Latest news with #FrenchHill
Yahoo
5 days ago
- Business
- Yahoo
U.S. House's 'Crypto Week' Shifts Toward Getting All Legislation Out Thursday
The U.S. House of Representatives' on-again, off-again "Crypto Week" has turned into a crypto day as a dispute among Republicans found a late-night resolution and the lawmakers hatched a plan to pursue all of its crypto legislative votes late Thursday. The Digital Asset Market Clarity Act — the industry's top priority, which would set out rules for U.S. crypto markets — is first on the agenda in voting set to take place just before 4 p.m., according to House plans. Then comes the second priority: the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which would establish government oversight of stablecoin issuers. That second vote would be the last step before GENIUS could become U.S. law — the first major U.S. crypto policy. In a one-two-three strategy, the lawmakers would then handle a bill to ban a U.S. central bank digital currency (CBDC) — the issue that caused Republican members of the House Freedom Caucus to derail earlier procedural steps to advance the bills as they worked to get assurances that the CBDC issue would find its way into must-pass legislation. The procedural votes that were expected to be routine on Wednesday turned into a lengthy ordeal in which House Republicans fell into debate over the CBDC component, stretching the procedural delay almost to midnight and putting off the expected Wednesday vote on the Clarity Act. Back on track now, the White House is eagerly setting up a Friday afternoon ceremony in which President Donald Trump can sign the GENIUS Act, officially meeting one piece of a promise to the industry that his administration would establish U.S. crypto regulations this year. "This is common-sense, forward-looking legislation," said Representative French Hill, the chairman of the House Financial Services Committee, during a Thursday House floor debate on the GENIUS Act. "Wow, we're actually legislating," Hill said. "We're seeing bills passed in both chambers." However, Representative Maxine Waters, the committee's ranking Democrat, argued the bill would "plant the seeds for the next financial crisis." Though GENIUS may be in the lead, the Clarity Act to oversee the rest of the industry is much larger and more complex than the stablecoin bill. Though Senator Tim Scott, the chairman of the Senate Banking Committee, set a Sept. 30 deadline for his chamber to finish similar market structure legislation, a number of difficult hurdles remain to be cleared in that 10-week period. First, his committee hasn't yet shared the language of the bill it's been working on, which has so far only been described through a series of "principles" the panel's Republican leaders issued. Then the bill also has to be approved by the Senate Agriculture Committee, which held a hearing on the topic this week but isn't as advanced in its work on this topic. With objections already raised by Senate Democrats to the existing proposals — including from the ranking Democrats on both committees — "working through Democratic concerns on market structure will take well into the fall, and quite possibly beyond," predicted Beacon Policy Advisors, a firm that tracks regulatory developments in Washington. Though Scott said the senators would use the Clarity Act as a "strong template," crypto lobbyists are expecting a substantially different bill in the Senate. That would mean the House would face at least one more vote on crypto market structure down the road. If the House's Clarity Act vote goes as planned on Thursday, it's expected to see a big bipartisan result (with industry lobbyists so far expecting more than 30 Democrats to get on board). Crypto insiders are laser-focused on the number of Democrats backing that effort, which they believe will have an effect on the enthusiasm of the Senate to pursue its own bill. An especially strong result — akin to the 71 Democrats a predecessor bill drew in the previous congressional session — "will put pressure on the Senate to act," said policy analyst Jaret Seiberg of TD Cowen, in a client note, describing the market structure effort as much more important for the sector than GENIUS, "as it will establish the regulatory regime for trading platforms and tokens." So far, this Senate has shown a strong inclination toward crypto policy, having passed the GENIUS Act with a lopsided 68-30 result. But the market structure legislation could face a tougher road, because it's more complicated, and Democrats have been raising angry opposition to President Trump's personal business ties to the industry, which some lawmakers argue constitute a corrupt conflict of interests. Adds comments from lawmakers during the House floor debate on legislation. Sign in to access your portfolio
Washington Post
5 days ago
- Business
- Washington Post
House sends bill regulating stablecoins, a type of cryptocurrency, to Trump
WASHINGTON — The 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. 'Around the world, payment systems are undergoing a revolution,' said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will 'ensure American competitiveness and strong guardrails for our consumers.' 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. 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.' 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. The crypto industry has long complained that unclear laws have made it difficult to operate in the U.S. and that the Biden administration tried to regulate it through enforcement actions rather than transparent rulemaking. Getting this bill passed has been a top priority for the industry, which has quickly become a major power player in Washington thanks to heavy campaign donations and lobbying. Advocates said the passage of the bills marks a key moment in cryptocurrency's winding path toward mainstream adoption. Patrick McHenry, the former chair of the House Financial Services Committee and now vice chair of the crypto firm Ondo Finance, said the legislation will have a 'massive generational impact,' similar to the securities laws Congress passed in the 1930s that helped make Wall Street the center of the financial world. 'These bills will make the United States the center of the world for digital assets,' he said. 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. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimize, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' said California Rep. Maxine Waters , the top Democrat on the Financial Services panel. 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. 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. 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.
Boston Globe
6 days ago
- Business
- Boston Globe
House sends bill regulating stablecoins, a type of cryptocurrency, to Trump
Advertisement 'Around the world, payment systems are undergoing a revolution,' said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will 'ensure American competitiveness and strong guardrails for our consumers.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 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. 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.' Advertisement 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.' 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. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimize, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' said California Rep. Maxine Waters, the top Democrat on the Financial Services panel. 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. 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. Advertisement 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. Associated Press writer Alan Suderman contributed to this report.
Yahoo
6 days ago
- Business
- Yahoo
House votes on trio of cryptocurrency bills aimed at legitimizing the industry
WASHINGTON (AP) — The House is voting on a trio of bills Thursday 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 bills, which would regulate a type of cryptocurrency called stablecoins, has already passed the Senate with broad bipartisan support and will head to Trump's desk if it passes the lower chamber. The other two — legislation to address cryptocurrency market structure and a bill to prohibit the Federal Reserve from issuing a central bank digital currency — have yet to be passed in the Senate. The stablecoin bill 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. 'Around the world, payment systems are undergoing a revolution,' said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will 'ensure American competitiveness and strong guardrails for our consumers.' 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 vote, leaving the fate of the other two bills unclear. 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. 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." Despite some bipartisan support, the bill faced pushback as it made its way through Congress. Democrats felt that it did little to address Trump's personal financial interests in the crypto space. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimize, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' said California Rep. Maxine Waters, the top Democrat on the Financial Services panel. 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. 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. 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. ___ Associated Press writer Alan Suderman contributed to this report. Sign in to access your portfolio
The Independent
6 days ago
- Business
- The Independent
House votes on trio of cryptocurrency bills aimed at legitimizing the industry
The House is voting on a trio of bills Thursday 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 bills, which would regulate a type of cryptocurrency called stablecoins, has already passed the Senate with broad bipartisan support and will head to Trump's desk if it passes the lower chamber. The other two — legislation to address cryptocurrency market structure and a bill to prohibit the Federal Reserve from issuing a central bank digital currency — have yet to be passed in the Senate. The stablecoin bill 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. 'Around the world, payment systems are undergoing a revolution,' said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will 'ensure American competitiveness and strong guardrails for our consumers.' 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 vote, leaving the fate of the other two bills unclear. 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. 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." Despite some bipartisan support, the bill faced pushback as it made its way through Congress. Democrats felt that it did little to address Trump's personal financial interests in the crypto space. 'No one should be surprised that these same Republicans' next order of business is to validate, legitimize, and endorse the Trump family's corruption and efforts to sell the White House to the highest bidder,' said California Rep. Maxine Waters, the top Democrat on the Financial Services panel. 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. 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. 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. ___
