Latest news with #HouseFinancialServices
Yahoo
3 days ago
- Business
- Yahoo
State of Crypto: How Crypto Legislation Is Advancing
The House Financial Services Committee might mark up market structure legislation next week, while the Senate seems close to passing its stablecoin bill. You're reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. Here's what's clear: There are bills and they will probably get votes next week. Here's what's unclear: What all lawmakers might need to get enough votes to actually advance these bills, and if they're there already or not. The crypto industry has waited for years for Congress to pass legislation giving it some sort of regulatory clarity. Congress has taken a number of key steps this year already, but next week might see quite a few of these steps happen. Logistical details first. There will be markups in the House Financial Services Committee and the House Agriculture Committee on the market structure bill, the Digital Asset Market Clarity Act (otherwise known as just the Clarity Act) on Tuesday. That markup will likely end with lawmakers voting to advance the bill to the broader House of Representatives (it's possible the vote will fail, but it currently seems unlikely). On the Senate side, lawmakers might hold a series of votes as early as Monday on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act (otherwise known as GENIUS) to advance it. Senator Ruben Gallego, the Arizona Democrat who spearheaded a pause in the bill's advancement, said in an interview on Thursday that he expects a massive bipartisan vote in favor of the legislation. It'll need 60 votes to clear cloture (this is a second cloture vote) and a simple majority afterward to pass the Senate entirely. After that, it's on to the House. "We've worked in a very honest, earnest manner with our Republican colleagues. We think that they've been also doing the same," he said. "They adopted a lot of the amendments, most of the amendments that we're we've been adding, and they've been continuing to work with some other Democrats who have some other concerns, but we believe that if all the changes are made, it's going to be a very solid, comprehensive bill that I think we could all be proud to vote for." In other words, by the end of next week it's possible the House of Representatives will have both a market structure bill to consider, amend and vote on and a stablecoin bill (the House Financial Services Committee version of GENIUS, the STABLE Act, already passed out of that committee a while ago). Whether both bills will make it to U.S. President Donald Trump's desk by the August recess is an open question. Policymakers in Washington, D.C. this week seemed skeptical that both bills would be passed by that deadline, though stablecoin legislation is likely to clear the House and Senate by then. One theory flying around is that the GENIUS Act in the Senate might get tagged onto the House's Clarity Act, letting the House vote on both its market structure bill and stablecoin bill at once and sending both back to the Senate. To be clear, this isn't a firm plan, just something various individuals have suggested is a possibility. However, I've heard that there will likely be pushback from both House and Senate lawmakers should this path be pursued. The other, more likely possibility seems to be that market structure legislation will just take longer — perhaps through the end of the year. This is despite Democrats' ongoing concerns that Trump is enriching himself through his various crypto ventures. Just this week, Trump's media firm, Truth Social, filed for a spot bitcoin exchange-traded fund (ETF) with Yorkville America and NYSE Arca. Assuming this product is approved, it'll open another avenue for a Trump-affiliated entity to benefit from interest in the industry. Further reading from this week: Trump's Crypto Ties at Forefront as U.S. Lawmakers Weigh Crypto Market Structure Bill Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says House Dems Get Bonus Hearing on Crypto Market Structure, Assail Trump Conflicts : Circle went public, with shares initially trading at $69 but surging to $100 after initially being priced at $31. Shares closed at $83 on Thursday. : NYSE Arca and Yorkville America Digital in partnership with Trump Media filed for a spot bitcoin exchange-traded fund called the Truth Social Bitcoin ETF, with Foris DAX Trust Company as the custodian. Both the 19b-4 and S-1 documents have been submitted, meaning as soon as the Securities and Exchange Commission acknowledges the filings, the 240-day clock is on. : Get Trump Memes plans to launch a TRUMP crypto wallet in partnership with Magic Eden, but President Donald Trump's kids say they don't know anything about it. World Liberty Financial, the Trump-linked project that does other crypto stuff, also plans to issue a wallet, and reportedly sent a cease-and-desist to Magic Eden. : French authorities arrested 25 different people tied to kidnapping attempts of various crypto executives and their family members. : The group of 25 individuals allegedly had a ringleader who Moroccan police arrested. : House Financial Services Committee Democrats say they haven't gotten much technical assistance from regulators on the Clarity Act. : U.S. authorities seized 145 darknet and internet domains tied to a market called BidenCash. : Very straightforward here. Tuesday 17:00 UTC (1:00 p.m. ET) House Financial Services Committee Chair French Hill said the House and Senate's respective stablecoin bills are close but need some work to be fully aligned with each other. Wednesday 14:00 UTC (10:00 a.m. ET) The House Financial Services Committee and House Agriculture Committee each held a hearing to discuss the Clarity Act, the new House market structure bill. Friday 13:00 UTC (9:00 a.m. ET) Democrats on the House Financial Services Committee held another hearing focused on President Donald Trump's crypto tie-ups, as well as the market structure bill introduced by House Republicans last week. (It's not on the calendar above because I am on the road this week and the calendar was made before the hearing was announced). () President Donald Trump and Elon Musk had a very public social media spat on Wednesday and Thursday. If you've got thoughts or questions on what I should discuss next week or any other feedback you'd like to share, feel free to email me at nik@ or find me on Bluesky @ You can also join the group conversation on Telegram. See ya'll next week! 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
Yahoo
6 days ago
- Business
- Yahoo
House Republicans' proposed tax on remittances spooks financial sector
Financial institutions are looking to stir up resistance to a Republican proposal to tax cash that migrants send to family members in their home countries ahead of a House vote expected this week. The provision's inclusion in the GOP's massive tax and spending bill caught many in the sector off-guard. Text of the bill released last week would require banks, credit unions and other companies that process so-called remittances to collect information on the sender that confirms they are a US citizen or US national so they can receive a tax credit for 5% of their transaction. Vice President JD Vance sponsored similar legislation as a senator, and Trump signaled in a Truth Social post last month that he sought to 'shut down' the payments altogether. But 'this came totally out of nowhere,' said one cryptocurrency executive, who was granted anonymity to discuss the legislation candidly. Now, 'everyone's just trying to figure it the f*ck out,' a lobbyist said. House Financial Services Chair French Hill, R-Ark., has directed Republicans on his committee to onpass concerns to House Ways and Means Chair Jason Smith, R-Mo., whose tax-writing panel drafted the language, four people familiar with the talks told Semafor Monday. Smith's office declined to comment. Lobbyists argue the proposal would be incredibly complicated for financial institutions to stand up. They also say that it could spur more customers to use cryptocurrency — plus set a dangerous precedent when it comes to government collection of customer data. 'This is the government surveillance they all say leads them to oppose a Central Bank Digital Currency,' a second lobbyist said. Many conservatives have resisted a CBDC because they say it would enable the party in power to track Americans' hawks are pushing hard for their conference to bring down the bill's price tag, so slashing a provision that raises money is a tough sell. The Joint Committee on Taxation estimates that the remittance tax could raise more than $22 billion between 2025 and 2034 — though there's a chance that number shrinks if customers pivot to using cryptocurrency, since some of those transactions could be excluded. The same conservatives who back this tax are also supportive of efforts to deter undocumented migrants from coming to the US — and striking that citizenship language from the bill could make it harder to win their support. House leaders will need almost every Republican's support to advance the bill this week ahead of their self-imposed deadline of Memorial Day. It's not just the financial sector that's pushing back. Mexico's ambassador to the US sent a letter to House tax writers last week urging them to 'reconsider' the idea, which the official said would 'disproportionately affect those with the least.' He also warned that it could encourage migrants to seek 'informal or unregulated means' — like crypto — to evade the tax. 'It's hard to see this as anything other than a way to harass legal immigrants and increase government surveillance,' Norbert Michel, vice president and director of the Cato Institute's Center for Monetary and Financial Alternatives, said. 'For relatively little tax revenue, it will make it harder for families to keep their income, discourage hard working people from improving their lives and becoming Americans, and add yet another layer of regulation on financial services companies and law-abiding taxpayers,' Michel while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Bloomberg
23-05-2025
- Business
- Bloomberg
Tether Focuses Elsewhere While US Seeks to Regulate Stablecoins
While Congress is considering bills that would help integrate stablecoins more into mainstream finance, the largest issuer of the digital tokens says it will continue to focus on serving markets besides the US. On Monday, an industry-backed regulatory bill known as the Genius Act made its way through the Senate. The House Financial Services Committee has approved its own stablecoin measure, but it has yet to pass the chamber.
Forbes
15-05-2025
- Business
- Forbes
Crypto Legislation Is Not Dead, But It Needs An Economic Boost
WASHINGTON, DC - APRIL 09: U.S. Sen. Ruben Gallego (D-AZ) speaks at the American Bankers ... More Association's Washington Summit at the Walter E. Washington Convention Center on April 09, 2025 in Washington, DC. The Summit from April 7-9 gathers bank leaders from around the United States to hear about key policy issues from lawmakers and comes after Trump's reciprocal tariffs on around 90 countries took effect. (Photo by) Crypto policy is a bipartisan issue, but the current standoffs over stablecoin and market structure legislation are clearly along partisan lines. Political theater aside, the failure of the Senate Guiding and Establishing National Innovation for U.S. Stablecoins Act, and the derailment of the joint House Financial Services and Agriculture Committee market structure hearing last week was a spectacle that consumers of digital assets watched with bated breath. The various positions are limited in scope, when you consider the needs of rural, urban, main-street consumers. Democrats want guardrails to ensure that legislation does not enable a money grab by President Trump's family and expand anti-money laundering rules. Republicans want to fast track legislation to jumpstart industry growth and foster global competitiveness. Surely compromise is possible. But what has been absent from the tumultuous negotiations around the stablecoin and market structure legislative packages are specific provisions to spur local economic progress. As policymakers regroup, and debate resumes, Democrats and Republicans could find common-ground, while also giving a nod to the largest adopters of crypto. Offering up amendments to create a pathway for the small, banking establishments that working class and young consumers trust - Community development financial institutions and Minority Depository Institutions - could be the jolt lawmakers need to reboot bipartisan deliberations. CDFIs and MDIs are among the financial institutions most likely to deliver financial education and counseling, risk mitigation services, and also deploy tools to crypto consumers to help them combat scams and fraud. They are also well-positioned to extend access to capital to underserved crypto founders. The House Stablecoin Transparency and Accountability for a Better Ledger Economy Act already has language that would allow credit union subsidiaries and service organizations to serve as issuers of stablecoins. America's Credit Unions President and CEO Jim Nussle in April sent a letter of support to the HFS Committee. 'America's Credit Unions believes that credit unions should be able to offer consumers an entry point to purchase and use digital assets, including stablecoins. Credit union members trust their credit unions to provide necessary financial services, and the ability to provide new financial services products is needed for credit unions to fulfill their mission,' he stated. Time is of the essence. The House Financial Services Committee will hold full committee markups next week. The crypto market structure bill, which was just introduced in draft form last week, may be on the schedule. U.S. Senator Ruben Gallego (AZ), who serves as Ranking Member on the Senate Banking Digital Assets Subcommittee, recently said discussions that could lead to another vote on the GENIUS Act are underway. 'I don't think it's a ways off, but I don't think it's immediate either' Senator Gallego said in a media interview. Consumers, households, founders will suffer the consequences of Washington inaction on stablecoin and market structure frameworks. Bipartisan economic solutions, instead of partisan stalemates, are possible in this unique moment.
Yahoo
09-05-2025
- Business
- Yahoo
Treasury's Bessent says US should be 'premier destination' for digital assets
Treasury Secretary Scott Bessent on Wednesday offered insights into how the Trump administration plans to approach the regulation of the digital asset industry during a congressional hearing. Bessent testified before the House Financial Services Committee about the international financial system and said the administration wants the digital assets industry to come to the U.S. and play a global leadership role in the sector. "We believe that the United States should be the premier destination for digital assets," Bessent said. "Our goal is to encourage firms to reshore, reshore or bring back to the United States best practices that are digital asset innovation and experimentation here in the United States without scaling back their ambition to influence the global industry," he added. "The administration's efforts to promote clear regulatory frameworks for digital assets will contribute to this goal. So will ongoing efforts to promote fair access, interoperability of payment technologies across all borders. We will continue to support private sector solutions and discourage public sector solutions that distort markets and stifle competition." Stablecoin Bill, Originally Bipartisan, Hits Snag As Dems Splinter A lawmaker asked the treasury secretary about what the negative impacts would be if the U.S. doesn't take a leadership role in regulating the digital asset industry. Read On The Fox Business App "Well, numerous things could occur, sir, as we saw under the previous administration," Bessent said. "An entire ecosystem, unregulated and renegade springs up outside the U.S. and illicit actors abused the value of these transfer systems and there is a technological loss here." Digital Assets Group Outlines Blockchain Policy Goals Bessent said that he's had conversations with financial industry regulators about their experiences with digital asset regulations and the role that the U.S. could play in the industry. "They believe it is very important, and I believe that they are a little worried that the U.S. is willing to restore its leadership here. And as I said earlier, there is a chance that digital assets can provide a substantial source of demand for the U.S. dollar," Bessent said. In terms of the forms of regulatory regimes that could be applied to digital assets, Bessent said that there are existing frameworks for financial regulations that can be applied to the emerging industry. "I think that we have the blueprint with the bank regulation and adherence to anti-money laundering laws around the world, financial stability, and then I would guess that 70% of the countries would be very easy to judge yes/no, and then there will be another group. That's why I believe that some of the bills encouraged phasing this in," he said. Bessent added that the Treasury Department recently delivered a report to the president on the subject "so we have safe and sound best practices and want to work with the financial industry, with new companies and entrepreneurs, as well as incumbents, the banks. There is a solution [for] banks to participate in this business whether it's through custody or their own coins."Original article source: Treasury's Bessent says US should be 'premier destination' for digital assets 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
