Latest news with #House of Representatives
SBS Australia
5 hours ago
- Politics
- SBS Australia
Ali France, who unseated Peter Dutton, delivers emotional first speech to parliament
Newly-elected Labor MPs Ali France and Sarah Witty delivered their first speeches to the House of Representatives on Tuesday night. Ali France, the MP who unseated Peter Dutton at the May election, paid tribute to her late son in an emotional maiden speech. France stunned political pundits when she beat Dutton, making him the first federal opposition leader to lose his own seat. 'He was convinced I would win' France spoke of the painful loss of her 19-year-old son Henry, who died from leukaemia in February 2024 after an 18-month battle. She said her late son was the driving force of her campaign. "He told me many times, that this election was my time," she said in the speech. "He was convinced I would win and said a number of times, 'don't make me the excuse for you not doing important things'. "His words, his courage, were with me every day of the campaign. Henry was instrumental in getting me to this place." France told the House of Representatives her journey to becoming an MP was not "a lifelong dream. Rather, it was hundreds of little steps." The single mother of two recalled the day she and her other son were hit by a car in 2011, in which she lost her leg, as a day she "was supposed to die". She was taking her youngest son Zac, then four years old, to an appointment at a Brisbane shopping centre when an out-of-control car came veering towards them. Her left leg was crushed from her thigh down as she was pinned against another vehicle. Martin Wullschleger, the trauma surgeon whose split-second decision to amputate saved France's life, was in the gallery to hear her maiden speech. Six surgeries in four years, PTSD and severe pain left France at the lowest point in her life. The refugee and surgeon also watched on from the gallery. 'People only saw disability' France described being pretty angry by the time she joined Labor in 2016. "Landing a job was incredibly difficult for me. People only saw disability," she said. She said her "epic journey" to sitting in federal parliament was not part of any grand plan, but rather the result of hundreds of little steps. France contested the seat of Dickson twice before defeating Dutton in the 2025 election. 'Our moment to fix the system' Experienced foster carer Sarah Witty beat former Greens leader Adam Bandt in the May election, and took the seat of Melbourne back to Labor for the first time in 15 years. It was one of the biggest upsets of the election and while she never expected to win, from her first day on the campaign trail, her appetite for change was clear. In her maiden speech, Witty thanked former Greens leader Adam Bandt, whom she unseated in the electorate of Melbourne. Labor member for Melbourne Sarah Witty delivered her first speech in the House of Representatives at Parliament House in Canberra on Tuesday. Source: AAP / Mick Tsikas The Richmond local also paid tribute to the city she now represents. "We are the home of the eight-hour working day and the union movement. The Victorian Trades Hall, the oldest continuously operating trades hall in the world, stands proudly in my electorate." Witty said Medicare, childcare and housing are at the top of her priorities for her constituents. "Homelessness is the harshest symptom of this failure," she said. "Safe houses are all that's needed… Without that foundation, everything else — health, work, education becomes so much harder. This is our moment to fix the system." She told the chamber that representing Melbourne is "not just an honour. It's a calling". "I bring with me the voices of renters demanding Justice, of people demanding climate action, of communities demanding to be heard, not managed." Witty and France were the first people elected at the May poll to give their maiden speech in the 48th parliament, with other first-term MPs to deliver their remarks in coming days. With additional reporting by the Australian Associated Press.
Khaleej Times
2 days ago
- Business
- Khaleej Times
Institutional investors warm to crypto but demand still nascent
Bitcoin's surge to a record last week has reignited questions about the role institutional investors are playing in pushing it higher, with analysts suggesting their role is still in its infancy. The world's largest cryptocurrency earlier this week surged to a record above $123,000, receiving a boost on the expectation of pro-crypto policies from Washington. While buzz around digital assets has increased, there is room for demand from institutional investors to grow as pension funds and other long-term buyers add bitcoin to their portfolios, analysts say. On Thursday, the US House of Representatives voted in favour of creating a regulatory framework for the U.S. dollar-pegged cryptocurrency tokens referred to as stablecoins. President Donald Trump is expected to sign that legislation into law on Friday. The House also passed two other key bills related to cryptocurrencies, both of which will now go to the U.S. Senate. "We're still in the early innings when it comes to institutional ownership," said Adrian Fritz, head of research at 21Shares, a digital assets investment firm, adding that retail investors still dominate crypto markets. Less than 5% of all spot bitcoin Exchange Traded Fund assets are held by long-term investors such as pension funds and endowments, with another 10% to 15% owned by hedge funds or wealth management firms, Fritz calculates. The latter group of wealth managers, however, often buy these funds on behalf of high-net worth retail clients, and the bulk of ETF ownership remains retail, he said. There is a correlation between soaring retail purchases of crypto ETFs and crypto-related stocks and a run-up in prices, according to estimates from Vanda, a financial research firm. The data shows retail buyers bought heavily in late 2024 when prices surged after Donald Trump - who has vowed to be a "crypto president" won the U.S. election - as well as during the recent rally. Crypto buyers have been aided by a series of bills U.S. lawmakers are expected to pass this week, the most consequential of which - known as the Genius Act - will define the rules around stablecoins, a fast-growing area of the crypto market. The passage of the crypto legislation on Thursday by the Republican-controlled U.S. House of Representatives paves the way for the first U.S. federal law for digital assets. Some large U.S. lenders, including Bank of America and Citigroup, are also working on launching stablecoins. Another bill will provide regulatory clarity by formally establishing definitions of digital commodities and spelling out the roles of agencies in overseeing digital assets. This could make it easier for institutions that have long avoided the sector to invest. Simon Forster, global co-head of digital assets at trading platform operator and data provider TP ICAP, predicts the number of institutions active in crypto will grow by 2026, including pensions and other buy-and-hold firms. "By definition, they will be the slowest (to enter crypto)," Fritz said. Bitcoin Treasury buying Analysts say data, although patchy given how opaque crypto markets remain, points to the growing role of bitcoin treasury companies in boosting demand. These are listed companies such as Strategy and GameStop, that initially focused on software and videogame retailing respectively but now emphasize owning and making money on bitcoin positions held on their balance sheets in place of cash, gold or ultra-short Treasury securities. Strategy's shares have soared in the past year, far outpacing the rise in bitcoin, with many investors seeing the stock as a way to get exposure to crypto while investing in mainstream financial markets. Juan Leon, research analyst at Bitwise Asset Management, said these companies' ability to buy bitcoin suggests they represent a bigger source of recent demand than pension, endowment and hedge funds that are major players in stock and bond markets. Strategy and GameStop did not respond to requests for comment. Since July last year, public companies worldwide collectively have increased their bitcoin holdings by 120% and now hold just over 859,000, or 4%, of the total 21 million bitcoin that will ever be in existence, said Simon Peters, crypto analyst at investment platform eToro. Companies are also selling common stock, preferred shares and convertible securities to raise funds to spend on boosting their bitcoin holdings, in a bid to replicate Strategy's outsized stock gains. The new wave of U.S. legislation could also pave the way for more listed companies to allocate a portion of their cash reserves to crypto tokens, said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Analysts warn, however, that a drop below $90,000 for bitcoin could put half of these corporate treasuries underwater. Demand for crypto ETFs has also been rising in recent months. Global net inflows into crypto exchange-traded products hit $4 billion last week, the highest so far this year, according to data from crypto firm Bitwise. Among the big institutional investors to have made public their investments in crypto ETFs in the past 18 months are the State of Wisconsin Investment Board, Abu Dhabi's Mubadala sovereign wealth fund and hedge fund Millennium Management, regulatory filings show. So far this year, bitcoin has gained around 25%, compared with the SP 500 index's 6.5% gain. Ether, another cryptocurrency has climbed 2%, while XRP is up nearly 40%. The crypto sector's market capitalization now stands at $3.8 trillion, up nearly 66% since before the U.S. election in November, according to CoinMarketCap.
Zawya
5 days ago
- Business
- Zawya
Institutional investors warm to crypto but demand still nascent
NEW YORK - Bitcoin's surge to a record this week has reignited questions about the role institutional investors are playing in pushing it higher, with analysts suggesting their role is still in its infancy. The world's largest cryptocurrency earlier this week surged to a record above $123,000, receiving a boost on the expectation of pro-crypto policies from Washington. While buzz around digital assets has increased, there is room for demand from institutional investors to grow as pension funds and other long-term buyers add bitcoin to their portfolios, analysts say. On Thursday, the U.S. House of Representatives voted in favor of creating a regulatory framework for the U.S. dollar-pegged cryptocurrency tokens referred to as stablecoins. President Donald Trump is expected to sign that legislation into law on Friday. The House also passed two other key bills related to cryptocurrencies, both of which will now go to the U.S. Senate. "We're still in the early innings when it comes to institutional ownership," said Adrian Fritz, head of research at 21Shares, a digital assets investment firm, adding that retail investors still dominate crypto markets. Less than 5% of all spot bitcoin Exchange Traded Fund assets are held by long-term investors such as pension funds and endowments, with another 10% to 15% owned by hedge funds or wealth management firms, Fritz calculates. The latter group of wealth managers, however, often buy these funds on behalf of high-net worth retail clients, and the bulk of ETF ownership remains retail, he said. There is a correlation between soaring retail purchases of crypto ETFs and crypto-related stocks and a run-up in prices, according to estimates from Vanda, a financial research firm. The data shows retail buyers bought heavily in late 2024 when prices surged after Donald Trump - who has vowed to be a "crypto president" won the U.S. election - as well as during the recent rally. Crypto buyers have been aided by a series of bills U.S. lawmakers are expected to pass this week, the most consequential of which - known as the Genius Act - will define the rules around stablecoins, a fast-growing area of the crypto market. The passage of the crypto legislation on Thursday by the Republican-controlled U.S. House of Representatives paves the way for the first U.S. federal law for digital assets. Some large U.S. lenders, including Bank of America and Citigroup, are also working on launching stablecoins. Another bill will provide regulatory clarity by formally establishing definitions of digital commodities and spelling out the roles of agencies in overseeing digital assets. This could make it easier for institutions that have long avoided the sector to invest. Simon Forster, global co-head of digital assets at trading platform operator and data provider TP ICAP, predicts the number of institutions active in crypto will grow by 2026, including pensions and other buy-and-hold firms. "By definition, they will be the slowest (to enter crypto)," Fritz said. BITCOIN TREASURY BUYING Analysts say data, although patchy given how opaque crypto markets remain, points to the growing role of bitcoin treasury companies in boosting demand. These are listed companies such as Strategy and GameStop, that initially focused on software and videogame retailing respectively but now emphasize owning and making money on bitcoin positions held on their balance sheets in place of cash, gold or ultra-short Treasury securities. Strategy's shares have soared in the past year, far outpacing the rise in bitcoin, with many investors seeing the stock as a way to get exposure to crypto while investing in mainstream financial markets. Juan Leon, research analyst at Bitwise Asset Management, said these companies' ability to buy bitcoin suggests they represent a bigger source of recent demand than pension, endowment and hedge funds that are major players in stock and bond markets. Strategy and GameStop did not respond to requests for comment. Since July last year, public companies worldwide collectively have increased their bitcoin holdings by 120% and now hold just over 859,000, or 4%, of the total 21 million bitcoin that will ever be in existence, said Simon Peters, crypto analyst at investment platform eToro. Companies are also selling common stock, preferred shares and convertible securities to raise funds to spend on boosting their bitcoin holdings, in a bid to replicate Strategy's outsized stock gains. The new wave of U.S. legislation could also pave the way for more listed companies to allocate a portion of their cash reserves to crypto tokens, said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Analysts warn, however, that a drop below $90,000 for bitcoin could put half of these corporate treasuries underwater. Demand for crypto ETFs has also been rising in recent months. Global net inflows into crypto exchange-traded products hit $4 billion last week, the highest so far this year, according to data from crypto firm Bitwise. Among the big institutional investors to have made public their investments in crypto ETFs in the past 18 months are the State of Wisconsin Investment Board, Abu Dhabi's Mubadala sovereign wealth fund and hedge fund Millennium Management, regulatory filings show. So far this year, bitcoin has gained around 25%, compared with the S&P 500 index's 6.5% gain. Ether, another cryptocurrency has climbed 2%, while XRP is up nearly 40%. The crypto sector's market capitalization now stands at $3.8 trillion, up nearly 66% since before the U.S. election in November, according to CoinMarketCap. (Reporting by Suzanne McGee in New York and Niket Nishant and Manya Saini in Bengaluru; Editing by Tommy Reggiori Wilkes, Megan Davies and Deepa Babington)
The Guardian
5 days ago
- Politics
- The Guardian
Tensions over Epstein files hamper Republican plan to vote on cuts bill
Tensions over the release of documents related to disgrace financier Jeffrey Epstein have complicated House Republicans' plans to hold a vote Thursday on legislation demanded by Donald Trump to slash government spending. The House of Representatives faces a Friday deadline to pass the rescissions package demanded by Trump and approved by the Senate in the wee hours of Thursday morning, otherwise the administration will be obligated to spend about $8bn meant for foreign assistance programs, and $1.1bn budgeted for the Corporation for Public Broadcasting, which funds NPR and PBS. But before the House can vote on the package, it must be approved by the rules committee. Though the measure is widely expected to have the votes to pass the chamber, the committee on Thursday afternoon had yet to announce a hearing, as Republicans grapple with frustration over Democratic efforts to focus public attention on the Trump administration's handling of the Epstein case. On Monday, Democrats on the rules committee made two attempts to add language to a cryptocurrency bill that would have required the release of documents related to Epstein, who was accused of running a sex-trafficking ring catering to global elites. Republicans voted those down, and a source familiar with their plans told the Guardian that Democrats plan to propose further Epstein-related amendments when the rules committee convenes to consider the rescissions package. 'Either Republicans take a vote to release the files, or they don't,' the rules committee's top Democrat, Jim McGovern, wrote on X. The Epstein case has grown into a crisis for Trump and the GOP ever since the justice department announced last week that, after a review of US government files, it had determined the financier's 2019 death in federal custody was a suicide, and that no list of his clients existed to be made public. Trump's Maga coalition includes believers in a conspiracy theory that the 'deep state' is covering up a global pedophile ring in which Epstein was a major figure, and that files exist to prove it. The president has strenuously denied that his administration is hiding anything, and insulted those who call for the documents' release as 'weaklings' who fell for a 'radical left' hoax intended to discredit him. Democrats, relegated to the minority in both chamber of Congress, have seized on that tension with an array of legislative maneuvers intended to make public any Epstein-related documents. On Tuesday, House speaker Mike Johnson told a conservative podcaster who asked about the case: 'It's a very delicate subject, but we should put everything out there and let the people decide it.' Meanwhile, Thomas Massie, an iconoclastic Republican congressman who has repeatedly clashed with Trump, is trying to get a majority of the House to sign on to a petition that will force a vote on releasing the files, and has already received signatures from nine GOP lawmakers. The rescissions passage passed the House in June, but the chamber must vote on it again after the Senate declined to cut funding for Pepfar, a program credited with saving millions of people from infection or death from HIV that was created in 2003 under the Republican president George W Bush.
Yahoo
5 days ago
- Business
- Yahoo
US House passes crypto industry-backed market structure bill
(Reuters) -The U.S. House of Representatives passed a bill on Thursday that would develop a regulatory framework for cryptocurrencies and expand the Commodity Futures Trading Commission's oversight of the industry. The move is a major win for the digital asset industry, which has pushed for federal legislation for years and spent heavily in last year's elections to promote pro-crypto candidates. 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
