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Yahoo
21-05-2025
- Business
- Yahoo
Crypto industry may get some much-needed rules to bring it mainstream
The wild west days of the cryptocurrency market may be coming to an end as Congress takes a step closer to passing first-of-its-kind legislation. The GENIUS Act, officially the Guiding and Establishing National Innovation for U.S. Stablecoins Act, passed a key procedural hurdle in the Senate on May 19. The bipartisan vote limits debate on the bill and allows the Senate to move forward to final passage. The bill would create a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar. The bill remains controversial and far from final passage. A vote likely won't happen until after Memorial Day at the end of the month. Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say. The bill "is the type of policy proposal that could lead to frictionless payments and help millions of Americans gain greater access to the financial system,' said Austen Jensen, Retail Industry Leaders Association executive vice president of government affairs. The bill also 'reinforces U.S. leadership in digital assets,' Sarah Milby, Blockchain Association Interim Chief Executive and Head of Policy, said in a statement. A stablecoin is a type of cryptocurrency designed to maintain a stable value relative to an asset, like the U.S. dollar. Pegging the unit to a stable asset helps minimize price fluctuations, making them more suitable for everyday transactions and as a reliable store of value. Many stablecoins are also backed by reserves of fiat currency or other assets like U.S. Treasuries. The bill establishes rules for stablecoin issuers, including: Firms must hold a reserve of assets underlying the stablecoin so consumers can always easily cash out their holdings. Issuers must prioritize stablecoin holders for repayment in case of bankruptcy. Issuers must abide by some anti-money laundering rules and anti-terrorism sanctions. The bill also would prohibit 'any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.' Critics say the bill doesn't go far enough to protect consumers or stop President Donald Trump from lining his own pockets. World Liberty Financial, a crypto venture linked to Trump, launched USD1, a U.S. dollar-backed stablecoin. 'The GENIUS Act will accelerate Trump's corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,' said Sen. Elizabeth Warren (D-Massachusetts), one of the bill's most vocal critics, on the Senate floor on May 19. USD1, launched in March, is already the fifth largest stablecoin in the world. 'Passing this bill means that we can expect more anonymous buyers, big companies, and foreign governments to use the President's stablecoin as both a shadowy bank account shielded from government oversight and as a way to pay off the President personally,' Warren said. 'For crooks, it's a two-for-one.' She also warned of another financial crisis ahead and said Americans 'will bear the costs of a massive financial crash facilitated by the stablecoin market if Congress passes this bill.' 'This weak bill is worse than no bill at all,' Warren said. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: What is the GENIUS Act and what it may mean for consumers
Yahoo
20-05-2025
- Business
- Yahoo
Crypto industry may get some much-needed rules to bring it mainstream
The wild west days of the cryptocurrency market may be coming to an end as Congress takes a step closer to passing first-of-its-kind legislation. The GENIUS Act, officially the Guiding and Establishing National Innovation for U.S. Stablecoins Act, passed a key procedural hurdle in the Senate on May 19. The bipartisan vote limits debate on the bill and allows the Senate to move forward to final passage. The bill would create a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar. The bill remains controversial and far from final passage. A vote likely won't happen until after Memorial Day at the end of the month. Still, the bill is considered a major win for the crypto industry. The industry-backed bill would help protect consumers and set industry standards that could allow stablecoins to become mainstream for digital payments and other financial instruments, advocates say. The bill "is the type of policy proposal that could lead to frictionless payments and help millions of Americans gain greater access to the financial system,' said Austen Jensen, Retail Industry Leaders Association executive vice president of government affairs. The bill also 'reinforces U.S. leadership in digital assets,' Sarah Milby, Blockchain Association Interim Chief Executive and Head of Policy, said in a statement. A stablecoin is a type of cryptocurrency designed to maintain a stable value relative to an asset, like the U.S. dollar. Pegging the unit to a stable asset helps minimize price fluctuations, making them more suitable for everyday transactions and as a reliable store of value. Many stablecoins are also backed by reserves of fiat currency or other assets like U.S. Treasuries. The bill establishes rules for stablecoin issuers, including: Firms must hold a reserve of assets underlying the stablecoin so consumers can always easily cash out their holdings. Issuers must prioritize stablecoin holders for repayment in case of bankruptcy. Issuers must abide by some anti-money laundering rules and anti-terrorism sanctions. The bill also would prohibit 'any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.' Critics say the bill doesn't go far enough to protect consumers or stop President Donald Trump from lining his own pockets. World Liberty Financial, a crypto venture linked to Trump, launched USD1, a U.S. dollar-backed stablecoin. 'The GENIUS Act will accelerate Trump's corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,' said Sen. Elizabeth Warren (D-Massachusetts), one of the bill's most vocal critics, on the Senate floor on May 19. USD1, launched in March, is already the fifth largest stablecoin in the world. 'Passing this bill means that we can expect more anonymous buyers, big companies, and foreign governments to use the President's stablecoin as both a shadowy bank account shielded from government oversight and as a way to pay off the President personally,' Warren said. 'For crooks, it's a two-for-one.' She also warned of another financial crisis ahead and said Americans 'will bear the costs of a massive financial crash facilitated by the stablecoin market if Congress passes this bill.' 'This weak bill is worse than no bill at all,' Warren said. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: What is the GENIUS Act and what it may mean for consumers Sign in to access your portfolio
Yahoo
16-05-2025
- Business
- Yahoo
U.S. companies surge shipments from China following tariff pause
Businesses have begun ramping up shipments to the United States from China after President Donald Trump paused some of his tariffs on imports from that country, creating a surge in demand that could lead to supply chain bottlenecks in the coming months. Freight bookings out of China increased nearly 300% this week compared to the week earlier, soaring to the highest levels of the year, said Ben Tracy, vice president of strategic business development at Vizion, a company that produces container-tracking software. That came after Trump announced Monday that he was reducing the tariff on Chinese imports for 90 days while Washington and Beijing continue trade talks. U.S. companies halted shipments and canceled orders last month, when Trump ratcheted up his tariffs on Chinese imports to more than 145%, making it unaffordable for many companies to import their goods. While Chinese imports still face a 30% tariff, companies appear to be taking advantage of the 90-day pause on the higher tariffs to catch up on delayed shipments and get as many products into the U.S. as they can at the relatively lower rate. 'Over the past month, we saw a huge drop off in trans-Pacific trade, especially from China, dropping by 60% or more in terms of those volumes,' said Jessica Dankert, vice president for supply chain at the Retail Industry Leaders Association. 'So now that we have at least relative certainty for the 90-day window, we definitely expect to see those volumes ramp back up again.' But despite the pause to some tariffs, companies aren't expecting smooth sailing in the coming months. It can typically take around a month for goods to travel from China to the U.S., but a surge in demand and limited numbers of ships, port docking space and trucks to transport goods could add up to several additional months of time, said Bryan Gross, a principal at PwC who works on supply chain issues. 'There's only a certain amount of capacity in that pipe, it can only expand so far. There's only a certain number of container ships. There's only a certain number of appointments in the ports to be able to consume that capacity,' he said. 'That bubble of goods is going to start flowing through the system, but it's constrained by the size of the pipe.' That supply and demand imbalance could also lead to higher shipping rates, which have already jumped in recent days. Because it can take several months for a ship to travel to the U.S. then back to China, an increase in ships leaving China in the coming days and weeks could lead to a shortage of container ships available this summer, which is the peak time for retailers to be shipping their back-to-school and holiday merchandise. 'What may be an issue is that in two months time, which would be peak season for retail, we might not have enough containers available in China to load, and not only containers, but also not enough ships there,' Tracy said. For other industries, it could already be too late to get the goods in time for their peak season. U.S. fireworks importers halted many of their shipments coming from China in April because they couldn't afford the higher tariff rates, said Julie Heckman, executive director of the American Pyrotechnics Association. While the China tariffs remain a significant cost at 30%, companies have started to resume shipments, she said. But it will likely be too late for some to get their goods in time for Fourth of July, resulting in shortages of certain products. 'Everybody is scrambling now to try to take advantage of the 90-day pause. But those sailings, the bookings take a while. It's not like you just flick a light switch and everything is back on,' Heckman said. 'Companies are making those arrangements, they're going to try to get in what they can, but some of that's probably going to come after the Fourth of July.' There could also be consequences for next year, when America is celebrating the 250th anniversary of its independence and the fireworks industry was expecting a surge in demand. Many fireworks companies halted their production in China during April as a result of the uncertainty around the tariffs. While some have restarted that production, they have lost valuable manufacturing time during a limited window when Chinese companies can produce fireworks for the U.S. market, Heckman said. Retailers also remain concerned about the longer-term impact that tariffs could have on their businesses as they try to plan for the coming months. 'Now that we have a window of a bit more certainty for the immediate future, there's the ability to plan a little bit more and try and get some of the more critical goods in production and on the water and brought into the U.S.,' Dankert said. 'But I think looking long term, what the business and what the industry really needs is the sense of stability and the kind of certainty going forward to make those longer decisions around ordering.' This article was originally published on
NBC News
16-05-2025
- Business
- NBC News
U.S. companies surge shipments from China following tariff pause
Businesses have begun ramping up shipments to the United States from China after President Donald Trump paused some of his tariffs on imports from that country, creating a surge in demand that could lead to supply chain bottlenecks in the coming months. Freight bookings out of China increased nearly 300% this week compared to the week earlier, soaring to the highest levels of the year, said Ben Tracy, vice president of strategic business development at Vizion, a company that produces container-tracking software. That came after Trump announced Monday that he was reducing the tariff on Chinese imports for 90 days while Washington and Beijing continue trade talks. U.S. companies halted shipments and canceled orders last month, when Trump ratcheted up his tariffs on Chinese imports to more than 145%, making it unaffordable for many companies to import their goods. While Chinese imports still face a 30% tariff, companies appear to be taking advantage of the 90-day pause on the higher tariffs to catch up on delayed shipments and get as many products into the U.S. as they can at the relatively lower rate. 'Over the past month, we saw a huge drop off in trans-Pacific trade, especially from China, dropping by 60% or more in terms of those volumes,' said Jessica Dankert, vice president for supply chain at the Retail Industry Leaders Association. 'So now that we have at least relative certainty for the 90-day window, we definitely expect to see those volumes ramp back up again.' But despite the pause to some tariffs, companies aren't expecting smooth sailing in the coming months. It can typically take around a month for goods to travel from China to the U.S., but a surge in demand and limited number s of ships, port docking space and trucks to transport goods could add up to several additional months of time, said Bryan Gross, a principal at PwC who works on supply chain issues. 'There's only a certain amount of capacity in that pipe, it can only expand so far. There's only a certain number of container ships. There's only a certain number of appointments in the ports to be able to consume that capacity,' he said. 'That bubble of goods is going to start flowing through the system, but it's constrained by the size of the pipe.' That supply and demand imbalance could also lead to higher shipping rates, which have already jumped in recent days. Because it can take several months for a ship to travel to the U.S. then back to China, an increase in ships leaving China in the coming days and weeks could lead to a shortage of container ships available this summer, which is the peak time for retailers to be shipping their back-to-school and holiday merchandise. 'What may be an issue is that in two months time, which would be peak season for retail, we might not have enough containers available in China to load, and not only containers, but also not enough ships there,' Tracy said. For other industries, it could already be too late to get the goods in time for their peak season. U.S. fireworks importers halted many of their shipments coming from China in April because they couldn't afford the higher tariff rates, said Julie Heckman, executive director of the American Pyrotechnics Association. While the China tariffs remain a significant cost at 30%, companies have started to resume shipments, she said. But it will likely be too late for some to get their goods in time for Fourth of July, resulting in shortages of certain products. 'Everybody is scrambling now to try to take advantage of the 90-day pause. But those sailings, the bookings take a while. It's not like you just flick a light switch and everything is back on,' Heckman said. 'Companies are making those arrangements, they're going to try to get in what they can, but some of that's probably going to come after the Fourth of July.' There could also be consequences for next year, when America is celebrating the 250th anniversary of its independence and the fireworks industry was expecting a surge in demand. Many fireworks companies halted their production in China during April as a result of the uncertainty around the tariffs. While some have restarted that production, they have lost valuable manufacturing time during a limited window when Chinese companies can produce fireworks for the U.S. market, Heckman said. Retailers also remain concerned about the longer-term impact that tariffs could have on their businesses as they try to plan for the coming months. 'Now that we have a window of a bit more certainty for the immediate future, there's the ability to plan a little bit more and try and get some of the more critical goods in production and on the water and brought into the U.S.,' Dankert said. 'But I think looking long term, what the business and what the industry really needs is the sense of stability and the kind of certainty going forward to make those longer decisions around ordering.'
Yahoo
15-03-2025
- Business
- Yahoo
How Foot Locker's supply chain is lacing up for the future
This story was originally published on Supply Chain Dive. To receive daily news and insights, subscribe to our free daily Supply Chain Dive newsletter. ORLANDO, Fla. — Foot Locker's investments in inventory accuracy, vendor relationships and cross-functional partnerships across its supply chain are key drivers of its multi-year transformation plan, executives said at the Retail Industry Leaders Association's LINK 2025 conference last month. The sneaker retailer advanced its 'Lace Up' plan last year by opening six Foot Locker reimagined store concepts, among other initiatives, EVP and COO Elliott Rodgers said. The reimagined stores aim to create an immersive brand experience while enhancing digital capabilities, including the company's new mobile app. Although the Lace Up strategy is a company-wide effort, changes within Foot Locker's supply chain played a major role in progressing the initiative in 2024, according to Chief Supply Chain Officer Kristin Bauer. Inventory is the lifeblood of omnichannel retail, Rodgers said. Therefore, improving inventory accuracy is essential to support Foot Locker's goal of becoming a best-in-class omnichannel retailer, one of the four pillars of the Lace Up strategy. 'Because there's so many different elements of the organization that touch inventory, you have to have some type of unifying vision for what you're trying to accomplish,' Rodgers said. 'If the unifying vision is a near real-time view of inventory that's available for sale at the item and location level, then it becomes clear what the organization is trying to solve for.' Given its exposure to fluctuating sneaker trends, Foot Locker deals with trapped and aging inventory at a higher rate than some other retailers, forcing it to rethink how it approaches this critical part of the business. 'It's a balance. A lot of our inventory is allocated inventory, and there's not an endless supply of it.' Kristin Bauer SVP, Chief Supply Chain Officer at Foot Locker By focusing on inventory accuracy and leveraging the stores for omnichannel capabilities, Foot Locker reduced cancelled and rejected order numbers in 2024, she added. 'We actually fulfill a large number of our digital orders from the back of the store,' Bauer said. 'It's a huge part of our strategy. It's not necessarily a capacity play all the time for us; it very much is an inventory play.' Strengthening vendor relationships is critical for Foot Locker as the company relies on "handfuls" of partners, rather than thousands like some other retailers, Bauer said. 'We've always had those from a merchandising perspective, but we very thoughtfully leaned in in 2024 to build better strategic relationships with our vendor community upstream, and it drove incredibly meaningful results,' Bauer said. For instance, providing improved forecast information to vendors and suppliers enabled better data cross-sharing and better upstream visibility. This, in turn, helps Foot Locker be more accurate with its buying practices. 'It's a balance. A lot of our inventory is allocated inventory, and there's not an endless supply of it,' Bauer said. Foot Locker has also shifted how its different teams engage with each other, opting for more cross-functional relationships, Rodgers said. Now, success is based on customer experience rather than individual department performance. 'Looking at it holistically — and not making it about functions, but making it about the customer, and making it more about a North Star vision that everyone in the organization kind of could rally around and move to — is incredibly important, especially in an omni retail environment,' Rodgers said. Rolling out integrated business planning at Foot Locker has allowed for supply chain collaboration that ensures the customer experience remains the center of decision making, according to Bauer. 'It really drove different conversations within the supply chain team than I think what we had historically had,' Bauer said. Foot Locker is also more regularly assessing its technology stack through a dedicated, internal 'tech council' that meets quarterly, rather than waiting for the company's annual planning cycle. As it evaluates new technology and processes to better optimize its supply chain and operations overall, Foot Locker initiated a product operating model that leans on smaller teams to deliver new features and functionalities, Rodgers said. This strategy allows the company to move more quickly to keep up with a rapidly evolving consumer landscape. In the supply chain, Bauer and her team have found success by identifying less capital-intensive solutions that drive results. For example, the retailer will be rolling out RFID technology in its distribution centers this year. 'A lot of our product already is tagged from a vendor perspective, and so it's a huge capability, not incredibly capital intensive for us, to add that into our distribution centers,' Bauer said. 'And it's going to allow us to, again, get the next evolution of inventory accuracy on the front side of receiving all the way out the door of our DC.' Recommended Reading Foot Locker COO names 4 skills crucial to supply chain leaders
