White House, senators eye September deadline for crypto framework
A White House adviser and two key senators said Thursday they are now hoping to pass legislation laying out oversight of the crypto industry by the end of September, pushing back an earlier August deadline.
Senate Banking Chair Tim Scott (R-S.C.) offered up the new timeline for market structure legislation at a fireside chat alongside Sen. Cynthia Lummis (R-Wyo.) and Bo Hines, executive director of President Trump's Council of Advisers on Digital Assets.
'I want to set a timeline … of seeing the market structure completed before the end of September,' Scott said Thursday. 'I think that is a realistic expectation.'
Lummis, who serves as chair of the Senate Banking subcommittee on digital assets, seemed prepared to meet the new deadline, saying they hope to put out draft legislation before Congress leaves for its August recess and hold a markup in September.
Hines also confirmed the timeline, adding in a post on X, 'As stated today, we are committed to getting market structure done by the end of September. Period.'
The Trump administration and GOP leaders had previously been aiming to pass both market structure and stablecoin legislation before the August recess.
The market structure legislation seeks to split up oversight of the digital asset market between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while stablecoin legislation aims to create a regulatory framework for the dollar-backed cryptocurrencies.
After the Senate passed its stablecoin bill, known as the GENIUS Act, last week, Trump urged the House to quickly send the measure to his desk without major changes.
However, his push runs counter to an effort by some in the industry and Congress, who hoped to tie the stablecoin and market structure bills together amid concerns that a second lone crypto bill could lose momentum.
'I've been very clear that I think the president's mandate of moving GENIUS Act immediately to his desk is in the best interest of the American people,' Scott said Thursday.
'What they're concerned about is not getting market structure done fast enough,' he added. 'And I believe that we can do both in a very time-sensitive manner, and that is why I've committed to a deadline that will be reached.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
14 minutes ago
- Bloomberg
China Opposes Trade Deals at Its Expense
With 10 days to go until President Trump's country-specific tariffs are set to resume, China warns the US it will not tolerate trade deals with other countries that go against its interests. Bloomberg's Stephen Engle reports. (Source: Bloomberg)
Yahoo
24 minutes ago
- Yahoo
Returns On Capital At Hiap Teck Venture Berhad (KLSE:HIAPTEK) Paint A Concerning Picture
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. In light of that, when we looked at Hiap Teck Venture Berhad (KLSE:HIAPTEK) and its ROCE trend, we weren't exactly thrilled. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Hiap Teck Venture Berhad: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.00092 = RM1.4m ÷ (RM2.0b - RM492m) (Based on the trailing twelve months to April 2025). Therefore, Hiap Teck Venture Berhad has an ROCE of 0.09%. In absolute terms, that's a low return and it also under-performs the Metals and Mining industry average of 7.3%. See our latest analysis for Hiap Teck Venture Berhad Above you can see how the current ROCE for Hiap Teck Venture Berhad compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Hiap Teck Venture Berhad for free. On the surface, the trend of ROCE at Hiap Teck Venture Berhad doesn't inspire confidence. Around five years ago the returns on capital were 4.2%, but since then they've fallen to 0.09%. And considering revenue has dropped while employing more capital, we'd be cautious. This could mean that the business is losing its competitive advantage or market share, because while more money is being put into ventures, it's actually producing a lower return - "less bang for their buck" per se. In summary, we're somewhat concerned by Hiap Teck Venture Berhad's diminishing returns on increasing amounts of capital. Yet despite these concerning fundamentals, the stock has performed strongly with a 79% return over the last five years, so investors appear very optimistic. In any case, the current underlying trends don't bode well for long term performance so unless they reverse, we'd start looking elsewhere. If you're still interested in Hiap Teck Venture Berhad it's worth checking out our to see if it's trading at an attractive price in other respects. If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Newsweek
30 minutes ago
- Newsweek
Canada and US Trade Talks Resume After Digital Tax Reversal
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Canada and the United States have resumed trade negotiations after Canadian Prime Minister Mark Carney agreed to rescind the country's digital services tax on U.S. technology companies. The development follows President Donald Trump's announcement on Friday that he was suspending all trade talks with Canada "effective immediately" over the tax policy. Why It Matters Trump's Friday announcement followed Canada's confirmation that it would proceed with its digital services tax on technology giants, most of which are U.S.-based, despite a previous G7 agreement where the Trump administration had agreed to drop a retaliatory tax proposal from congressional consideration. Canada's quick reversal signals the high stakes involved in maintaining trade relationships with the United States, particularly given the countries' deeply integrated economies. What To Know Carney's office confirmed on Sunday that both leaders have agreed to restart negotiations after Canada committed to abandoning the 3 percent levy targeting major U.S. tech giants including Amazon, Google, Meta, Uber, and Airbnb. The tax was scheduled to take effect Monday and would have applied retroactively, creating an estimated $2 billion bill for American companies. The conflict escalated rapidly after Canada's Finance Department confirmed Friday that companies would still be required to make their first digital tax payments Monday, despite ongoing negotiations. The tax targeted revenue generated from Canadian users rather than corporate profits, making it particularly burdensome for technology companies operating internationally. Trump's response was immediate and severe. He announced the suspension of all trade discussions "effective immediately" and threatened to impose new tariffs on Canadian goods within seven days. The president criticized Canada as "a very difficult Country to TRADE with" and described the digital tax as "a direct and blatant attack on our Country." The dispute has unfolded against already strained U.S.-Canada relations. Since taking office in January, Trump has repeatedly criticized Canada and suggested it should become the 51st U.S. state. These tensions contributed to the political environment that led to Justin Trudeau's resignation and Mark Carney's subsequent election on an anti-Trump platform. Canada's decision to rescind the tax came "in anticipation" of reaching a broader trade agreement, according to government officials. What People Are Saying Canadian Prime Minister Mark Carney said Friday: Canada will "continue to conduct these complex negotiations in the best interests of Canadians. It's a negotiation." President Donald Trump previously said in the Oval Office that he expected Canada to lift the digital services tax: "Economically we have such power over Canada. We'd rather not use it. It's not going to work out well for Canada. They were foolish to do it." Canadian Prime Minister Mark Carney (R) greets U.S. President Donald Trump at the official welcome ceremony during the G7 Leaders' Summit on June 16, 2025 in Kananaskis, Alberta. Canada is hosting this year's meeting... Canadian Prime Minister Mark Carney (R) greets U.S. President Donald Trump at the official welcome ceremony during the G7 Leaders' Summit on June 16, 2025 in Kananaskis, Alberta. Canada is hosting this year's meeting of the world's seven largest economies. MoreWhat Happens Next With negotiations resuming, both countries will likely focus on addressing broader trade issues beyond the digital services tax. The Trump administration has indicated expectations for additional Canadian concessions, particularly regarding agricultural tariffs that have been a longstanding source of friction. Reporting from the Associated Press contributed to this article.
