Latest news with #GuidingandEstablishingNationalInnovationforU.S.Stablecoins
Business Wire
6 days ago
- Business
- Business Wire
FiscalNote Provides Further Detail on Anticipated Stablecoin Integration for Global Payments After GENIUS Act Passage
WASHINGTON--(BUSINESS WIRE)--Following the recent enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and an increasingly favorable regulatory climate for digital assets, FiscalNote (NYSE: NOTE), a leading AI-driven policy and regulatory intelligence company, today provided an update on its anticipated integration of stablecoin-based payments as a means of facilitating future global product-led growth. With the GENIUS Act now signed into law, the United States has established a standardized and more transparent framework for digital assets. This legislation brings greater clarity and predictability to the cryptocurrency landscape, creating new opportunities for companies and customers to navigate the market with more confidence as the broader regulatory environment continues to evolve. FiscalNote is closely tracking additional legislative and regulatory developments such as the Clarity Act, a crypto market-structure bill recently passed by the U.S. House of Representatives. To do so, the Company is leveraging the same data and analysis it offers to its customers, including the proprietary, award-winning content from CQ. In parallel, the Company's PolicyNote platform is growing rapidly, with daily active users now exceeding the legacy FiscalNote platform. PolicyNote's intuitive interface and scalable architecture position it for rapid global adoption. The Company previously announced that in order to reduce friction for international customers, it is exploring stablecoins as an additional payment option. Gerry Campbell, who joined FiscalNote earlier this year as Strategic Advisor for Technology Acceleration, is leading those initial efforts. Campbell brings hands-on expertise as a founder, CTO, and CEO in a number of crypto and blockchain-based initiatives. The Company is currently evaluating potential platforms and partners for this global acceleration initiative. To reduce barriers and simplify transactions as PolicyNote grows, the Company plans to leverage stablecoins as a new payment option for incoming and existing customers. In particular, doing so would make it easier for international customers to start and expand their relationships with FiscalNote, thereby accelerating new customer acquisition, cross-sell, and upsell opportunities. 'This is a great example of FiscalNote putting our own policy expertise to work — spotting emerging regulatory change and turning it into a practical business opportunity,' said Josh Resnik, CEO & President of FiscalNote. 'As digital asset regulations evolve, we're moving quickly to explore ways to reduce friction for customers, expand internationally, and model the agility we deliver to clients every day.' For more information about FiscalNote's suite of AI-powered policy and regulatory solutions, visit About FiscalNote FiscalNote (NYSE: NOTE) is the leading provider of AI-driven policy and regulatory intelligence solutions. By uniquely combining proprietary AI technology, comprehensive data, and decades of trusted analysis, FiscalNote helps customers efficiently manage political and business risk. Since 2013, FiscalNote has pioneered solutions that deliver critical insights, enabling effective decision making and giving organizations the competitive edge they need. Home to PolicyNote, CQ, Roll Call, VoterVoice, and many other industry-leading products and brands, FiscalNote serves thousands of customers worldwide with global offices in North America, Europe, and Asia. To learn more about FiscalNote and its suite of solutions, visit and follow @FiscalNote.
Gulf Insider
21-07-2025
- Business
- Gulf Insider
Trump To Prevent US Bank Digital Currency
A central bank digital currency (CBDC) will not be allowed in the United States, President Donald Trump said at a White House event on July 18, promising to take legislative action to prevent such a situation. 'I also remain fully committed to my pledge, never to allow the creation of a central bank digital currency in America,' Trump said. 'My first week in office, I signed an executive order to ban the creation of a CBDC in the United States. And very soon, I look forward to signing legislation that will codify and make it a permanent law.' Trump's comments came amid the signing of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law. During a campaign event in January last year, Trump had said that once he became president, 'I will never allow the creation of a central bank digital currency. Such a currency would give the federal government absolute control of your money,' which would be 'a dangerous threat to freedom.' On Jan. 23 this year, the first week after becoming president, Trump signed the executive order banning CBDCs. 'Agencies are hereby prohibited from undertaking any action to establish, issue, or promote CBDCs within the jurisdiction of the United States or abroad,' the order said. Globally, various nations are at different stages when it comes to their approach towards CBDCs and introducing such currencies into their economy. According to a July update from the Central Bank Digital Currency Tracker from the Atlantic Council, of the 137 countries or currency unions tracked by the group, three have already launched a CBDC—Nigeria, Jamaica, and the Bahamas. Moreover, 49 nations or currency unions are piloting CBDCs, 36 are researching such a currency, and 20 are engaged in the development of such a currency. In addition, 21 are in an inactive status, while two have canceled launching a central bank digital currency, according to the analysis. Stablecoins are a type of crypto asset that tracks a reference asset, such as currency or commodities, on a 1:1 basis. For instance, if a stablecoin references the U.S. dollar, the issuer of stablecoins will offer one stablecoin for every dollar. The GENIUS Act establishes a regulatory framework for stablecoins. The Act requires stablecoins to have '100 percent reserve backing with liquid assets like U.S. dollars or short-term Treasuries,' according to a July 18 White House Fact Sheet. It also requires issuers of stablecoins to 'make monthly, public disclosures of the composition of reserves.' 'Stablecoin issuers must comply with strict marketing rules to protect consumers from deceptive practices. Crucially, they are forbidden from making misleading claims that their stablecoins are backed by the U.S. government, federally insured, or legal tender.' In case a stablecoin issuer becomes insolvent, the GENIUS Act will prioritize the claims of stablecoin holders over all other creditors, ensuring very strong consumer protection, the Fact Sheet said. Since stablecoin issuers have to back their assets with U.S. Treasuries and dollars, the GENIUS Act is expected to generate higher demand for U.S. debt and 'cement the dollar's status as the global reserve currency,' according to the White House. During the White House event, Trump said the Act unleashes the 'immense power' of U.S. dollar-backed stablecoins. 'This could be perhaps the greatest revolution in financial technology since the birth of the internet,' the president said. In addition to boosting demand for U.S. Treasuries, stablecoins can also bring down interest rates, according to Trump. 'This revolution has the potential to supercharge American economic growth and empower billions of people to save and transfer U.S. dollars.' Crypto czar David Sacks called the passage of the GENIUS Act a 'historical legislative achievement,' with stablecoins estimated to create trillions of dollars in demand for U.S. Treasury securities. Trump's promotion of stablecoins while opposing CBDCs, despite both being crypto assets, comes from concerns over threats to freedom. Also read: Trump Again Threatens To Destroy New Iran Nuclear Assets As Tehran Teases Pullout From NPT
19-07-2025
- Business
Trump signs new stablecoin regulations into law, a major milestone for crypto industry
WASHINGTON -- President Donald Trump on Friday signed into law new regulations for a type of cryptocurrency, a major milestone for an industry that has spent heavily to strengthen its legitimacy and political might. The GENIUS Act sets initial guardrails and consumer protections for stablecoins, which are tied to assets like the U.S. dollar to reduce price volatility compared with other forms of cryptocurrency. It passed both the House and Senate with wide bipartisan margins. The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the 'crypto capital of the world.' 'For years you were mocked and dismissed and counted out," Trump told crypto industry executives at a White House bill signing attended by about 200 people, including several top GOP lawmakers. 'This signing is a massive validation of your hard work and your pioneering spirit.' The crypto industry has long complained it was unfairly targeted by former President Joe Biden's administration and spent heavily to help Trump win last year's election. The president lavished praise on crypto leaders during his speech Friday, saying 'nobody has gained the respect in such a short period of time.' Trump said helping the cryptocurrency industry was 'good for the dollar and it's good for the country.' 'That's why I backed you at an early stage,' said Trump, who had previously been a skeptic of cryptocurrency before embracing it. His administration has taken several early steps to boost the crypto industry, including the Securities and Exchange Commission dropping several enforcement actions against large crypto companies. Trump then added a candid admission about the political calculus of his support for the crypto industry: 'And I also did it for the votes,' he said, drawing laughter from the audience. The president also joked that lawmakers had named the GENIUS Act after him. The acronym stands for 'Guiding and Establishing National Innovation for U.S. Stablecoins.' The use of stablecoins has grown dramatically in recent years. Circle, the U.S.-based issuer of one of the most popular cryptocurrencies, made its debut on the New York Stock Exchange earlier this year and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors. Stablecoin issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins. A provision in the GENIUS Act 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. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin earlier this year and received an early boost from an investment fund in the United Arab Emirates. The House also passed two other bills Thursday that are meant to help the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate.
Los Angeles Times
18-07-2025
- Business
- Los Angeles Times
Trump signs new stablecoin regulations into law, a major milestone for crypto industry
President Donald Trump on Friday signed into law new regulations for a type of cryptocurrency, a major milestone for an industry that has spent heavily to strengthen its legitimacy and political might. The GENIUS Act sets initial guardrails and consumer protections for stablecoins, which are tied to assets like the U.S. dollar to reduce price volatility compared with other forms of cryptocurrency. It passed both the House and Senate with wide bipartisan margins. The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying. Its passage comes as Trump had repeatedly pledged to make the U.S. the 'crypto capital of the world.' 'For years you were mocked and dismissed and counted out,' Trump told crypto industry executives at a White House bill signing attended by about 200 people, including several top GOP lawmakers. 'This signing is a massive validation of your hard work and your pioneering spirit.' The crypto industry has long complained it was unfairly targeted by former President Joe Biden's administration and spent heavily to help Trump win last year's election. The president lavished praise on crypto leaders during his speech Friday, saying 'nobody has gained the respect in such a short period of time.' Trump said helping the cryptocurrency industry was 'good for the dollar and it's good for the country.' 'That's why I backed you at an early stage,' said Trump, who had previously been a skeptic of cryptocurrency before embracing it. His administration has taken several early steps to boost the crypto industry, including the Securities and Exchange Commission dropping several enforcement actions against large crypto companies. Trump then added a candid admission about the political calculus of his support for the crypto industry: 'And I also did it for the votes,' he said, drawing laughter from the audience. The president also joked that lawmakers had named the GENIUS Act after him. The acronym stands for 'Guiding and Establishing National Innovation for U.S. Stablecoins.' The use of stablecoins has grown dramatically in recent years. Circle, the U.S.-based issuer of one of the most popular cryptocurrencies, made its debut on the New York Stock Exchange earlier this year and quickly saw its value soar amid heavy interest from crypto enthusiasts and investors. Stablecoin issuers make profits by collecting the interest on the assets they hold in reserve to back their stablecoins. A provision in the GENIUS Act 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. His family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin earlier this year and received an early boost from an investment fund in the United Arab Emirates. The House also passed two other bills Thursday that are meant to help the crypto industry. One creates a new market structure for cryptocurrency, and the other bans the Federal Reserve from issuing a new digital currency. Both measures now go to the Senate. Kim and Suderman write for the Associated Press.
CNBC
18-07-2025
- Business
- CNBC
What to know about Trump's cryptocurrency legislation, the GENIUS Act
CNBC's Emily Wilkins from the White House on the Guiding and Establishing National Innovation for U.S. Stablecoins, known as the GENIUS Act, that President Trump is signing into law.
