Latest news with #ChrisPrentice
Yahoo
17-07-2025
- Business
- Yahoo
US House passes stablecoin legislation, sending bill to Trump
By Chris Prentice and Hannah Lang (Reuters) -The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year's elections in order to promote pro-crypto candidates. House lawmakers also passed a bill developing a regulatory framework for crypto. That will move on to the Senate for consideration. The stablecoin bill, dubbed the Genius Act, received bipartisan support, with many Democrats joining Republicans to back the proposed federal rules. The vote on the market structure bill, known as the Clarity Act, was also notably bipartisan. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly. If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. The crypto sector has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins and other crypto tokens to become more widely used. The sector spent more than $119 million backing pro-crypto congressional candidates in last year's elections and has worked to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take up that bill. Trump has sought to broadly overhaul U.S. cryptocurrency policies after courting cash from the industry during his presidential campaign. Tensions on Capitol Hill over Trump's various crypto ventures at one point threatened to derail the digital asset sector's hope of legislation this year as Democrats have grown increasingly frustrated with Trump and his family members promoting their personal crypto projects. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. 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
Yahoo
02-07-2025
- Business
- Yahoo
US SEC, SolarWinds reach preliminary deal to end breach lawsuit
By Chris Prentice and AJ Vicens NEW YORK (Reuters) -The U.S. Securities and Exchange Commission has reached a deal in principle with SolarWinds Corp and its top security officer to end litigation tied to a Russia-linked cyberattack involving the software firm, they said in a court filing on Wednesday. The SEC, SolarWinds and its chief information security officer, Timothy Brown, asked a federal judge on Wednesday to stay court proceedings while they finalize paperwork for a settlement. The judge granted their motion, filings showed. In what was seen as a landmark case, the SEC sued the software company and its top security executive in connection with a two-year cyberattack known as Sunburst that targeted Austin, Texas-based SolarWinds. A judge dismissed much of the regulator's case last year. The SEC had said that the defendants defrauded investors by concealing security weaknesses, but U.S. District Judge Paul Engelmayer, who approved the stay, had said that the claims were based on "hindsight and speculation." An SEC spokesperson declined to comment on the matter beyond the public filings. SolarWinds did not immediately respond to requests for comment. The parties said they planned to file settlement paperwork or a joint status report by September 12. 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
Yahoo
02-07-2025
- Business
- Yahoo
US SEC, SolarWinds reach preliminary deal to end breach lawsuit
By Chris Prentice and AJ Vicens NEW YORK (Reuters) -The U.S. Securities and Exchange Commission has reached a deal in principle with SolarWinds Corp and its top security officer to end litigation tied to a Russia-linked cyberattack involving the software firm, they said in a court filing on Wednesday. The SEC, SolarWinds and its chief information security officer, Timothy Brown, asked a federal judge on Wednesday to stay court proceedings while they finalize paperwork for a settlement. The judge granted their motion, filings showed. In what was seen as a landmark case, the SEC sued the software company and its top security executive in connection with a two-year cyberattack known as Sunburst that targeted Austin, Texas-based SolarWinds. A judge dismissed much of the regulator's case last year. The SEC had said that the defendants defrauded investors by concealing security weaknesses, but U.S. District Judge Paul Engelmayer, who approved the stay, had said that the claims were based on "hindsight and speculation." An SEC spokesperson declined to comment on the matter beyond the public filings. SolarWinds did not immediately respond to requests for comment. The parties said they planned to file settlement paperwork or a joint status report by September 12.
Yahoo
11-06-2025
- Business
- Yahoo
US regulators push through last-minute delay to new private fund reporting rules
By Chris Prentice NEW YORK (Reuters) -U.S. regulators scrambled on Wednesday to extend a deadline for new data reporting requirements for investment advisers to private funds, just one day before they were due to take effect. The rules, adopted by two U.S. markets regulators in February 2024, will require advisers to disclose more information to regulators in a bid to boost the government's ability to spot risks from private markets that have swelled in size in recent years. The U.S. Securities and Exchange Commission extended the deadline for compliance to later this year in a 3-1 vote on Wednesday, less than 24 hours before firms had to comply. The Commodity Futures Trading Commission also voted in favor of an extension, marking the second time the regulators decided to push back the deadline after previously postponing it in January. "Additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected," SEC Chairman Paul Atkins said during Wednesday's open meeting. Private funds have pressed the SEC to review this rule, among others, and have warned the new requirements are unnecessary and costly. The firms now have until October 1, 2025 to comply. The new data, which includes disclosure of events pointing to significant stress within 72 hours, would be accessible to the Financial Stability Oversight Council, which gathers top financial regulators across the U.S. government to monitor systemic risks. Regulators have cautioned for years that growing private markets could pose increasing risks, particularly as they are more opaque and less vigorously regulated than traditional markets. Federal agencies have begun a push to loosen regulations as part of Republican President Donald Trump's agenda since he took office in late January. "The SEC and other regulators, including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system, because these entities generally operate outside our regulatory purview," said Caroline Crenshaw, the lone Democratic SEC commissioner.
Yahoo
11-06-2025
- Business
- Yahoo
US regulators push through last-minute delay to new private fund reporting rules
By Chris Prentice NEW YORK (Reuters) -U.S. regulators scrambled on Wednesday to extend a deadline for new data reporting requirements for investment advisers to private funds, just one day before they were due to take effect. The rules, adopted by two U.S. markets regulators in February 2024, will require advisers to disclose more information to regulators in a bid to boost the government's ability to spot risks from private markets that have swelled in size in recent years. The U.S. Securities and Exchange Commission extended the deadline for compliance to later this year in a 3-1 vote on Wednesday, less than 24 hours before firms had to comply. The Commodity Futures Trading Commission also voted in favor of an extension, marking the second time the regulators decided to push back the deadline after previously postponing it in January. "Additional time is required for dialogue with filers, review of the reasonableness of the data demands, and review of the actual utility of the information collected," SEC Chairman Paul Atkins said during Wednesday's open meeting. Private funds have pressed the SEC to review this rule, among others, and have warned the new requirements are unnecessary and costly. The firms now have until October 1, 2025 to comply. The new data, which includes disclosure of events pointing to significant stress within 72 hours, would be accessible to the Financial Stability Oversight Council, which gathers top financial regulators across the U.S. government to monitor systemic risks. Regulators have cautioned for years that growing private markets could pose increasing risks, particularly as they are more opaque and less vigorously regulated than traditional markets. Federal agencies have begun a push to loosen regulations as part of Republican President Donald Trump's agenda since he took office in late January. "The SEC and other regulators, including FSOC, depend on these detailed data to better comprehend when the private markets may be experiencing turbulence that could affect our entire financial system, because these entities generally operate outside our regulatory purview," said Caroline Crenshaw, the lone Democratic SEC commissioner. Sign in to access your portfolio
