Latest news with #KaraCalvert
Bloomberg
10 hours ago
- Business
- Bloomberg
GENIUS ACT Passes Senate Vote
Key stablecoin legislation passed with flying colors in the US Senate. The 68-30 vote on the widely followed GENIUS ACT marks a major win for issuers of the dollar pegged cryptocurrency, aiming to make it more mainstream. The bill is the first of its kind to pass the senate and would establish a firmer, regulatory environment for stablecoin if it passes the house. Coinbase VP of US Policy Kara Calvert has more on the story. (Source: Bloomberg)
CNBC
20-05-2025
- Business
- CNBC
Senate advances GENIUS Act stablecoin regulation bill on bipartisan vote: CNBC Crypto World
On today's episode of CNBC Crypto World, the Senate advanced the GENIUS Act stablecoin regulation bill on a bipartisan vote. Plus, JPMorgan CEO Jamie Dimon, a known crypto skeptic, said clients of the bank can now buy bitcoin. And, Kara Calvert, VP of U.S. policy for Coinbase, explains what the latest development involving the Senate's GENIUS Act means for the crypto firm and the industry as a whole.
Yahoo
09-05-2025
- Business
- Yahoo
Crypto industry brushes off failed stablecoin vote
The crypto industry is brushing off a failed vote on a stablecoin bill in the Senate, underscoring recent progress and the hope that this isn't the end of the line for crypto legislation. Democrats on Thursday blocked the Senate from moving forward with consideration of the GENIUS Act, which would create a regulatory framework for payment stablecoins. The bill was voted down 48-49, falling short of the 60 votes required to bring it closer to final passage. The vote was split almost entirely along party lines, after bipartisan support for the legislation fell apart last week. 'It's going to live to fight another day,' Kara Calvert, vice president of U.S. policy at Coinbase, told The Hill. 'Would I have liked to see the vote pass? Absolutely. Would that have made the day better? Absolutely. But I didn't walk away thinking this bill is going to die or this issue is going away,' she added. A contingent of crypto-friendly Democrats pulled support for the GENIUS Act after Senate leadership moved to expedite a vote on the legislation last week. The Democratic senators, several of whom voted to advance the bill out of the Senate Banking Committee in March, argued that Republicans had cut off negotiations prematurely. They said they still had concerns about provisions on anti-money laundering, national security and a handful of other issues and could not support the current version of the bill. The two sides engaged in several frantic days of negotiations and appeared to be nearing a deal Thursday morning ahead of the vote. However, several Democrats said they had yet to see new bill text. Sen. Ruben Gallego (Ariz.), the top Democrat on the Senate Banking Subcommittee on Digital Assets, asked to delay the vote until Monday to give senators more time. However, his request was rejected, and Democrats voted down the bill. Senate Majority Leader John Thune (R-S.D.), who lambasted Democrats for blocking the bill, ultimately changed his vote to no Thursday in a procedural move that allows him to bring the measure up again. Cody Carbone, CEO of crypto advocacy group The Digital Chamber, described Thursday's vote as a 'setback' but argued it is 'far from a defeat,' noting that leadership left open the door to reconsider the bill. 'Last-minute negotiations prove the momentum is real, and that lawmakers on both sides understand the urgency,' Carbone said in a statement. 'The Digital Chamber will keep working with Republicans and Democrats alike to get this across the finish line,' he added. 'Stablecoin legislation isn't a partisan issue, it's an economic and national security imperative. America can't afford to sit on the sidelines.' The Blockchain Association's Kristin Smith similarly said the crypto industry group was disappointed in the vote but was 'encouraged by the bipartisan engagement.' 'We urge that this debate continue in earnest and that our elected officials are reminded that the fundamental nature of stablecoin technology is both pro-consumer, providing access to 21st century financial technology, and pro-American, strengthening the global hegemony of the U.S. dollar,' she said in a statement. Crypto legislation has gained new momentum under the Trump administration and Republican leadership in Congress, with the president and GOP lawmakers making stablecoin and market structure legislation a key priority. Stablecoin legislation appeared to be sailing along prior to last week's partisan dispute. The GENIUS Act passed out of the Senate Banking Committee in March, while its House companion, the STABLE Act, advanced out of the House Financial Services Committee in April. However, President Trump's own crypto ventures also appear to be throwing a wrench in his legislative priorities. The president and his family have continued to grow their crypto portfolio in recent months, with their crypto venture World Liberty Financial announcing last week that its new stablecoin would be used to complete a $2 billion transaction between Emirati firm MGX and crypto exchange Binance. The announcement, along with Trump's other recent moves in the crypto space, have prompted concerns from Democrats that the president is attempting to profit off his office and opening up the U.S. government to foreign influence. It also provided new fuel for opponents of the GENIUS Act in the Senate, while prompting Democrats to walk out of a hearing on market structure legislation in the House earlier this week. The Bitcoin Policy Institute pushed back on some of Democrats' concerns with the stablecoin bill Thursday, arguing it contains strong anti-money laundering provisions and suggesting conflict of interest concerns could be addressed in follow-up legislation. 'Recent political opposition to the GENIUS Act is misplaced, as it contains robust anti-money laundering measures applicable to both domestic and foreign issuers, and any concerns regarding governmental conflicts or oversight are best handled in separate, targeted legislation rather than obstructing broadly beneficial and otherwise uncontroversial policy,' Zack Shapiro, the institute's head of policy, said in a statement. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
09-05-2025
- Business
- The Hill
Crypto industry brushes off failed stablecoin vote
The crypto industry is brushing off a failed vote on a stablecoin bill in the Senate, underscoring recent progress and their hope that this isn't the end of the line for crypto legislation. Democrats on Thursday blocked the Senate from moving forward with consideration of the GENIUS Act, which would create a regulatory framework for payment stablecoins. The bill was voted down 48-49, falling short of the 60 votes required to bring it closer to final passage. The vote was split almost entirely along party lines, after bipartisan support for the legislation fell apart last week. 'It's gonna live to fight another day,' Kara Calvert, vice president of U.S. policy at Coinbase, told The Hill. 'Would I have liked to see the vote pass? Absolutely. Would that have made the day better? Absolutely. But I didn't walk away thinking this bill is going to die or this issue is going away,' she added. A contingent of crypto-friendly Democrats pulled their support for the GENIUS Act after Senate leadership moved to expedite a vote on the legislation last week. The Democratic senators, several of whom voted to advance the bill out of the Senate Banking Committee in March, argued that Republicans had cut off negotiations prematurely. They said they still had concerns about provisions on anti-money laundering, national security and a handful of other issues and could not support the current version of the bill. The two sides engaged in several frantic days of negotiations and appeared to be nearing a deal Thursday morning ahead of the vote. However, several Democrats said they had yet to see new bill text. Sen. Ruben Gallego (D-Ariz.), the top Democrat on the Senate Banking subcommittee on digital assets, asked to delay the vote until Monday to give senators more time. However, his request was rejected, and Democrats voted down the bill. Senate Majority Leader John Thune (R-S.D.), who lambasted Democrats for blocking the bill, ultimately changed his vote to no Thursday in a procedural move that allows him to bring the measure up again. Cody Carbone, CEO of crypto advocacy group The Digital Chamber, described Thursday's vote as a 'setback' but argued it is 'far from a defeat,' noting that leadership left open the door to reconsider the bill. 'Last-minute negotiations prove the momentum is real, and that lawmakers on both sides understand the urgency,' Carbone said in a statement. 'The Digital Chamber will keep working with Republicans and Democrats alike to get this across the finish line,' he added. 'Stablecoin legislation isn't a partisan issue, it's an economic and national security imperative. America can't afford to sit on the sidelines.' The Blockchain Association's Kristin Smith similarly said the crypto industry group was disappointed in the vote but 'encouraged by the bipartisan engagement.' 'We urge that this debate continue in earnest and that our elected officials are reminded that the fundamental nature of stablecoin technology is both pro-consumer, providing access to 21st century financial technology, and pro-American, strengthening the global hegemony of the U.S. dollar,' she said in a statement. Crypto legislation has gained new momentum under the Trump administration and Republican leadership in Congress, with the president and GOP lawmakers making stablecoin and market structure legislation a key priority. Stablecoin legislation appeared to be sailing along prior to last week's partisan dispute. The GENIUS Act passed out of the Senate Banking Committee in March, while its House companion, the STABLE Act, advanced out of the House Financial Services Committee in April. However, Trump's own crypto ventures also appear to be throwing a wrench in his legislative priorities. The president and his family have continued to grow their crypto portfolio in recent months, with their crypto venture World Liberty Financial announcing last week that its new stablecoin would be used to complete a $2 billion transaction between Emirati firm MGX and crypto exchange Binance. The announcement, along with Trump's other recent moves in the crypto space, have prompted concerns from Democrats that the president is attempting to profit off his office and opening up the U.S. government to foreign influence. It also provided new fuel for opponents of the GENIUS Act in the Senate, while prompting Democrats to walk out of a hearing on market structure legislation in the House earlier this week. The Bitcoin Policy Institute (BPI) pushed back on some of Democrats' concerns with the stablecoin bill Thursday, arguing it contains strong anti-money laundering provisions and suggesting conflict of interest concerns could be addressed in follow-up legislation. 'Recent political opposition to the GENIUS Act is misplaced, as it contains robust anti-money laundering measures applicable to both domestic and foreign issuers, and any concerns regarding governmental conflicts or oversight are best handled in separate, targeted legislation rather than obstructing broadly beneficial and otherwise uncontroversial policy,' Zack Shapiro, BPI's head of policy, said in a statement.
Yahoo
13-03-2025
- Business
- Yahoo
Congress' crypto era is here
The cryptocurrency industry, once beleaguered by scandals and skepticism in Washington, is now within striking distance of the biggest policy win in its history. The Senate Banking Committee on Thursday passed digital assets legislation that would create a regulatory structure for stablecoins, marking the first time a Senate panel has ever advanced major crypto legislation. The move, which garnered bipartisan support, marked one of Congress' most significant steps yet toward giving the crypto sector a long-sought stamp of legitimacy that could turbocharge its growth. 'All the groundwork that we laid during the last four years is now coming into fruition,' said Sen. Cynthia Lummis, a Wyoming Republican who has been dubbed the upper chamber's 'crypto queen' and has pushed for years to advance industry-friendly changes. 'It's time to act now.' The new momentum illustrates the extent to which the digital assets industry has overcome longstanding concerns about fraud and market volatility that have dogged its quest for legitimacy in Washington for most of its history. Executives think legislation could help crypto, currently used by just a small fraction of the U.S. population, become more mainstream. The pro-crypto shift has been driven in part by hundreds of millions of dollars in political spending from the industry and its top executives, who have showered Washington in cash in recent years through super PAC spending, lobbying and aggressive public relations and marketing campaigns. 'Things happen slowly, and then all at once,' said Kara Calvert, a former Senate aide who serves as vice president for U.S. policy at Coinbase, the largest U.S. crypto exchange. The industry has been rewarded by a series of steps taken by President Donald Trump and his hand-picked regulators, who have vastly pulled back from a crackdown the industry faced during the Biden era. But the crypto firms' biggest lobbying goals — legislation that would create light-touch regulatory frameworks for digital assets — run through Capitol Hill. Lawmakers in recent weeks have taken their first major steps to boost the crypto sector, with head-turning levels of bipartisan support. The Senate Banking Committee's action this week will send a bill that would create a regulatory framework for stablecoins — or digital tokens that are pegged to other assets like the dollar — to the Senate floor with bipartisan support. Five Democrats voted for the GOP-led legislation, despite strong opposition from the party's leader on the Banking panel, Sen. Elizabeth Warren of Massachusetts. That came following a pair of big bipartisan votes on the floors of both the House and Senate in favor of a resolution that would kill a Biden-era regulation imposing new tax reporting requirements on some crypto firms. It's all coming together to create a 'huge moment' for crypto, Lummis said. The goal for many digital asset firms and supporters is a financial system that is more intertwined with digital assets and blockchain, which is the digital ledger technology that undergirds crypto. 'I think it's really about the integration of the technology into the existing financial infrastructure, in a way that modernizes faster than we've seen before,' said Calvert, of Coinbase. But critics, largely on the left, are alarmed by the pro-crypto turn. Warren warned against the stablecoin legislation her panel advanced Thursday, saying it lacked necessary consumer protections and anti-money laundering safeguards. She has also warned that cryptocurrencies could present risks to financial stability if they become intertwined with the rest of the financial system, given their volatility. 'I am worried about the United States moving forward on a stablecoin bill that opens up opportunities for drug traffickers and terrorists to evade every other part of the finance system,' she told reporters following the committee vote Thursday. The crypto momentum has also surfaced broader concerns from lawmakers and some banking groups about the separation of banking and commerce services. Warren has raised anti-competition and financial stability concerns over the GOP-led stablecoin bills, which she says could open the door to major commercial and tech firms getting into financial services and leveraging their power in one market to dominate another. She said Thursday that the legislation 'gives Elon Musk the chance to issue his own X money currency,' flicking at the billionaire's recently announced plan to have his social media site partner with Visa to get into financial services. But the level of support for Congress' early crypto moves illustrates the eagerness lawmakers have to give the crypto industry its way. In addition to stablecoin legislation, industry-friendly lawmakers are also gearing up to advance a broader crypto overhaul that would divvy up oversight of digital assets between regulators. 'It is a really, really important moment,' said Dante Disparte, the chief strategy officer and head of global policy at Circle, a firm that issues a digital token pegged to the value of the dollar and could stand to benefit from stablecoin legislation. 'There's a really significant depth of interest and depth of understanding and depth of industry alignment. That is the basis for creating law.'
