a sustainable energy firm, has disclosed a plan to allocate $227M to XRP in 2025. Webus , a cloud logistics platform, has approved a $194M XRP allocation as part of its digital treasury diversification. These two firms alone represent over $421M in corporate XRP purchases , signaling growing institutional trust in Ripple's technology and XRP's legal clarity. In addition, Thumzup Media Corporation (Nasdaq: TZUP) has just approved a treasury strategy to invest up to $250 million across BTC, ETH, XRP, SOL, and DOGE. XRP is a top target . Whales stack 2.2 billion XRP amid rally On-chain data shows whale wallets (100M–1B XRP) have added a whopping 2.2 billion XRP , valued at $7.1 billion , in recent weeks. This accumulation has further fueled bullish momentum and helped drive the current breakout. XRP breaks 2018 high and enters price discovery XRP has officially surpassed its 2018 all-time high , briefly hitting $3.65 —its strongest price in over six years. The token has now entered price discovery , with no prior resistance zones ahead. Technical view: A strong breakout above the $3.40 resistance has activated further bullish energy. Analysts are now watching the $3.80–$4.00 range for the next ceiling. Longer-term forecasts are eyeing $4.80–$10 , especially if ETF speculation and regulatory progress continue. Price predictions: $5 by 2025? Analysts remain bullish: A Bitget strategist projects XRP could reach $5 by the end of 2025 , citing macro regulatory tailwinds and surging institutional demand. Some experts are even more optimistic, suggesting a $10+ target in the longer term if ETF products are approved and Ripple secures U.S. banking integration. Long & short-term price predictions Short-Term (July–August 2025) : $4.00 : Next psychological target. If broken, opens floodgates. $5.00 : Seen as realistic based on volume/market structure. Mid-Term (Q4 2025) : $5.50–$7.00 : If ETF applications move forward, this zone becomes likely. Trump's pro-crypto stance and executive orders could further fuel demand. Long-Term (2026–2027) : $8–$10+: Institutional adoption, Ripple's U.S. bank license (pending), and wider tokenization could push XRP into double digits. JP Morgan , Fidelity , and BlackRock are all rumored to be exploring tokenized payment rails —a sector Ripple is positioned to lead. What could slow it down? Senate delays : The bills passed the House, but Senate debate is still ongoing. Profit-taking risk : RSI is in overbought territory—temporary pullbacks to $3.20–$3.40 are possible. SEC uncertainty : The appeal in the Ripple case isn't officially withdrawn yet, although signals suggest it may be soon. XRP's breakout above $3.65 marks more than just a chart milestone—it's a signal of institutional validation, legislative tailwinds, and rising global adoption. With major corporations pouring in, whales scooping up billions, and Donald Trump poised to sign the most important crypto laws ever passed in the U.S., the stage is set for XRP to potentially lead the next leg of the bull market. If $4 is cleared with strong volume, $5 may not be far behind—and for long-term bulls, $10+ is back on the table. FAQs: What is XRP's current price and market status? As of now, XRP is trading at $3.48 , up 6.75% today. It briefly hit $3.65 , breaking past its 2018 high, with market momentum driven by institutional buying and favorable U.S. legislation. What is the current XRP price prediction? Analysts expect XRP could reach $4–$5 in the short term , and possibly $10 long-term , fueled by whale accumulation, corporate treasury interest, and Trump-era crypto support. What U.S. crypto legislation was passed today? The GENIUS Act (stablecoin regulation), CLARITY Act (security vs. commodity definitions), and the Anti-CBDC Act (blocking government digital currency rollout) passed with bipartisan support, boosting confidence in the U.S. crypto landscape.