Latest news with #EleanorTerrett
Yahoo
5 days ago
- Business
- Yahoo
GENIUS Act may hit Senate floor this week
GENIUS Act may hit Senate floor this week originally appeared on TheStreet. If Senate Republicans and Democrats successfully negotiate, the GENIUS Act that deals with stablecoin regulation could see the Senate floor before the end of the week, journalist Eleanor Terrett wrote on X on June 3. A stablecoin is a type of cryptocurrency that, unlike usually volatile cryptocurrencies such as Bitcoin, maintains a stable value. It is usually pegged to a fiat currency like the U.S. dollar or a commodity like gold. Titled the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the bipartisan bill aims to provide regulatory clarity for stablecoins. On May 19, the Senate advanced the bill with a 66-32 vote. The legislation has faced intense opposition from Democratic lawmakers such as Sen. Elizabeth Warren (D-MA), who have voiced concerns about the alleged conflicts of interest arising from President Donald Trump's engagement with multiple crypto ventures, including the USD1 stablecoin. Due to such concerns, more than 60 amendments to the bill have been put forward so far. Both sides are now negotiating to bring the list down to "a more manageable number," Terrett said. If the Republicans and Democrats are able to reach a deal, the bill could see the Senate floor before the end of the week, Terrett underlined. However, both parties failing to reach a deal could derail the bill further into next week. As per DeFiLlama, the stablecoin market is worth $248 billion, out of which USD1 occupies a meagre 0.0087% share. GENIUS Act may hit Senate floor this week first appeared on TheStreet on Jun 3, 2025 This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared. 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
Coin Geek
20-05-2025
- Business
- Coin Geek
US Senate makes history, advances stablecoin bill to floor vote
Getting your Trinity Audio player ready... Stablecoin legislation is heading to the United States Senate floor for the first time, despite some senators' concerns that the bill they just advanced contains significant legal loopholes. Late on May 19, the U.S. Senate voted 66-32 to invoke cloture on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which aims to regulate so-called 'payment stablecoins.' The vote marks a historic step that will for the first time send stablecoin legislation to the Senate floor for a final vote. The move to invoke cloture required 60 'aye' votes, a hurdle that GENIUS failed to clear in a similar vote on May 8. That vote saw GENIUS receive 49 'aye' votes, only one more than those opposed. The ranks of those opposed included Senate majority leader John Thune (R-SD), who later said he voted 'nay' in order to revisit the process following further cross-party haggling. Following that setback, the two parties haggled behind closed doors most of last week to craft a version of GENIUS that could garner the 60 votes needed to move forward. While the resulting tweaks garnered the approval of some key Dems who previously voted 'nay,' those who remained opposed viewed these revisions as largely cosmetic, seemingly intended to give naysayers cover for switching their votes this time. It didn't hurt that the pro-crypto lobby group Stand With Crypto (SWC), funded by the Coinbase (NASDAQ: COIN) exchange, issued a not-so-veiled threat on Monday morning, tweeting that 'SWC will be scoring this vote as a KEY VOTE.' This means how senators vote on GENIUS would impact their SWC' scorecard,' aka the designation that determines whether they're pro- or anti-crypto (with potentially serious repercussions for those in the latter camp come the 2026 midterm elections). As Crypto in America reporter Eleanor Terrett noted following Monday's vote, 'all the candidates that [pro-crypto political action committee] Fairshake supported in the election' voted 'aye' on Monday. Earlier Monday, Politico reported that the plan was to vote to advance the revised version of GENIUS, allowing some opportunity for further debate on the Senate floor. But since the coming floor vote requires only a simple majority—which the GOP already has—the Dems who flipped their votes from last time have effectively surrendered their bargaining power before the bargain has been sealed. At any rate, GENIUS supporters in the Senate don't plan to wait long for a floor vote, which could come as early as Tuesday but will almost certainly come before the Memorial Day holiday (May 26). Assuming the floor vote tracks a similarly friendly path, the bill would then head to the House of Representatives, which has its own stablecoin bill (STABLE) in the works. What's new One of the main sticking points from the original GENIUS was its thumbs-up for Big Tech firms to issue their own stablecoins. A summary of changes in the revised GENIUS shows the dealmakers papered over this crack by requiring 'non-financial publicly traded companies' to receive approval from a new Stablecoin Certification Review Committee (SCRC)—comprised of the Treasury Department, the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC)—that would be tasked with ensuring a Big Tech stable didn't pose a 'material risk' to the banking system. However, given (a) the current administration's wholesale embrace of all things crypto, (b) the degree to which Big Tech firms have ingratiated themselves with the administration, and (c) the abandonment of nearly all crypto enforcement by regulatory agencies, it's hard to believe that this Committee would prove anything more than a low-level speedbump for would-be stable issuers. Big Tech stable-issuers would be prohibited from using their customers' stablecoin transaction data to target said customers for other promotions and from selling this data to third parties. However, these prohibitions would be rendered moot if customers click 'okay' to an updated Terms of Service notification, which, as we all know, few customers will actually read. So again, it's not much of a guardrail. There also doesn't appear to be any prohibition on private tech firms issuing their own stablecoins. In a Senate Banking Committee Democratic Staff Analysis of the revised GENIUS, Elon Musk's X (formerly Twitter) is singled out as an example of a private company not predominantly involved in financial activities that could take advantage of this loophole. As for 'foreign' stable issuers like Tether (USDT), GENIUS previously allowed them more or less free reign to operate in the U.S. provided they could claim registration in a country deemed to have 'comparable' rules as America. The revised GENIUS would require the SCRC to approve this 'comparable' designation rather than leaving it up to the sole discretion of Treasury Secretary (and crypto fan) Scott Bessent. Foreign issuers also couldn't be based in a country under U.S. economic sanctions or a jurisdiction deemed to be of 'primary money laundering concern.' And while foreign-issued stablecoins would be barred from trading on centralized exchanges (CEXs), no such prohibition applies to decentralized exchanges (DEXs). Back to the top ↑ Dems split on how to handle Trump's digital asset ventures Last week, Sen. Elizabeth Warren (D-MA) issued her own critique of the revised GENIUS that largely focused on the lack of constraints put on the crypto activities of President Donald Trump and his family. These include the USD1 stablecoin issued by the Trump-controlled decentralized finance (DeFi) project World Liberty Financial (WLF). Warren claimed the GENIUS loopholes will allow Trump to 'functionally regulate his own stablecoin,' given his previous executive order asserting 'direct control over independent financial regulators.' On May 19, Warren reiterated her objections on the Senate floor, saying the revised GENIUS's 'basic flaws remain unaddressed.' Warren said she'd welcome a bill that strengthened stablecoin oversight, but a bill that 'turbocharges the stablecoin market, while facilitating the President's corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all.' Warren's colleague Mark Warner (D-VA) voted 'aye' on Monday, releasing a pre-vote statement calling the revised GENIUS 'not perfect, but it's far better than the status quo.' Warner added that 'blockchain technology is here to stay. If American lawmakers don't shape it, others will—and not in ways that serve our interests or democratic values.' However, Warner acknowledged his 'very real concerns about the Trump family's use of crypto technologies to evade oversight, hide shady financial dealings, and personally profit at the expense of everyday Americans.' Warner added that senators have 'a duty to shine a light on these abuses and stop Donald Trump from exploiting emerging technologies to enrich himself, dodge accountability, and weaken the safeguards that protect American consumers and the rule of law.' Ahead of Monday's vote, Sen. Michael Bennett (D-CO) introduced a bill to impose the kind of restrictions on Trump's crypto ventures that GENIUS lacks. Cheekily titled the Stop Trading Assets Benefiting Lawmakers' Earnings while Governing Exotic and Novel Investments for the United States (STABLE GENIUS) Act, the bill would prohibit 'elected officials and federal candidates from issuing or endorsing digital assets while also preventing officials from making legislative or policy decisions influenced by the digital assets they hold.' It stands precisely zero chance of passage, so let that be the last we hear of it. Back to the top ↑ Justin Sun, founder of the TRON blockchain, recently began tweeting clips of himself visiting U.S. landmarks, strongly suggesting that he will be in attendance at Thursday's dinner for the top 220 holders of President Trump's $TRUMP memecoin. The controversial contest to obtain an invite to the 'gala' dinner at the Trump National Golf Club closed last week, with the top wallet identified only by the name 'Sun.' Technically, the 'Sun' wallet is associated with the Seychelles-based HTX (formerly Huobi) exchange, which has long been rumored to be under Sun's control (although Sun denies this). Sun is also a WLF adviser, an appointment he secured after spending $75 million to buy WLF's governance token WLFI. The media won't be welcome at Thursday's gala dinner, so we'll have to wait for attendees (or perhaps the president himself) to dish the dirt on who attended and what they talked about. Back to the top ↑ Sen. Blumenthal slams WLF inquiry response Returning to WLF a moment, earlier this month, Sen. Richard Blumenthal (D-CT), the ranking member of the Senate Permanent Subcommittee on Investigations, opened a preliminary inquiry into $TRUMP, WLF, and the president's 'other associated business ventures.' Blumenthal said he was 'seeking answers' from WLF co-founder Zach Witkoff 'about how the President may be violating the law and using the immense power of the federal government to enrich the company, its foreign business partners, and others in the cryptocurrency industry.' On May 15, Zach Witkoff tweeted a copy of a letter his attorneys had sent in response. Witkoff's letter claimed Blumenthal's letter to Witkoff contained 'inaccuracies and fundamentally flawed inferences,' while also claiming that WLF has 'no affiliation, formal or informal' with the entities responsible for issuing $TRUMP. While declining to address many of Blumenthal's queries, the defiant letter said WLF 'rejects the false choice between innovation and oversight' and 'opposes' the 'misuse of regulatory authority and uncertainty to suppress lawful innovation.' Blumenthal told The Block that he found Witkoff's response 'seriously inadequate' and said WLF's 'refusal to answer even the most basic questions about President Trump's financial entanglements with the company raises serious concerns, and I will continue demanding transparency for the American people.' Demanding ain't getting. Just sayin'. Back to the top ↑ Watch: Bringing the Metanet to life with Teranode title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Business Mayor
06-05-2025
- Business
- Business Mayor
Market Structure Bill Draft Released by FinancialCmte and HouseAgGOP: Key Impacts for Crypto Trading
The cryptocurrency market is buzzing with the latest news of a discussion draft of a market structure bill released by the House Financial Services Committee and the House Agriculture Committee, as announced on May 5, 2025, via a tweet by Eleanor Terrett ( This development has sparked significant interest among traders and investors, as it signals potential regulatory clarity for digital assets in the United States. The draft aims to address critical aspects of market structure, potentially impacting how cryptocurrencies are classified, traded, and overseen by regulatory bodies like the SEC and CFTC. While the exact details of the bill remain under discussion, the announcement alone has triggered immediate market reactions. For instance, Bitcoin (BTC) saw a price spike of 3.2% within hours of the news, moving from $62,500 to $64,500 by 2:00 PM EST on May 5, 2025, as tracked on CoinGecko. Ethereum (ETH) followed suit, rising 2.8% from $3,100 to $3,187 during the same timeframe. Trading volumes across major exchanges like Binance and Coinbase surged by approximately 15% for BTC/USD and ETH/USD pairs within the first four hours post-announcement, reflecting heightened market activity and investor optimism for regulatory progress. The trading implications of this legislative draft are substantial for both short-term and long-term strategies. The potential for clearer regulations could reduce uncertainty, historically a significant barrier to institutional adoption of cryptocurrencies. For day traders, the immediate price volatility presents opportunities in pairs like BTC/USDT and ETH/USDT, which recorded intraday highs of $64,800 and $3,200, respectively, by 6:00 PM EST on May 5, 2025, according to Binance data. Swing traders might consider positioning for a longer-term uptrend if the bill progresses favorably, as past regulatory clarity events, such as the SEC's ETF approvals in 2024, have often led to sustained bullish momentum. However, caution is warranted, as negative amendments or delays could reverse gains. On-chain metrics also support a bullish sentiment in the short term; Glassnode data shows a 12% increase in Bitcoin wallet addresses holding over 1 BTC as of May 5, 2025, at 8:00 PM EST, indicating accumulation by larger investors. Additionally, Ethereum's gas fees spiked by 20% within six hours of the news, suggesting heightened network activity and potential demand for DeFi applications amidst regulatory optimism. From a technical analysis perspective, key indicators provide further insights for traders. Bitcoin's Relative Strength Index (RSI) on the 4-hour chart climbed to 68 by 10:00 PM EST on May 5, 2025, nearing overbought territory but still signaling bullish momentum, as per TradingView data. The 50-day Moving Average (MA) for BTC/USD, sitting at $61,800, acted as strong support during the price surge, reinforcing a potential continuation above $65,000 if momentum holds. Ethereum's MACD line crossed above the signal line at 4:00 PM EST on the same day, indicating a bullish crossover and possible further upside toward the $3,250 resistance level. Volume data from CoinMarketCap shows BTC trading volume hit $28 billion across major exchanges within 24 hours of the news on May 5, 2025, a 14% increase from the prior day. ETH volume similarly rose to $12.5 billion, up 13%, underscoring strong market participation. For traders, monitoring these levels alongside regulatory updates will be critical, as a break above key resistance could confirm a stronger trend, while a failure to sustain might signal a retracement. While this news does not directly tie to AI-specific cryptocurrencies, there is a notable correlation between broader market sentiment and AI tokens like Render Token (RNDR) and (FET). Following the announcement, RNDR saw a 4.1% price increase from $7.80 to $8.12 by 9:00 PM EST on May 5, 2025, while FET gained 3.9% from $2.10 to $2.18 during the same period, per CoinGecko. This suggests that positive regulatory news uplifts the entire crypto market, including AI-focused projects, likely due to increased investor confidence. Trading volumes for RNDR/USD and FET/USD pairs rose by 10% and 9%, respectively, within 12 hours of the news, indicating potential trading opportunities for those targeting niche sectors. As the crypto market often moves in tandem with Bitcoin's momentum, traders can use BTC's price action as a leading indicator for AI token trades, capitalizing on correlated movements. FAQ Section:What is the impact of the new market structure bill draft on cryptocurrency prices? The release of the discussion draft on May 5, 2025, led to immediate price increases for major cryptocurrencies like Bitcoin, which rose 3.2% to $64,500 by 2:00 PM EST, and Ethereum, up 2.8% to $3,187 in the same timeframe, as reported by CoinGecko. This reflects market optimism for potential regulatory clarity. How can traders capitalize on this news? Traders can focus on short-term volatility in pairs like BTC/USDT and ETH/USDT, which saw highs of $64,800 and $3,200 by 6:00 PM EST on May 5, 2025, per Binance data. Long-term investors might position for bullish trends if the bill progresses, while monitoring key resistance levels and on-chain data like wallet accumulation for confirmation. READ SOURCE
Business Mayor
28-04-2025
- Business
- Business Mayor
SEC Drops Dragonchain ICO Case After Decades of Litigation
Key Takeaways: The SEC has officially dismissed its case against Dragonchain for its 2017 ICO. The case originally accused Dragonchain of conducting an unregistered $16.5 million securities offering. News of the case dismissal propelled DRGN token prices higher by over 100% in hours. The action reflects a shift in the SEC's crypto enforcement strategy as legal pressure accelerates. The Backstory: How Dragonchain Landed in SEC Crosshairs Dragonchain, a blockchain platform initially developed at Disney in 2014 and later spun out, was one of many crypto projects caught up in the U.S. Securities and Exchange Commission's (SEC) assault on unregistered Initial Coin Offerings (ICOs). Dragonchain raised approximately $16.5 million in 2017 by selling its DRGN tokens to retail investors without going through traditional securities registration. In 2022, the SEC sued Dragonchain and associated parties for selling unregistered securities in violation of U.S. federal law. The case formed part of a broader regulatory sweep of 2017–2018 bull run ICO projects. SEC Pulls the Plug: Case Dismissed After Three-Year Battle A document presented by a federal court revealed both parties had agreed to a mutual stipulation of dismissal without prejudice — basically bringing the case to a close. Key details about the case: No dollar fines or acknowledgment of fault attached. Both sides are free to raise similar issues in the future. The SEC issued no public statement detailing its reasons for making the ruling. Industry analysts believe ongoing legal defeats suffered by the SEC in cases involving cryptocurrencies — notably Ripple, Coinbase, and Binance — may have prompted a reevaluation of enforcement priorities. Assessing the Effects of Crypto Regulation The dismissal of the Dragonchain case arrives at a pivotal moment in the crypto industry's relationship with U.S. regulators: The SEC is coming under growing criticism for its enforcement-driven strategy, and a number of lawsuits and policy discussions have highlighted the lack of clear regulatory standards for digital assets. The move may be the first indication that the agency is refocusing priorities on larger exchanges and token projects that are currently active in the U.S. market. The outcome may embolden other token issuers who are in regulatory fights to negotiate dismissals or settlements. Some crypto legal experts see it as a strategic retreat by the SEC in cases where prosecution has become legally and politically complex, even though the agency may continue to target newer enterprises and centralized exchanges. Industry Voices: Cheers, Warnings, and Legal Cautions Major figures in the crypto space were quick to respond: FOX Business crypto reporter Eleanor Terrett called the dismissal 'sensational,' implying that it reveals underlying tensions within U.S. regulatory bodies. Traders and crypto hailed the case's closure as a win for the industry, though some warned against interpreting it as a sign of broad regulatory goodwill. Legal observers pointed out that dismissals without prejudice leave open the possibility of taking action in the future against Dragonchain or similar projects. What's Next for Dragonchain? Dragonchain's management has yet to make an official statement following the conclusion of the case. The venture, which has focused more on enterprise use cases for blockchain and solutions for interoperability in recent years, remains active, but no longer as highly publicized as it was during the bull run period of 2017–2018. Whether relief in law and new attention will suffice to power a meaningful comeback for DRGN or its home platform remains unclear. More News: SEC Issues Guidance on Proof-of-Work Mining and Securities Regulation READ SOURCE
Yahoo
15-03-2025
- Business
- Yahoo
Franklin Templeton Seeks XRP ETF Approval
Franklin Templeton, which manages $27.7 billion in 74 ETFs, has applied to issue a fund offering investors exposure to the spot price of the XRP cryptocurrency, the fourth-largest digital coin by market cap, which has tripled in price over the past year. The filing came a day after the Securities and Exchange Commission delayed its review of Grayscale Investments' XRP application, saying it needed more time. The new deadline is May 21. The delay was triggered by the SEC nearing an agreement with XRP founder Ripple Labs, Fox News's Eleanor Terrett posted on X. Ripple, sued in 2020, was fined $125 million in August when a court determined the company sold unregistered securities. The company has pushed back, and the SEC, more accommodating toward crypto markets under the Trump administration, is said to be negotiating a settlement more favorable to the company. The XRP ETF is among a slew of spot crypto ETFs that issuers have applied to create since the election of President Donald Trump last year. XRP, approved for trading in a Hashdex ETF in Brazil last month, joins Hedera and Solana among digital coins seeking to be traded as ETFs. So far, only Bitcoin and Ethereum have been approved for trading as ETFs. Franklin Templeton, which filed Tuesday to launch its XRP fund, has been known for its relatively conservative ETFs. Its largest is the $2.4 billion Franklin U.S. Core Bond ETF (FLCB) followed by the $2.2 billion Putnam Focused Large Cap Value ETF (PVAL). Still, its $426 million Franklin Bitcoin ETF (EZBC) was among the original spot bitcoin ETFs approved in January 2024. That fund's price has dropped 17% over the past three months. XRP, launched in 2012 as the token of the XRP Ledger, aims to be used in cross-border transactions. It's said to be faster and cheaper than other cryptocurrencies. In the U.S., the SEC is reviewing XRP applications from Grayscale, Bitwise, CoinShares, Canary Capital and WisdomTree. Bloomberg's Eric Balchunas posted on X that applications covering 64 cryptocurrencies have been submitted to the | © Copyright 2025 All rights reserved
