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Yahoo
20-05-2025
- Business
- Yahoo
What to know about the GENIUS Act, a crypto regulation bill
The Senate voted 66-22 late Monday to advance the GENIUS Act, a bill that aims to regulate some cryptocurrencies. The bill faced some Democratic opposition in recent weeks over President Donald Trump's cryptocurrency ventures, but it ultimately garnered support from 16 Democrats, including Sen. Cory Booker, D-N.J., and Sen. Adam Schiff, D-Calif. The industry-backed measure establishes rules targeting stablecoins, a type of cryptocurrency pegged to the value of another asset, often the U.S. dollar. Proponents hailed the bill as a means of protecting consumers and setting industry standards, which could allow such crypto coins to become a mainstream tool for digital payments and other financial instruments. Critics warned, however, that the bill fails to address conflict-of-interest concerns exemplified by Trump, and it risks endangering consumers and the wider economy with a weak set of rules. MORE: Winners of Trump's meme coin contest potentially include foreign investors 'This sets the stage for these assets to go mainstream,' Christian Catalini, founder of the MIT Cryptoeconomics Lab, who supports the measure, told ABC News in a statement. Here's what to know about the GENIUS Act, and what it means for you. The GENIUS Act concerns the issuance and exchange of stablecoins, a form of digital currency backed by another form of currency like the U.S. dollar or a commodity like gold. Stablecoins are designed to be less volatile than other forms of cryptocurrency, which can experience large price swings and, in turn, pose difficulty for individuals using them to facilitate a purchase or sale. The bill sets rules for stablecoin issuers, including a mandate that firms hold a reserve of assets underlying the cryptocurrency. That stipulation aims to protect consumers, who otherwise risk a failure to cash out their holdings in the event of a rapid, widespread offloading of coins. In a separate effort to safeguard consumers, the measure would require issuers to grant coin holders priority for repayment in the event of a bankruptcy. The measure also mandates issuers abide by some anti-money laundering rules and anti-terrorism sanctions. Supporters of the GENIUS Act applaud the measure as a first-of-its-kind effort to formalize a key segment of the cryptocurrency industry, offering safeguards for consumers, allowing entry for conventional financial firms and growing the digital currency market. 'This opens the floodgates,' Catalini said. 'You'll see entry by many issuers. Consumers will all have more choices. This will bring more competition and innovation in payments.' The new rules, Catalini added, take the onus off of consumers to discern between good and bad actors within the stablecoin sector, instead opening up competition between firms based on the quality of their products. 'It becomes a game of who can deliver better use-cases and features to consumers and businesses the fastest,' Catalini said. Critics of the measure, however, say it amounts to an industry-friendly set of weak regulations that fail to adequately protect consumers and police illicit trading of stablecoins. 'While a strong stablecoin bill is the best possible outcome, this weak bill is worse than no bill at all,' Sen. Elizabeth Warren, D-Mass., said on the Senate floor Monday. Critics say the shortcomings of the bill are exemplified by its inability to address conflict-of-interest concerns raised by Trump's dealings in stablecoins. MORE: What does the Moody's rating downgrade mean for the economy? In March, Trump-backed crypto firm World Liberty Financial issued a stablecoin USD1. An Abu Dahbi-based investment firm earlier this month used the stablecoin to make a $2 billion investment in crypto exchange Binance, putting Trump's company in a position to profit from the deal. Trump has denied any wrongdoing. The bill features a stipulation that would 'prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.' Still, Warren said, the measure inadequately protects against concerns raised by Trump's venture. 'This bill provides even more opportunities to reward buyers of Trump's coins with favors like tariff exemptions, pardons, and government appointments,' Warren added. What to know about the GENIUS Act, a crypto regulation bill originally appeared on
20-05-2025
- Business
What to know about the GENIUS Act, a crypto regulation bill
The Senate voted 66-22 late Monday to advance the GENIUS Act, a bill that aims to regulate some cryptocurrencies. The bill faced some Democratic opposition in recent weeks over President Donald Trump's cryptocurrency ventures, but it ultimately garnered support from 16 Democrats, including Sen. Cory Booker, D-N.J., and Sen. Adam Schiff, D-Calif. The industry-backed measure establishes rules targeting stablecoins, a type of cryptocurrency pegged to the value of another asset, often the U.S. dollar. Proponents hailed the bill as a means of protecting consumers and setting industry standards, which could allow such crypto coins to become a mainstream tool for digital payments and other financial instruments. Critics warned, however, that the bill fails to address conflict-of-interest concerns exemplified by Trump, and it risks endangering consumers and the wider economy with a weak set of rules. 'This sets the stage for these assets to go mainstream,' Christian Catalini, founder of the MIT Cryptoeconomics Lab, who supports the measure, told ABC News in a statement. Here's what to know about the GENIUS Act, and what it means for you. What is the GENIUS Act? The GENIUS Act concerns the issuance and exchange of stablecoins, a form of digital currency backed by another form of currency like the U.S. dollar or a commodity like gold. Stablecoins are designed to be less volatile than other forms of cryptocurrency, which can experience large price swings and, in turn, pose difficulty for individuals using them to facilitate a purchase or sale. The bill sets rules for stablecoin issuers, including a mandate that firms hold a reserve of assets underlying the cryptocurrency. That stipulation aims to protect consumers, who otherwise risk a failure to cash out their holdings in the event of a rapid, widespread offloading of coins. In a separate effort to safeguard consumers, the measure would require issuers to grant coin holders priority for repayment in the event of a bankruptcy. The measure also mandates issuers abide by some anti-money laundering rules and anti-terrorism sanctions. What do supporters and critics say about the GENIUS Act? Supporters of the GENIUS Act applaud the measure as a first-of-its-kind effort to formalize a key segment of the cryptocurrency industry, offering safeguards for consumers, allowing entry for conventional financial firms and growing the digital currency market. 'This opens the floodgates,' Catalini said. 'You'll see entry by many issuers. Consumers will all have more choices. This will bring more competition and innovation in payments.' The new rules, Catalini added, take the onus off of consumers to discern between good and bad actors within the stablecoin sector, instead opening up competition between firms based on the quality of their products. 'It becomes a game of who can deliver better use-cases and features to consumers and businesses the fastest,' Catalini said. Critics of the measure, however, say it amounts to an industry-friendly set of weak regulations that fail to adequately protect consumers and police illicit trading of stablecoins. 'While a strong stablecoin bill is the best possible outcome, this weak bill is worse than no bill at all,' Sen. Elizabeth Warren, D-Mass., said on the Senate floor Monday. Critics say the shortcomings of the bill are exemplified by its inability to address conflict-of-interest concerns raised by Trump's dealings in stablecoins. In March, Trump-backed crypto firm World Liberty Financial issued a stablecoin USD1. An Abu Dahbi-based investment firm earlier this month used the stablecoin to make a $2 billion investment in crypto exchange Binance, putting Trump's company in a position to profit from the deal. Trump has denied any wrongdoing. The bill features a stipulation that would 'prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.' Still, Warren said, the measure inadequately protects against concerns raised by Trump's venture. 'This bill provides even more opportunities to reward buyers of Trump's coins with favors like tariff exemptions, pardons, and government appointments,' Warren added.
Associated Press
05-03-2025
- Business
- Associated Press
Crypto Industry Insiders Partner With Founders of Money20/20, Future Proof, Fintech Meetup & Shoptalk to Launch Mint, a Groundbreaking New Crypto Event Where Real Business Gets Done
Events industry disruptors Anil D. Aggarwal, founder and former CEO of Money20/20, Fintech Meetup, Shoptalk and Groceryshop, and Matt Middleton, founder and CEO of Future Proof, have partnered with crypto industry insiders Mitul Parmar and Bitwise CIO Matt Hougan to launch Mint, a groundbreaking new U.S. crypto event where real business gets done. Mint will be held on September 14-17, 2025 on Huntington Beach, CA with 2,500+ leaders from the crypto community and a growing number of open-minded changemakers from traditional industries, including 175+ incredible speakers across 80+ insightful sessions. Mint sets a new standard for U.S. crypto events because: Mint is where real business gets done with a unique focus on real use cases, users, and revenue Mint features crypto's biggest ever meetings program with 25,000+ prescheduled 1:1 15-minute meetings, making it easy to meet new people, discover new companies, and capture incredible opportunities that deliver real results Mint includes crypto's largest ever peer collaboration program with 250+ curated and valuable intimate group discussions to discuss challenges, brainstorm opportunities, and share learnings Mint is the only entirely outdoor crypto event, and will be held on Huntington Beach in Southern California, making for a fun, first-class experience that combines incredible learning, efficient networking, and memorable social activities Mint is created by founders with a 15-year track record of disrupting incumbents and creating industry-leading events across multiple categories, including financial services and commerce, that deliver outsized results for everyone Mint has gained significant early, pre-launch traction with 70+ leading companies from crypto as well as traditional industries joining as Launch Partners and/or speakers, including: Alchemy Google Story Aptos J.P. Morgan Solana Foundation Ava Labs Kraken Sui Foundation Berachain Lightspark T-Mobile BinanceUS Monad Foundation Trust Wallet Coinbase Plaid Walmart FIS Polygon Worldpay Galaxy Republic Zero Hash Agora Kiln Reown Bitwise MIT Cryptoeconomics Lab Serotonin Blockdaemon Mesh Silicon Valley Bank CoinFund OrangeDAO Skybridge Capital DAWN Pantera Capital Socure DIMO PayPal Ventures Sol Strategies Dragonfly Capital Portal Sphere Electric Capital Proof of Coverage Stanford Blockchain Accelerator Figure Markets Privy Stellar Framework Ventures Prove Superstate GeoComply Public Syndicate Helium Mobile Quantstamp The Venture Dept. Hivemapper QuickNode Trust Machines Incode Render World Foundation Mint will feature the most popular crypto podcasts live onsite, including Bankless, Bits + Bips, Crypto Prime, Empire, Talking Bitcoin, and Unchained. Mint's 50+ early confirmed speakers include: Abe McCallum Bam Azizi Himal Makwana Head of Consumer Fintech Co-Founder & CEO Global Head of Corporate Strategy Walmart Mesh FIS Alex Kruger Christian Catalini Ian Lee Co-Host Founder Co-Founder Bits + Bips MIT Cryptoeconomics Lab Syndicate Amanda Cassatt Connor Lovely James Seyffart CEO & Founder Founder & CEO Co-Host Serotonin Proof of Coverage Bits + Bips Amir Haleem David Hoffman Jason Pate Founder & CEO Co-Founder Chief Strategy Officer Helium Mobile Bankless Plaid Andrew Durgee Dan Thygesen Jason Yanowitz President SVP, Product Partnerships & Growth Co-Host; Co-Founder of Blockworks Republic T-Mobile Empire Anthony Scaramucci Edward Woodford Jason Zhao Founder & Managing Partner CEO & Co-Founder Co-Founder Skybridge Capital Zero Hash Story Ariel Seidman Eowyn Chen Jess Houlgrave CEO & Co-Founder CEO CEO Hivemapper Trust Wallet Reown (fka WalletConnect) Arjun Sethi Eunice Giarta Jim Hiltner Co-CEO Co-Founder & GM Co-Founder, Head of Business Development Kraken Monad Foundation Superstate Avichal Garg Henri Stern Joe McCann Managing Partner Co-Founder & CEO Co-Host Electric Capital Privy Bits + Bips John Nahas Leif Abraham Nate Geraci Chief Business Officer Co-Founder & Co-CEO Host Ava Labs Public Crypto Prime Jules Urbach Lesley O'Neill Neil Chatterjee Founder Chief Compliance Officer CEO & Co-Founder Render BinanceUS DAWN Keerthi Moudgal Matt Hougan Nikil Viswanathan Executive Director, Head of Product - Kinexys Digital Assets Chief Investment Officer Co-Founder & CEO J.P. Morgan Bitwise Alchemy Keone Hon Matthew Homer Paul Veradittakit Co-Founder & GM General Partner Managing Partner Monad Foundation The Venture Dept. Pantera Capital Konstantin Richter Michael Anderson Rich Widmann Founder & CEO Co-Founder Head of Strategy, Web3 Blockdaemon Framework Ventures Google Laszlo Szabo Mike Cagney Rob Hadick Co-Founder & CEO Co-Founder and CEO General Partner Kiln Figure Markets Dragonfly Capital Laura Shin Nabil Manji Rob Solomon CEO & Journalist SVP, Head of Fintech Growth & Financial Partnerships Co-Founder Unchained WorldPay DIMO Leah Wald Natalie Brunell Shan Aggarwal President & CEO Host VP, Corporate & Business Development + Coinbase Ventures Sol Strategies Talking Bitcoin Coinbase Coinbase 'We believe crypto and blockchain are at the tipping point, ready to transform a wide range of industries over the coming years,' said Mitul Parmar, Co-Founder and CEO of Mint. 'Mint was created to catalyze that transformation and take crypto from awareness to mass adoption by accelerating crypto's pursuit of real users, revenue, and use cases.' 'For more than a dozen years, Matt Middleton and I have had outsized success in launching and leading disruptive new events, each of which have set completely new standards in their respective sectors with cutting-edge experiences, programs, and formats that we've pioneered,' said Anil Aggarwal, Co-Founder of Mint. 'We're looking forward to doing it again, this time by bringing together the already tight-knit crypto community, and helping bridge it to the most open-minded changemakers at the frontier of traditional industries.' For more information about Mint, visit follow us on X, LinkedIn, and Instagram, and join our Telegram group. About Mint From the founders of Money20/20, Future Proof, Fintech Meetup and Shoptalk, Mint is a groundbreaking new U.S. crypto event featuring unprecedented formats, including the biggest and most productive 1:1 meetings program in the history of crypto. Crypto and blockchain are at a tipping point, ready to transform a wide range of industries over the coming years. Mint catalyzes that transformation and takes crypto from awareness to mass adoption by focusing on real users and use cases. Join more than 2,500 leaders from the crypto community and a growing number of open-minded changemakers from traditional industries in a fun, friendly, and unforgettable outdoor beachside environment to connect, collaborate, and get real business done. Mint will be held on September 14-17, 2025, in an entirely outdoor venue on Huntington Beach, California. Mint [email protected] X: @mitulparmar_ SOURCE: Future Proof Copyright Business Wire 2025. PUB: 03/05/2025 08:57 AM/DISC: 03/05/2025 08:57 AM
