Latest news with #GuidingandEstablishingNationalInnovationforU.S.Stablecoins
Yahoo
5 days ago
- Business
- Yahoo
Bitcoin hovers near record high as investors flock to crypto safe haven amid geopolitical uncertainty
Bitcoin's rally is rolling on, with its price sitting near a record high as investors are piling into the cryptocurrency amid a storm of global economic uncertainty, a downgrade of U.S. debt and growing confidence in the forthcoming regulation of digital assets. At the heart of this surge are several powerful catalysts, according to analysts and executives gathered at this year's Solana Accelerate Conference. Among the top reasons for the rally: bitcoin's rising status as a safe haven asset, mounting geopolitical instability and a wave of institutional adoption. "Bitcoin is starting to behave as a safe haven asset, and there's more and more instability in the world," said Chainlink co-founder Sergey Nazarov. "For the first time now, it's starting to get decoupled from tech stocks. So, if you wanted to choose a second safe haven asset after gold, bitcoin would now be a logical choice." Johann Kerbrat, senior vice president of Robinhood Crypto, echoed this sentiment, telling FOX Business that "people see bitcoin as a reserve as well. And so, when there is a bit of instability in the market or in the globe, they actually use bitcoin as a reserve currency." Adding fuel to the rally: optimism that meaningful crypto legislation is finally within reach. Momentum is building in Congress, with both chambers considering key regulatory frameworks for stablecoins – digital currencies pegged to traditional assets like the U.S. dollar – and market structure bills that would define how digital assets are traded and held. Read On The Fox Business App Jpmorgan Ceo Jamie Dimon Clears Bitcoin For Bank "I think in 10 days we will have it completed and through the Senate," Sen. Bill Hagerty, R-Tenn., said last week, referring to the GENIUS Act – short for "Guiding and Establishing National Innovation for U.S. Stablecoins." Rep. French Hill, R-Ark., a leading voice in House crypto policy, told FOX Business, "We have no rules on this. And so these are significant, because if we have rules about a payment stablecoin and a market structure bill... then money will come back to the U.S., innovation will come to the U.S., and we'll be the No. 1 fintech digital assets country in the world. That's what I want to do." Hill also emphasized the urgency and strategic importance of moving forward before lawmakers break for the summer. "We're looking forward to the Senate passing the GENIUS Act, seeing what it contains, how it's structured, and how we can work together to get to the president's desk a dollar-backed stablecoin before the August recess," he said. Kristen Smith, president of the Solana Policy Institute, added that support for crypto policy is cutting across party lines. "It's a bipartisan issue," Smith said. This isn't something that only Republicans or only Democrats care about. This is really an American issue. And I think that that is starting to translate into the markets with some comfort that our economy is stabilizing, that the policies are coming into place, and that this is an opportunity for growth in the crypto industry from here going forward." Us Solidifying Itself As Bitcoin Mining Hub Cryptocurrency has also made its way to the top levels of the Trump administration, with Vice President JD Vance heading to Las Vegas to deliver the keynote address at this year's Bitcoin Conference on Wednesday. Further highlighting the mainstreaming of crypto, a dozen U.S. bitcoin exchange-traded funds (ETFs) have attracted robust inflows, with investors pumping in about $4.2 billion so far in May. This surge in institutional interest marks a major shift in how traditional investors approach digital assets, viewing them less as speculative bets and more as components of diversified portfolios. Meanwhile, The Wall Street Journal reports that major U.S. banks are exploring partnerships with crypto firms to issue a joint stablecoin. The move comes amid growing concerns that private sector stablecoins could start to siphon off customer deposits and reshape how money moves across the financial system. "I think the banks want to be part of that payment space," Hill added. "Banks have moved to real-time payments now… I think you can also predict in the future that we'll have 24-hour-a-day, seven-day-a-week, tokenized transactions in securities or in payments." With the global financial system in flux, regulatory clarity on the horizon and institutional investors entering the fold, bitcoin's breakout could be just the beginning of a broader transformation of how value is stored and moved. Whether bitcoin becomes the digital gold of the 21st century or something altogether different remains to be seen. But one thing is clear: the crypto world is no longer on the fringe – it's front and article source: Bitcoin hovers near record high as investors flock to crypto safe haven amid geopolitical uncertainty
Yahoo
6 days ago
- Business
- Yahoo
In Final Days of Senate Stablecoin Debate, Trump's Crypto Ties to Remain in Spotlight
The U.S. Senate has never been closer to approving a major piece of crypto legislation as it mulls the stablecoin-regulation bill, but some Democrats are insisting that the final debate needs to address the accused conflicts of President Donald Trump. Proponents of the U.S. stablecoin legislation were hoping to cap off their effort in a single week, but debate will continue into a second week of floor action on the bill to set oversight of the dollar-based tokens at the heart of digital assets trading. Part of that debate will be a push from a prominent faction of Democrats, including Senators Elizabeth Warren and Chris Murphy, to amend the legislation to directly ban the president and other senior government officials (including members of Congress) from engaging in stablecoin business — a restriction that Trump would already run afoul of with his family's World Liberty Financial. 'Elected officials have a responsibility to serve the American people — not line their own pockets," a group of seven Democrats that also includes Minority Leader Chuck Schumer said in a statement on Friday, the day after Trump welcomed more than 200 of the top investors in his own memecoin to a private dinner. "To crack down on the blatant corruption of the president and his family, our amendment prohibits the president, vice president and senior government officials from directly or indirectly profiting from a stablecoin venture while in office."Other Democrats who chose at the start of last week to move ahead with the bill have argued that the U.S. Constitution already makes it illegal for the president to accept anything of value from foreign interests, as they claim Trump is doing with his family crypto business. Those senators, including Kirsten Gillibrand of New York, have said there's no need to repeat it in the stablecoin bill. But Murphy countered at a Thursday press conference that pursuing legal breaches under that constitutional provision is much harder than just clearly making a new law that carries explicit consequences. Senator Bill Hagerty, the Tennessee Republican who backed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, said in a Friday interview on Fox Business that he's "optimistic as we embrace this piece of legislation, and I'm delighted that we've gotten strong, bipartisan support here, that we're moving in the right direction." The bill cleared a so-called cloture vote on Monday that required 60 votes, with supporters numbering 66, including more than a dozen Democrats. The vote to advance the bill meant a defined period of floor debate would commence before it must clear another cloture hurdle and get its final vote on approval, which would happen with a simple majority. At that time, the House can either adopt the Senate's work or pass something similar that can be meshed with the GENIUS Act in a compromise negotiation that would lead to still more votes. Murphy said on Thursday that the stablecoin debate will continue through next week. In response to a question from CoinDesk, he said some fellow Democrats who approved the previous cloture vote might not do so again if the current stablecoin debate doesn't get into the Trump issue. Many of the same Democrats who have been protesting Trump's memecoin dinner are seeking to steer the stablecoin debate toward the potential conflicts of government officials. Murphy said Trump is running "the most corrupt White House in the history of the country." "Just because the corruption is playing out in the public where everybody can see it doesn't mean that it isn't rampant, rapacious corruption," he said. But Trump's son, Eric, appeared at Consensus 2025 in Toronto earlier this month, arguing that the crypto business matters are not offering access to the presidency. "I started World Liberty long before he ever got elected," Eric Trump said. "We were in the crypto world long before he was ever elected, and one has absolutely nothing with the other." And Bo Hines, a White House adviser for digital assets, said at the same Consensus event that "the president of the United States can't be bought."
Yahoo
24-05-2025
- Business
- Yahoo
U.S. Stablecoin Bill Approval Could Trigger a Long-Term Crypto Bull Market: Bitwise
Progress on the stablecoin bill in the U.S. could lead to a multi-year crypto bull market, asset manager Bitwise said in a report Tuesday. The Senate agreed to advance the GENIUS Act to a final vote on Monday, the report noted, which means that the U.S. could pass its first piece of crypto legislation this summer. "Outside of the January 2024 approval of spot bitcoin ETFs, this is the most important regulatory development in the history of crypto. It may even be bigger," wrote Matt Hougan, chief investment officer at Bitwise. Stablecoins are cryptocurrencies whose value is tied to another asset, such as the U.S. dollar or gold. They play a major role in cryptocurrency markets and are also used to transfer money internationally. The Senate's Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act mandates federal regulation for stablecoins with a market cap of over $10 billion with the potential for state regulation if it aligns with federal rules. The House of Representatives' STABLE Act calls for state regulation without any conditions. Bitwise noted that stablecoin issuers have to follow a number of regulations but there is no "overarching federal framework." The GENIUS Act provides that regulatory framework. Once approved, this could set the stage for a long-term rally in crypto assets other than just bitcoin BTC, Bitwise said, and the biggest potential beneficiaries are ether ETH, solana SOL and decentralized finance (DeFi) assets such as uniswap UNI and aave AAVE. The stablecoin market could reach $2.5 trillion in size in no time, from $245 billion currently, the report 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
Int'l Business Times
22-05-2025
- Business
- Int'l Business Times
Republican Senator Insists Making US the 'Crypto Capital of the World' Is 'Good News for Americans Living in Poverty'
A Republican senator insisted that efforts to make the U.S. the "crypto capital of the world" have positive implications for all Americans, but "especially those living in poverty" while promoting cryptocurrency legislation. South Carolina Sen. Tim Scott advocated for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act during an appearance on Fox Business Thursday morning, saying that the bill aligned well with President Donald Trump's campaign promises. "President Trump simply said on the campaign trail: America will be the crypto capital of the world. This may be a major part of his legacy when we make it easier for the struggling Americans working paycheck to paycheck to have more access at a lower price point," Scott said. Tim Scott on crypto legislation: "This bill must go forward because it's good news for the American people, especially the ones living in poverty." — Aaron Rupar (@atrupar) May 22, 2025 The Republican lawmaker is one of the co-sponsors of the GENIUS Act , which aims to help stabilize cryptocurrency markets and provide clarity on digital asset regulations. The bill has garnered bipartisan support, but was blocked by Senate Democrats in early May, Fox Business previously reported. Scott, who also serves as the Senate Banking Committee chairman, expressed that banks initially had some hesitancy to supporting the legislation, but he said they're now "neutral" following constructive cooperation. "This bill must go forward because it's good news for the American people, especially the ones living in poverty," Scott said. But although Scott appeared excited by the possibilities of the legislation, his claims of it aiding Americans "living in poverty" appeared to strike a nerve among social media users, many of whom claimed it was "out of touch." The working poor will not be buying crypto. Groceries, school supplies Christmas presents are going to be more expensive. Nothing left for buying crypto. So out of touch. — Susan Madden Goodell (@skgoodell) May 22, 2025 "The working poor will not be buying crypto. Groceries, school supplies Christmas presents are going to be more expensive. Nothing left for buying crypto. So out of touch," one user wrote. Tim's right. I know if I was poor the first thing I'd try to do is get my hands on some crypto currency. — JOHN VALENTINE (@SageAmenti) May 22, 2025 "Tim's right. I know if I was poor the first thing I'd try to do is get my hands on some crypto currency," another user sarcastically declared. Tim's right. I know if I was poor the first thing I'd try to do is get my hands on some crypto currency. — JOHN VALENTINE (@SageAmenti) May 22, 2025 Yeah, I stopped giving money to homeless people. They're raking it in on crypto. — Oola Moonk's Biscuit (@myndmaven) May 22, 2025 "Lemme check with poor people and find out how many got digital going on," another use jabbed. Huh? Lemme check with poor people and find out how many got digital going on. — lijareturnz 🇺🇸 (@lijareturnz) May 22, 2025 Trump has been a supporter of cryptocurrency markets, signing an executive order to establish a "Crypto Strategic Reserve" in March. However, the president has also faced scrutiny after he and First Lady Melania Trump released of their own memecoins just days before the start of his second term. Originally published on Latin Times
Newsweek
21-05-2025
- Business
- Newsweek
What GENIUS Act Means for Crypto Investments
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Senate's decision to push forward landmark legislation on the regulation of "stablecoins"—cryptocurrencies whose value is pegged to another asset—could hold significant implications for the investors' portfolios and the wider crypto market, experts have told Newsweek. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed the cloture vote by a margin 66 to 32 on Monday, with two abstentions. The bill has now secured the 60 needed to advance to a full Senate vote in the near future. Vanderbilt Law School Professor Yesha Yadav said that, should the bill pass a full Senate vote, it will "represent a watershed in the history of crypto markets and their acceptance within the mainstream financial system." What is the GENIUS Act? The bill is an attempt to regulate the fast-growing market for stablecoins by providing clear guidelines for issuance and transparency, as well as reserve obligations. With its passage, GENIUS would require stablecoin issuers to maintain a 1-to-1 reserve of liquid assets, such as cash, to back their tokens, a measure designed to ensure holders can redeem coins at any time. Regarding consumer protections, it states that in the event of an issuer going bankrupt, stablecoin holders would be given priority over creditors, and that issuers are required to abide by conventional anti-money laundering regulations. British economist Garrick Hileman, known for his research into cryptocurrency and blockchain technology, told Newsweek that GENIUS would "end the regulatory 'maybe' and replace it with a simple deal—keep one real dollar for every digital dollar, publish audits, or get out." The bill would also allow banks to issue their own stablecoins, and nonbank entities to do so provided they register and meet certain regulatory benchmarks. "This piece of legislation will have instant impact on the financial system and in particular on the capacity of major financial institutions like banks to open up the possibility of issuing stablecoins, as well as offering a range of other services connected to them," said Yadav. "This represents a sea change from past practice where banks were severely curtailed in their ability to engage with the crypto economy as well as crypto products." What Are the Concerns Over the Crypto Act? The bill has been framed by its supporters as providing clear and necessary federal guidelines that will accelerate U.S. innovation in the crypto space. Criticism of the act, expressed by several Democrats and a select few Republicans, has focused on the bill's insufficient safeguards against corruption, and concerns that allowing "Big Tech" to issue stablecoins would erode "America's historical separation between banking and commerce." These concerns had resulted in weeks of debate over the bill, as Democrats argued for additional amendments on consumer protections and ethical standards for public officials, which delayed the procedural vote until Monday. Some, most notably Massachusetts Senator Elizabeth Warren, have warned that by bringing stablecoins into the mainstream, public officials engaged in cryptocurrency ventures may be able to reap even greater profits, despite being the ones tasked with regulating the market. Warren cited President Donald Trump's affiliation with the crypto firm World Liberty Financial and its recently issued stablecoin, USD1, as an example of such a conflict of interest. "The GENIUS Act will accelerate Trump's corruption by supercharging the size of the stablecoin market and the reach and profitability [of] Trump's USD1," Warren said on the Senate floor ahead of the vote. "This bill provides even more opportunities to reward buyers of Trump's coins with favors like tariff exemptions, pardons, and government appointments," she added. Newsweek reached out to the White House for comment, as well as the president's affiliated companies, World Liberty Financial and the Trump Organization. Democratic Senator Elizabeth Warren of Massachusetts conducts a special forum at the Dirksen Senate Office Building on May 14, 2025, in Washington D.C. Democratic Senator Elizabeth Warren of Massachusetts conducts a special forum at the Dirksen Senate Office Building on May 14, 2025, in Washington Student Borrower Protection Center "The growing ethics concerns are real and there is a serious need for timely investigations and action," said Hileman. "But ethics concerns belong in the ethics domain, not a payments efficiency bill." "GENIUS drops every issuer straight under the Bank Secrecy Act—same [Anti-Money Laundering] tool kit the banks use," he added. "That's tighter oversight, not a free pass." Financial analyst Lyn Alden told Newsweek that she was less concerned about the strength of bill's anti-money laundering provisions than the issues surrounding potential conflicts of interests expressed by Warren. "I think the concerns around conflicts of interest are reasonably valid, although that's a broad theme in this administration, rather than a crypto-specific thing," she said. "It would be comparable to passing legislation that benefits real-estate owners for a president who has considerable real-estate interests." What Will the Act Do for Crypto Investments? Experts agree that the passage of GENIUS will provide some short-term tailwinds for cryptocurrency, as its advancement in the Senate represents the first step toward legitimate financial regulation and a politically backed entry into the mainstream asset market. "This represents the first piece of major crypto legislation that has been passed by Congress, and as a result, it signals the clear entry of crypto into the bloodstream of the larger U.S. economy," said Yadav. She added that the bill's passage was "a win (and huge sigh of relief) for the crypto/stablecoin industry." While stablecoins represent their own class of asset—their value tied to fiat currencies like the dollar—Yadav said that the benefits of the bill could extend to staple cryptocurrencies such as Bitcoin and Ether. Stock image of a Bitcoin cryptocurrency coin placed on a desk. Stock image of a Bitcoin cryptocurrency coin placed on a desk. Romain Costaseca / Hans Lucas/AFP via Getty Images "Markets love certainty; Bitcoin and Ether popped right after the 66‑32 cloture vote," said Hileman. "GENIUS advancing helps remove some of the regulatory discount on crypto." Both Bitcoin and Ethereum saw increases directly after Monday evening's vote, though this was followed by a stabilization on Tuesday. Bitcoin is up over 20 percent in the past month, and 40 percent since Trump's announcement of a pause on "reciprocal" tariffs on April 9. It was trading at around $106,250 as of 6:30 a.m. ET. Even if the bill fails to "magically print new value," Hileman added that the passage of GENIUS will inject some bullishness into the market. "Any steps that the government takes to further legitimize or integrate the cryptocurrency industry tend to be good for prices of major assets, all else being equal," Lyn Alden told Newsweek. However, she added that the GENIUS Act will not have as profound an impact on crypto prices as other policy changes, such as the Securities and Exchange Commission's early 2024 decision to approve trading for certain spot Bitcoin exchange-traded products—financial instruments allowing investors to gain exposure to the cryptocurrency's price without themselves owning Bitcoin. "So, to the extent that we do have a strong period of price appreciation ahead, I would not strongly attribute it to the GENIUS Act per se," she said. What Happens Next? Following the successful cloture vote, which prevents filibustering and limits debate to 30 hours, GENIUS now advances to a full Senate vote. This could take place as early as Wednesday, one Senate source told the cryptocurrency-focused outlet Decrypt. Having reclaimed its $100,000 valuation earlier this month, Bitcoin bulls believe the asset can reach even greater heights in 2025, spurred by increased legitimacy and institutional investment. Ryan Lee, an analyst at Bitget Research, projects Bitcoin reaching as high $180,000 by the end of the year.
