Latest news with #GTThompson
Yahoo
15 hours ago
- Business
- Yahoo
What is ‘Crypto Week'—and how will it affect Bitcoin, XRP, and other cryptocurrency prices?
Welcome to Crypto Week: No, contrary to what it sounds like, that's not a period coined by some crypto bro investor. Instead, it's the name members of the U.S. House of Representatives have given to the week that kicked off yesterday, on July 14. Here's what you need to know about Crypto Week and how its events could change the future of the cryptocurrency industry. The Platinum Card is about to change. Amex's new fast-format airport lounge might be a sneak preview Managers think employees should take a break from work—but they don't promote the ones who do GENIUS Act update: What's happening with the stablecoin crypto vote? What is 'Crypto Week'? Crypto Week is the term given to the week of July 14, 2025. The term was coined by the U.S. House of Representatives' House Leadership, as well as the House Committee on Financial Services Chairman French Hill, and the House Committee on Agriculture Chairman GT Thompson. Crypto Week is so designated because during this week, the House will vote on three bills that could significantly impact the future of cryptocurrencies in the United States. The bills, according to the U.S. House Committee on Financial Services, feature heavily in 'Congress' efforts to make America the crypto capital of the world.' The House Committee on Financial Services originally announced Crypto Week at the beginning of this month. 'We are taking historic steps to ensure the United States remains the world's leader in innovation and I look forward to 'Crypto Week' in the House,' Chairman French Hill said. 'After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans' financial privacy.' The legislation Hill referenced includes three different bills coming before the House this week: The Digital Asset Market Clarity Act of 2025 The Anti-CBDC Surveillance State Act The GENIUS Act of 2025 Here's a rundown of what each bill entails. The Digital Asset Market Clarity Act of 2025 As noted by CNBC, the Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act, looks to regulate cryptocurrencies by establishing roles for the Securities and Exchange Commission and the Commodity Futures Trading Commission to do so. As noted by the bill's summary, the CLARITY Act 'establishes a regulatory framework for digital commodities,' which the bill defines as 'digital assets that rely upon a blockchain for their value'—in other words, cryptocurrency. Generally, industries don't like regulation. However, as Coinbase notes, the passage of the CLARITY Act, which would give regulators more oversight over digital tokens, is viewed as beneficial for the crypto industry as a whole, as it would further legitimize the industry in the eyes of investors. The increased legitimacy of cryptocurrencies, along with enhanced regulatory protections, could lead to more investors opting to invest in crypto, thereby boosting its value. The Anti-CBDC Surveillance State Act The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a digital dollar. As stated by the bill's summary, the act would prohibit 'a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar).' While many nations are exploring the issuance of their own digital currency, there are serious privacy concerns about such tokens. Privacy proponents fear that a state-backed digital currency could easily allow a government to track every transaction a person makes. Privacy proponents also worry that if a digital dollar becomes the primary store of value, the government could retaliate against individuals or groups by cutting off their access to the currency, leaving them unable to spend their money. The GENIUS Act of 2025 The Guiding and Establishing National Innovation for U.S. Stablecoins of 2025, or GENIUS Act, would regulate stablecoins, which are cryptocurrencies pegged to a stable asset, such as the U.S. dollar. Stablecoins pegged to the dollar are generally much less volatile than those that are not, which helps mitigate some investment risk. Popular stablecoins include Tether and USDC. The GENIUS Act would introduce regulation to the stablecoin market, requiring institutions that offer stablecoins to maintain liquid reserves that back up the value of their stablecoins. In addition, the bill would establish other regulatory frameworks, including ensuring stablecoin holders have priority over other claimants in the case that a stablecoin issuer files for bankruptcy. How will Crypto Week affect cryptocurrency prices? It's impossible to tell how Crypto Week will impact cryptocurrency prices of coins like Bitcoin, Ethereum, and XRP. Crypto king Bitcoin recently hit all-time highs, and any legislation that is passed that makes Bitcoin a more appealing investment option could cause the digital token to rise even further. The stock prices of companies involved in cryptocurrencies could also be impacted this week, depending on the outcome of voting on the above bills. Those companies include Coinbase Global, Inc. (Nasdaq: COIN) and Robinhood Markets, Inc. (Nasdaq: HOOD). This post originally appeared at to get the Fast Company newsletter:
Fast Company
2 days ago
- Business
- Fast Company
What is ‘Crypto Week'—and how will it affect Bitcoin, XRP, and other cryptocurrency prices?
Welcome to Crypto Week: No, contrary to what it sounds like, that's not a period coined by some crypto bro investor. Instead, it's the name members of the U.S. House of Representatives have given to the week that kicked off yesterday, on July 14. Here's what you need to know about Crypto Week and how its events could change the future of the cryptocurrency industry. What is 'Crypto Week'? Crypto Week is the term given to the week of July 14, 2025. The term was coined by the U.S. House of Representatives' House Leadership, as well as the House Committee on Financial Services Chairman French Hill, and the House Committee on Agriculture Chairman GT Thompson. Crypto Week is so designated because during this week, the House will vote on three bills that could significantly impact the future of cryptocurrencies in the United States. The bills, according to the U.S. House Committee on Financial Services, feature heavily in 'Congress' efforts to make America the crypto capital of the world.' The House Committee on Financial Services originally announced Crypto Week at the beginning of this month. 'We are taking historic steps to ensure the United States remains the world's leader in innovation and I look forward to 'Crypto Week' in the House,' Chairman French Hill said. 'After years of dedicated work in Congress on digital assets, we are advancing landmark legislation to establish a clear regulatory framework for digital assets that safeguards consumers and investors, provides rules for the issuance and operation of dollar-backed payment stablecoins, and permanently blocks the creation of a Central Bank Digital Currency (CBDC) to safeguard Americans' financial privacy.' The legislation Hill referenced includes three different bills coming before the House this week: The Digital Asset Market Clarity Act of 2025 The Anti-CBDC Surveillance State Act The GENIUS Act of 2025 Here's a rundown of what each bill entails. The Digital Asset Market Clarity Act of 2025 As noted by CNBC, the Digital Asset Market Clarity Act of 2025, also known as the CLARITY Act, looks to regulate cryptocurrencies by establishing roles for the Securities and Exchange Commission and the Commodity Futures Trading Commission to do so. As noted by the bill's summary, the CLARITY Act 'establishes a regulatory framework for digital commodities,' which the bill defines as 'digital assets that rely upon a blockchain for their value'—in other words, cryptocurrency. Generally, industries don't like regulation. However, as Coinbase notes, the passage of the CLARITY Act, which would give regulators more oversight over digital tokens, is viewed as beneficial for the crypto industry as a whole, as it would further legitimize the industry in the eyes of investors. The increased legitimacy of cryptocurrencies, along with enhanced regulatory protections, could lead to more investors opting to invest in crypto, thereby boosting its value. The Anti-CBDC Surveillance State Act The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a digital dollar. As stated by the bill's summary, the act would prohibit 'a Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar).' While many nations are exploring the issuance of their own digital currency, there are serious privacy concerns about such tokens. Privacy proponents fear that a state-backed digital currency could easily allow a government to track every transaction a person makes. Privacy proponents also worry that if a digital dollar becomes the primary store of value, the government could retaliate against individuals or groups by cutting off their access to the currency, leaving them unable to spend their money. The GENIUS Act of 2025 The Guiding and Establishing National Innovation for U.S. Stablecoins of 2025, or GENIUS Act, would regulate stablecoins, which are cryptocurrencies pegged to a stable asset, such as the U.S. dollar. Stablecoins pegged to the dollar are generally much less volatile than those that are not, which helps mitigate some investment risk. Popular stablecoins include Tether and USDC. The GENIUS Act would introduce regulation to the stablecoin market, requiring institutions that offer stablecoins to maintain liquid reserves that back up the value of their stablecoins. In addition, the bill would establish other regulatory frameworks, including ensuring stablecoin holders have priority over other claimants in the case that a stablecoin issuer files for bankruptcy. How will Crypto Week affect cryptocurrency prices? It's impossible to tell how Crypto Week will impact cryptocurrency prices of coins like Bitcoin, Ethereum, and XRP. Crypto king Bitcoin recently hit all-time highs, and any legislation that is passed that makes Bitcoin a more appealing investment option could cause the digital token to rise even further. The stock prices of companies involved in cryptocurrencies could also be impacted this week, depending on the outcome of voting on the above bills. Those companies include Coinbase Global, Inc. (Nasdaq: COIN) and Robinhood Markets, Inc. (Nasdaq: HOOD).
Yahoo
04-07-2025
- Politics
- Yahoo
Philipsburg resident announces plans to run for state representative in 77th District
A Philipsburg resident who ran for a seat in Congress during the last election announced his intentions Thursday to seek the Democratic nomination for Pennsylvania's 77th House District next year. Zach Womer made his announcement following the passage of President Donald Trump's 'Big Beautiful Bill' and made note of cuts to Medicaid and the Supplemental Nutrition Assistance Program that he said will 'shift responsibility for our social safety net to state legislatures.' 'Whether the decisions were made in Washington D.C. or Harrisburg, I have watched a decades long tragedy of the wealth of our nation transferring from the poor and working class to people who have never swung a hammer, never milked a cow, but hold a large portion of our nation's wealth,' he said in a written statement. The 77th House District has been represented by state Rep. Scott Conklin, D-Rush Township, since 2007. Conklin won reelection in November to another two-year term and has not publicly announced whether he'll run for an 11th term. In November's election, Womer ran as a political newcomer against U.S. Rep. Glenn 'GT' Thompson, R-Howard, who won by more than a 40-point margin. Womer is also running in this year's election for Philipsburg mayor against Republican incumbent John Streno. 'We now sit at a greater disparity in wealth than in the gilded age,' Womer said in the written statement. 'As a state legislator, I will fight to the greatest extent I am able to ensure that the Commonwealth of Pennsylvania represents the interests of the working men and women that call it home.' House District 77 includes part of State College borough, along with Port Matilda and Patton, Ferguson, Rush, Huston and Worth townships.
