Latest news with #CryptoWeek
Time of India
5 hours ago
- Business
- Time of India
US ‘crypto week' drives record inflows, volume for Ether funds
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel US exchange-traded funds for Ether posted record inflows and trading volumes as key crypto legislation endorsed by President Donald Trump a sluggish start to the year, investors on Wednesday poured $727 million into the group of nine ETFs, which also logged $2.6 billion in trading volume as Ether rallied. Open interest in Ether futures on CME Group also hit a fresh high, signaling mounting institutional demand for the second-largest through what's been dubbed " Crypto Week " by a congressional committee, Republican conservatives on Wednesday dropped a two-day blockade of industry-backed crypto bills, paving the way for House votes on a series of measures backed by rally in Ether adds to the momentum for crypto bulls, who pounced after the November election on bets that the second Trump presidency would usher in a new era of permissive speaking, they've been rewarded: leading cryptocurrency Bitcoin romped to a record $123,205 on which has long lagged Bitcoin and closer rivals like Solana, rose as much as 2.6% to $3,469 in early London trading on Thursday, its highest level since slipped 1.4% but continued to hold above $118,000.
Arabian Post
6 hours ago
- Business
- Arabian Post
US House Green‑Lights First Stablecoin Regulation
The U. S. House of Representatives has approved the GENIUS Act, the inaugural federal regulatory framework targeting fiat‑backed stablecoins, with a decisive 308–122 bipartisan vote on 17 July 2025. With Senate approval secured in June by a 68–30 margin, the legislation now advances to President Trump's desk for signature, anticipated as early as tomorrow. The GENIUS Act mandates that issuers—including banks, credit unions, fintech firms, and select non‑bank entities—maintain one‑to‑one reserves in cash or low‑risk assets such as U. S. Treasury bills, with mandatory monthly public disclosures of reserve composition. It also institutes anti‑money laundering controls, requires issuance organisations to obtain licences from federal or state financial regulators, and prohibits paying interest directly to stablecoin holders. The legislation forms part of a broader 'Crypto Week' effort in the House, which also included passage of the CLARITY Act—allocating oversight of digital asset classification between the SEC and CFTC—and the Anti‑CBDC Surveillance State Act, barring the Federal Reserve from issuing a central bank digital currency. Both now await Senate consideration. ADVERTISEMENT Advocates argue that the GENIUS Act addresses long-standing regulatory uncertainty, providing market stability and consumer safeguards within a $260 billion-plus stablecoin ecosystem. Senior figures from institutions such as JPMorgan Chase, Bank of America, Citi, Walmart, and Amazon have reportedly expressed interest in issuing stablecoins under the new regime. Market sentiment reflects optimism: crypto‑linked equities and assets rose when the House vote was finalised, with Bitcoin nearing record highs above $119,000. Nonetheless, critics highlight significant concerns. Consumer advocates emphasise that stablecoins remain outside FDIC protection and could pose redemption risks or obscure hidden fees. Others express unease over potential weak guardrails: the SEC's Paul Atkins cautioned that regulatory innovation must still ensure sufficient market safeguards. Ethics debates spotlight former President Trump's extensive ties to the crypto industry, including investments in World Liberty Financial and a meme coin touted as generating over $300 million in related revenues. Opponents claim this raises conflict‑of‑interest questions and risks favouring Trump‑linked enterprises, though the White House has asserted asset segregation via a family trust. In Congress, both Democratic and Republican proponents defended the legislation for delivering much‑needed structure. Democratic Rep. Josh Gottheimer remarked that introducing 'some rules of the road' was preferable to having none. Opposing voices like Rep. Maxine Waters cautioned that the law might 'signal tolerance for corruption' without closing presidential exemptions from conflict‑of‑interest prohibitions. Meanwhile, Senate Democrats, including Richard Blumenthal, criticised the bill's failure to eliminate loopholes or demand stronger consumer protection standards. Beyond federal oversight, the GENIUS Act introduces a layered supervisory model: federal agencies will regulate larger issuers and interstate entities, while state regulators handle smaller players—those issuing under $10 billion annually. The legislation sets out implementation timelines, including one‑year deadlines for rule‑making and an 18‑month effective date, with a three‑year transition period before enforcement on custody and transaction restrictions. Industry stakeholders anticipate dramatic market growth. Scott Bessent, Treasury secretary, projected the stablecoin market could swell from around $195 billion to over $2 trillion following the GENIUS Act's implementation. Christian Catalini of the MIT Cryptoeconomics Lab predicted fierce competition as banks and fintechs join traditional issuers with consumer trust bolstered by regulation. The crypto sector, stung by past regulatory setbacks under the prior administration's enforcement actions, now views the GENIUS Act as a turning point. Major players like Circle and Coinbase backed the measure after directing substantial lobbying resources toward lawmakers. Jennifer Nolan, head of the Blockchain Association, described it as a 'defining moment in the evolution of U. S. digital asset policy'. With presidential signature expected imminently, the GENIUS Act is poised to redefine the U. S. approach to stablecoins—ushering in regulated issuance, enhanced transparency, and heightened institutional involvement. Its progress also spotlights ongoing debates about market oversight, political influence, and financial stability in an increasingly digital economy.
Straits Times
8 hours ago
- Business
- Straits Times
Crypto market gets major win as US Congress passes stablecoin bill
The US Congress delivered a watershed victory for the crypto industry on July 17, clearing the way for broader use of the technology in everyday finance. Washington – The US Congress delivered a watershed victory for the crypto industry on July 17, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance. Backed by Republicans and championed by President Donald Trump, the bill imposes federal or state oversight on US dollar-linked tokens that can move around the clock and across platforms. Supporters say it could unlock faster, cheaper forms of payments – and bring legitimacy to a US$265 billion (S$340 billion) market that Citigroup analysts expect could swell to US$3.7 trillion by 2030. The measure, which passed the House 308-122 with broad bipartisan support after clearing the Senate, is now on track to become law. Mr Trump personally lobbied Republican lawmakers to support it. The legislation marks a political coming-of-age for the digital assets industry, which rebounded from the confidence-rattling collapse of Sam Bankman-Fried's FTX crypto exchange less than three years ago to pour hundreds of millions of dollars into the election last year of friendly lawmakers. The stablecoin bill is the centrepiece of a legislative push Mr Trump has dubbed 'Crypto Week.' Earlier on July 17, the House also passed a broad crypto market structure bill that still has to be considered by the Senate. Democratic critics such as Senator Elizabeth Warren and Representative Maxine Waters warned the new stablecoin regulatory regime won't do enough to protect consumers and could lead to pressure for government bailouts if issuers of the digital tokens fail. But the nation's most influential bankers are already grappling with the challenge the new measure is likely to accelerate. On earnings calls this week, JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan and Citigroup's Jane Fraser each described the upstart 'digital dollar' as a potential threat to the banking industry's grip on payments – and signalled they're preparing to respond. The digital tokens could potentially eat at bank deposits, as some consumers move money into stablecoin accounts. It could also broaden the stablecoins' use in cross-border money transfers and in payments, and open the way for everyone from banks to card networks to technology firms issuing their own stablecoins. In recent weeks, a slew of major banks including JPMorgan said they are looking at being involved in stablecoins. US-based crypto companies that issue dollar-denominated stablecoins such as Circle Internet Group may be in the most immediate position to gain. While Circle finished on July 17 up less than 1 per cent, it has jumped 25 per cent to US$235.08 this week. Coinbase Global, which has a revenue sharing agreement with Circle, rose 3.2 per cent to US$410.75, a record high. Bitcoin was down slightly in the last 24 hours, after hitting its all-time high of about US$123,000 on July 14, partly on optimism about the stablecoin bill's prospects. Stablecoins so far have largely been used for transactions related to the cryptocurrency market rather than business payments. The legislation 'provides the stablecoin industry with the degree of legitimacy they have been craving' said Eswar Prasad, a senior fellow at the Brookings Institution. 'And the bonus is that it comes with what I view as relatively light-touch regulation.' The measure sets regulatory rules for dollar-backed stablecoins, including a requirement for firms to hold dollar-for-dollar reserves in short-term government debt or similar products overseen by state or federal regulators. Mr Trump and his family have ties to a series of digital-asset businesses including World Liberty Financial, a platform that has its own branded token as well as a stablecoin. Crypto ventures have added at least US$620 million to Trump's personal fortune in the span of months, according to the Bloomberg Billionaires Index. Some Democrats unsuccessfully tried to add a provision to the legislation that would bar elected officials such as Mr Trump and their families from stablecoin business ventures. BLOOMBERG
Time of India
9 hours ago
- Business
- Time of India
Elon Musk, Mark Zuckerberg can issue their own currency - Stablecoin bill critics send chilling warning to Donald Trump
The US House has passed three bills intended to boost the legitimacy of the cryptocurrency industry with new regulations as President Donald Trump has pushed to make the U.S. the "crypto capital of the world". One of the three bills, legislation to regulate a type of cryptocurrency called stablecoins, had already passed the Senate with broad bipartisan support and will now head to Trump's desk. The other two bills — a broader measure to create a new market structure for cryptocurrency and a bill to prohibit the Federal Reserve from issuing a new digital currency — will go to the Senate. The stablecoin bill, passed on a 308-122 vote, sets initial guardrails and consumer protections for the cryptocurrency, which is tied to a stable asset, often the U.S. dollar, to reduce price volatility. It passed the Senate with bipartisan support in June. However, the stablecoin bill has drawn sharp criticisms from critics who claimed that the bill paves way for Big Tech companies and other conglomerates to issue their own private currencies. Crypto Week Explore courses from Top Institutes in Select a Course Category Data Science Degree Data Analytics Operations Management PGDM Design Thinking Cybersecurity Management Healthcare Artificial Intelligence Product Management Project Management Technology MCA Data Science healthcare CXO Public Policy Others Digital Marketing MBA others Leadership Finance Skills you'll gain: Duration: 11 Months IIT Madras CERT-IITM Advanced Cert Prog in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Prof Cert in DS & BA with GenAI India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK DABS India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months E&ICT Academy, Indian Institute of Technology Guwahati CERT-IITG Postgraduate Cert in AI and ML India Starts on undefined Get Details Skills you'll gain: Duration: 30 Weeks IIM Kozhikode SEPO - IIMK-AI for Senior Executives India Starts on undefined Get Details After Trump declared it 'crypto week,' the bills were stalled for more than a day amid disagreements among House Republicans about how to combine the legislation. In the end, GOP leaders put the three bills for a separate votes, leaving the fate of the other two bills unclear in the Senate. The internal dissent could foreshadow challenges ahead for the more sweeping crypto legislation that Trump has demanded and the industry has poured millions into advancing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The stablecoin measure is seen by lawmakers and the industry as a step toward adding legitimacy and consumer trust to a rapidly growing sector. Treasury Secretary Scott Bessent said in June that the legislation could help that currency 'grow into a $3.7 trillion market by the end of the decade.' The bill outlines requirements for stablecoin issuers, including compliance with U.S. anti-money laundering and sanctions laws, and mandates that issuers hold reserves backing the cryptocurrency. Without such a framework, Republicans on the Senate Banking Committee in a statement warned, 'consumers face risks like unstable reserves or unclear operations from stablecoin issuers." Live Events New Market Structure for Cryptocurrency After the votes, House Republicans strongly urged the Senate to take up the second bill, which would create a new market structure for cryptocurrency. Rep. Bryan Steil, R-Wis., said the 294-134 vote on that legislation shows broad bipartisan support and a 'massive energy' on the issue. But it is so far unclear whether the Senate would consider the House bill or try to write its own. That legislation aims to provide clarity for how digital assets are regulated. The bill defines what forms of cryptocurrency should be treated as commodities regulated by the Commodity Futures Trading Commission and which are securities policed by the Securities and Exchange Commission. In general, tokens associated with 'mature' blockchains, like bitcoin, will be considered commodities. The third bill, passed on a narrower 219-210 margin, prohibits the U.S. from offering what's known as a 'central bank digital currency,' which is like a government-issued form of digital cash. Warning from Democrats While the bill has significant bipartisan support, it has also faced pushback from Democrats who say the legislation should address Trump's personal financial interests in the crypto space. Some Democrats also criticized the bill for creating what they see as an overly weak regulatory framework that could pose long-term financial risks. They've also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies. 'If this bill passes, it will allow Elon Musk and Mark Zuckerberg to issue their own money. The bill still permits Big Tech companies and other conglomerates to issue their own private currencies,' said Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee. A provision in the stablecoin bill bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family, even as Trump builds a crypto empire from the White House, they claim. In May, the Republican president hosted a private dinner at his golf club in Virginia with top investors in a Trump-branded meme coin. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin, USD1. Trump reported earning $57.35 million from token sales at World Liberty Financial in 2024, according to a public financial disclosure released in June. A meme coin linked to him has generated an estimated $320 million in fees, though the earnings are split among multiple investors. FAQs Q1. What is Stablecoin bill? A1. The Stablecoin bill, passed on a 308-122 vote, sets initial guardrails and consumer protections for the cryptocurrency, which is tied to a stable asset, often the U.S. dollar, to reduce price volatility. Q2. Who is President of USA? A2. President of USA is Donald Trump.
Bloomberg
11 hours ago
- Business
- Bloomberg
‘Crypto Week' Excitement Obscures Shrinking Miner Fees
Kirk Ogunrinde checks in on the shifting economics of Bitcoin mining. While champagne is being uncorked as ' Crypto Week ' in the US culminates with the first-ever industry-specific regulation, Bitcoin miners have one less reason to celebrate. The companies - which spend billions of dollars on specialized computers and electricity to validate encrypted transactions on the Bitcoin blockchain and earn rewards in the form of the token - saw a significant source of revenue tumble this week even as the price of the cryptocurrency soared to a record of more than $123,000. The minimum fee earned for processing transactions fell by around 90% at one point to the equivalent of less than $1.
