Latest news with #DustyJohnson
Yahoo
3 days ago
- Business
- Yahoo
U.S. House Republicans Officially Introduce Crypto Market Structure Bill
Leading Republicans in the House of Representatives have formally introduced their latest version of the bill to establish a regulatory structure for digital assets markets, something the industry has clamored for for years. The successor to the previous session's Financial Innovation and Technology for the 21st Century Act (FIT21), the new bill called the Digital Asset Market Clarity Act is being pushed by top Republicans in the House Financial Services and the House Agriculture committees. Stablecoin legislation is still the frontrunner to be the first major piece of U.S. crypto law, but Thursday's introduction pushes the ball forward on the more important and complex of the two companion efforts. "America should be the global leader in the digital assets marketplace, but we can't do that without establishing a clear regulatory framework," said Representative Dusty Johnson, the South Dakota Republican who leads the agriculture subcommittee focused on digital assets, in a statement on the bill's introduction. The hefty 236-page Clarity Act — likely a starting point for lengthy negotiations between the parties in the House and eventually their Senate counterparts — gives the Commodity Futures Trading Commission "exclusive regulatory jurisdiction over digital commodity cash or spot markets that occur on or with new CFTC registered entities," which represents the bulk of crypto activity according to the current thinking of U.S. regulators. The legislation would set up a regime in which crypto platforms would have options for registration with the CFTC and the Securities and Exchange Commission, depending on whether they're trading in digital assets commodities such as bitcoin BTC, securities or both. Those seeking registration with the CFTC as a digital commodity exchange, broker or dealer could get provisional registrations while the agency is working on rules. The bill also requires crypto platforms to be regulated as financial firms under the Bank Secrecy Act; exempts certain decentralized finance (DeFi) operations and wallet providers from SEC oversight; bans future efforts of regulators to force custody firms to hold their customers' assets on their own balance sheets as the SEC staff sought to do under a now-scrapped accounting stance; and puts some transactional authorities over payment stablecoins — which are clearly stated to not be securities — in the hands of whichever regulator already oversees the firm involved in the activity. The Clarity Act additionally delved into so-called "qualified digital asset custodians" — previously a controversial point when the SEC sought to allow only a narrow array of regulated custodians to handle the assets of investment advisers' clients. The new bill sets the standard for such a custodian as one under "adequate supervision and appropriate regulation by certain federal, state, or foreign authorities" — a bar the CFTC will be called to define. DeFi is kicked down the road, with the bill demanding the SEC, CFTC and Treasury Department study that arena of digital assets and come back with a report in a year on how to proceed. The Government Accountability Office would also be asked to write a report on DeFi and on non-fungible tokens (NFTs). The involved regulators would have a year to put the Clarity Act's market structure rules into effect if the law were enacted. That's a tight timeframe for complex financial regulation, which can often take more than a year — or even several years — for the agency staffs to write rules and seek public input. Despite similar timelines in the Dodd-Frank Act of 2010, for instance, there are still a few provisions that haven't yet been completed. The Senate will return to a floor debate next week on its stablecoin bill, which has already cleared several procedural hurdles with bipartisan support, despite loud Democratic misgivings about President Donald Trump's personal business connections to the crypto sector his government is seeking to regulate. But it's unclear whether that legislation will mesh with whatever version of stablecoin oversight the House eventually votes on, leaving uncertainty about exactly how crypto legislation will proceed in this session. Some discussion remains about whether the stablecoin and market structure bills should be combined as a single crypto push in Congress. Trump has called for both to land on his desk by the August congressional break, though many crypto insiders in Washington see that as a highly ambitious goal. The relevant House committees are set to hold digital assets hearings next week that will give members a chance to publicly discuss the details of the legislation.
Yahoo
3 days ago
- General
- Yahoo
What you need to know before you go: May 29, 2025
SIOUX CITY, Iowa (KCAU) — Here are the top headlines from this morning. Hundreds of Siouxlanders gathered to show their support to loved ones deploying to the Middle East through the Iowa National Guard. Iowans say farewell to National Guard members deploying overseas Iowa Governor Kim Reynolds signed a bill to incentivize medical students to practice in Iowa. Gov. Kim Reynolds signs bill to help grow rural hospital workforces South Dakota Representative Dusty Johnson spoke to students in Vermillion. Rep. Dusty Johnson speaks to students in Vermillion about moves being made in Washington Check out these headlines and more in the video above. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
4 days ago
- Health
- Yahoo
Rep. Dusty Johnson speaks to students in Vermillion about moves being made in Washington
VERMILLION, S.D. (KCAU) — This week, South Dakota's representative stepped away from Capitol Hill to speak with students in Vermillion. Wednesday morning, Representative Dusty Johnson answered questions from students at the University of South Dakota. The students are members of the American Legion Auxiliary's Girls State Program, which helps girls get involved in government and volunteering. Story continues below Top Story: Midwest Honor Flight still raising money for June 3 trip Lights & Sirens: Officials searching for Monona County resident after going missing on Missouri River Sports: Dell Rapids claims SDHSBA Class B title with 5-4 win over Dakota Valley in eight innings Weather: Get the latest weather forecast here While Johnson was visiting, many of the same topics were brought up, including concerns about cuts to Medicaid. He said most folks won't be impacted. 'If you're on the program [as] an illegal alien, you're going to have a problem. If you are an able-bodied, young person without dependence at home [or] if you're a 27-year-old who can work but chooses not to, yes. Our work requirements are going to require you to volunteer, go to school, get in a training program, or go to work, and we do that because we want you to improve your life,' Rep. Johnson said. South Dakota Governor Larry Rhoden also answered questions from the students at USD on Wednesday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
23-05-2025
- Business
- Yahoo
Problems could outpace savings from proposed cuts to federal food and health programs
Feeding South Dakota is the state's largest hunger-relief organization and a member of the Feeding America Network. (Courtesy of Feeding South Dakota) As Congress weighs the latest budget reconciliation bill, it's important to take a step back and consider how these decisions will affect everyday people in South Dakota. Reducing federal spending and promoting self-reliance are important goals, but some of the proposed changes could unintentionally create more problems than they solve. If you've been to the grocery store lately, you've likely noticed how much harder it has become to afford the basics. For many families in South Dakota this isn't just a budget concern – it's a daily challenge. We urge Rep. Dusty Johnson, Sen. Mike Rounds and Senate Majority Leader John Thune to consider the concerning impacts that the current proposal by the House could have. Federal support for the Supplemental Nutrition Assistance Program (SNAP) would be significantly reduced, shifting more of the cost to states. South Dakota's share of that expense could range from $9 million to $18 million as early as 2028 — an increased pressure on a state budget already stretched thin. SD Rep. Johnson votes yes as U.S. House Republicans push through budget reconciliation bill At the same time, it would impact the South Dakota economy as SNAP supports 789 retailers in the state to the tune of over $156 million. Each SNAP dollar has up to $1.80 of economic impact, supporting the supply chain from farmer to store. Reduce the program, reduce the revenue. The increased state cost and reduced revenue would force states to make tough choices: cut benefits, limit eligibility or raise taxes to cover the gap. Proposed Medicaid cuts would hit rural hospitals especially hard, many of which are already stretched thin. These facilities are often the only source of care in their communities, and losing access would be devastating. The bill also includes new requirements tied to work. SNAP already includes work incentives and gradually reduces benefits as income rises. In South Dakota, over 80% of SNAP recipients live in a family that has one working adult. Congress modernized SNAP by requiring regular updates to the monthly benefits. However, the current bill includes a proposal to limit future updates to the Thrifty Food Plan, which determines SNAP benefit levels. This would reduce support over time, even as food prices remain high. The average SNAP benefit is still just $6.57 per person, per day, in our state. At Feeding South Dakota, we are seeing more working families, seniors, children and veterans through our programs and partners; in fact, 15% more than this time last year. We are operating at full capacity and have already felt the very real impact of federal changes after food for 147,000 meals was immediately discontinued in April. It is critical that federal programs stay strong to support the fight to end hunger, or the gap between need and resources will become too great for us to close. If you take nothing else from this, know that the proposed cuts would: Increase hunger. Decrease local revenue. Overwhelm already strained food pantries. We urge our lawmakers to think critically about any cuts through a budget reconciliation bill that undermines SNAP and Medicaid. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
22-05-2025
- Business
- Yahoo
Rep. Johnson passes Trumps ‘big, beautiful bill'
SIOUX FALLS S.D. (KELO) — Rep. Dusty Johnson voted yes to pass the conservative reconciliation package. President Trump called it the 'One Big, Beautiful Bill,' that he says will prevent the largest tax hike in American history. The bill extends tax cuts from President Trump's previous administration and allocates money to the border, deportation efforts and and decreases the debt limit to $4 trillion, among other provisions. 'This bill is a strong conservative work product, and one that is long overdue,' Johnson said in a news release. 'It delivers a historic spending reduction and roots out abuse of federal programs. These changes are a meaningful attempt to turn our fiscal house in the right direction.' The bill was passed in an overnight session Thursday morning. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
