Transgender-Rights Rulings Warrant New Look, Supreme Court Says
The US Supreme Court ordered reconsideration of rulings backing transgender rights in clashes over health care and birth certificates, while holding off saying whether the justices will take up a polarizing fight over sports participation in their next term.
The actions Monday came in a lengthy list of orders as the court disposed of dozens of appeals in the wind-down to its nine-month term. The reconsideration orders follow a June 18 ruling that let Tennessee and other states ban transgender minors from getting puberty blockers, hormone treatments and surgery.
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Yahoo
20 minutes ago
- Yahoo
Senate bill allowed to ‘defund' Planned Parenthood
A Senate GOP provision that would block Medicaid funding to Planned Parenthood will remain in the massive tax and spending bill after the Senate parliamentarian on Monday advised the language does not violate the chamber's Byrd Rule. The ruling from Parliamentarian Elizabeth MacDonough comes after Senate Republicans updated the provision late Friday night to change the timing of the 'defunding' from 10 years to one year. The bill's language doesn't specifically mention Planned Parenthood; it prohibits clinics and providers that offer abortions from accepting Medicaid for the other family planning and reproductive health care services they provide. But Planned Parenthood is the only organization that it applies to. The provision is estimated to cost taxpayers $52 million over the next 10 years, according to the nonpartisan Congressional Budget Office (CBO). 'Republicans just got the green light to proceed with their destructive effort to defund Planned Parenthood health centers across the country—a crushing blow to the millions of women across America who rely on Planned Parenthood clinics for basic reproductive care,' Sen. Patty Murray (D-Wash.) said in a statement. 'Republicans' last-minute changes to shorten the timeline of this provision hardly matter—once health clinics lose funding and are forced to close their doors, they are unlikely to reopen again,' she added. The inclusion of the provision is a major victory for conservatives, who have long sought to cut off federal funding for the organization. But it could make it more difficult for on-the-fence Sens. Susan Collins (R-Maine) and Lisa Murkowski (R-Alaska) to vote for the bill, as both have expressed support for abortion rights. Planned Parenthood has said losing Medicaid funding would put at least 200 health centers across the country at risk of closure — 90 percent of them in states where abortion is legal. More than 1 million low-income people would lose access to a health care provider. It follows a Supreme Court ruling last week that paves the way for red states to deny funding to Planned Parenthood. Medicaid is prohibited from paying for almost all abortions, but states want to cut government funding for other services Planned Parenthood provides as well. If the bill were to pass, the policy would be national. 'Republicans will stop at nothing in their crusade to take control of women's bodies and deny them the right to make their own health care decisions,' Sens. Jeff Merkley (D-Ore.) and Ron Wyden (D-Ore.) said in a joint statement. 'Republicans are trampling the law to force their extremist ideology onto the American people.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Forbes
28 minutes ago
- Forbes
GENIUS Act Supporting Stablecoins Offer Opportunity During Instability
11 July 2022, Baden-Wuerttemberg, Rottweil: The logo of the stablecoins Tether USDT and USD Cohn ... More USDC can be seen on the screen of a computer in an office. Photo: Silas Stein/dpa (Photo by Silas Stein/picture alliance via Getty Images) dpa/picture alliance via Getty Images The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins ('GENIUS') Act in June 2025, regulating stablecoins and the Act is now headed to the House of Representatives to be reconciled with the House's Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. GENIUS represents a landmark milestone not only for the cryptocurrency industry, but also for the U.S. tax system. While the GENIUS Act establishes a tight regulatory framework for a novel use of digital currency in the U.S. market and it is backed by the U.S. dollar, enforcement will be challenging. The act establishes significant penalties for unlicensed issuance but tracking the movement of stablecoins may need additional monitoring and regulatory systems. Determining tax implications with the rapid movement of stablecoins will also require further guidance. Stablecoins being backed by the U.S. dollar is especially powerful and lends to the international reliance on U.S. backed currencies. In the same month that stablecoins hit the Senate floor under the GENIUS Act, the Israel-Iran conflict surged. Stablecoins have, historically, flourished where there is economic instability and global crisis may further support the cross-border reliance on the stability of the U.S. currency. Stablecoins are accepted globally because they are pegged to the U.S. dollar. flow of assets moves rapidly, outpacing the rate at which the law can adapt. Stablecoins are a class of cryptocurrency designed to maintain a stable value by tying their worth to traditional assets, such as fiat currencies, specifically, the U.S. dollar. This backing aims to reduce the volatility that is associated with other cryptocurrencies, such as Bitcoin (BTC), which have shown to be increasingly volatile because of their magnetic response to supply and demand, user sentiment, and government regulations. More specifically, the stablecoin is capable of maintaining stability by pegging its value on a 1:1 basis to an underlying asset, meaning that for every stablecoin in circulation, there is an equivalent amount of that asset held in reserve to back it. These coins are housed and exchanged on decentralized networks, blockchains, which act as a transparent ledger to account for all transactions. Unliked traditional payment systems, such as credit cards or wire transfers, the decentralized structure does not need intermediaries, enabling consumers to move funds rapidly and without the additional intermediary and exchange fees. Stablecoin allows for reduced transaction costs, increased speed, and the expansion of investment opportunities and integration, without a reporting trail. Regulation Of Stablecoins Widens Trust But Clarity Is Needed The GENIUS Act provides a regulatory framework to mitigate the risk associated with digital currency, especially cryptocurrency. to do exactly that. The bill outlines a federal regulatory framework that provides clearer rules for operation, issuance, and reserve requirements. Some of the bill's requirements include 100% reserve backing with U.S. dollars, or similar assets along with disclosure and audit requirements including prohibilitions on misleading representations on whether the stablecoin is government-backed or insured. For foreign issued stablecoins, the legislation requires the Federal Reserve to conduct a study regulatory reciprocity, which signals a broader interest in aligning international frameworks. Further guidance on applicable fees on transactions, cross-border use, tax implications and applicability especially with use in non-treaty countries, and privacy considerations will need to be further detailed. While the GENIUS Act brings clarity for regulatory matters, issues concerning consumer protection remain unanswered. Future legislation may need to address necessary consumer protection measures, such as deposit insurance, dispute resolution, and limited oversight to all regulators. Significant treasury regulations may be necessary to fully address tax implications, particularly in the estate and gift tax area on transfers of and by stablecoins and similar digital currency. The GENIUS Act is the beginning of signaling acceptance of a currency system that is increaseing being globally embraced but will need significant additonal provisions to address the implications of transactions made with stablecoins. Additonally, while stablecoins have gained favor for cross-border payments, the Foreign Account Tax Compliance Act ('FATCA'), Report of Foreign Bank and Financial Accounts ('FBAR'), and Statement of Specified Foreign Financial Assets ('Form 8938') imposing significant reporting obligations on foreign holdings and transactions add additional layers of complexity and the need for clarity in the application to stablecoins. Under FACTA, for instance, foreign banks must identify U.S. account holders and report their financial details to the IRS, making compliance and enforcement dependent on institutional cooperation, which may be inapplicable due to stablecoins being built on public blockchains. With stablecoin, users are able to download a wallet, receive stablecoins, and move funds globally without triggering institutional reporting requirements. This is where the institutional gap begins to widen. An individual who is equipped with financial and legal advisors would be able to shift assets to the stablecoin network or decentralized finance ('DeFi') protocols swiftly, limiting IRS visibility by not holding assets in reportable institutions. For those who do not fall within the crypto-savvy elite or do not have sophisticated advisors, they will find themselves facing mandatory disclosure and also full exposure of their assets. Digital tools promise access, but in practice, the lack of reporting standards in the crypto universe tends to favor those who are already positioned to navigate around friction. The Hidden Opportunity During Instability With Stablecoins In a situation where a country is facing an economic and political collapse and is liquidating national assets, such as foreign exchange reserves, government-held equities, enterprises, and commodities, including oil reserves and gold, at steep losses, a wealthy investor may be able to profit from the buy opportunity especially when they have access to moving funds quickly using stablecoins. In this scenario, a strategic buyer may be able to use stablecoins to invest through holding companies, to buy ports, land, or tech infrastructure. This transaction would move quickly and be difficult to trace fully In the current regulatory landscape of cryptocurrency, the GENIUS Act may live up to its name as a first smart stepintegrating with the global, fast-paced, economic landscape but enforceable oversight and additional regulations to address reporting, compliance, and taxation as the stablecoins move through transactions will be vital to its longterm success. Future regulations may address wallet level transparency thresholds, stablecoin transaction reporting triggers, and most importantly, international coordination to make the use and U.S. participation in the global market with stablecoins effective and seamless.
CBS News
28 minutes ago
- CBS News
Musk suggests he might support primary challenges against Republicans who support Trump's "big, beautiful bill"
Everything we know about the Senate "vote-a-rama" on Trump's "big, beautiful bill" Elon Musk ramped up his criticism of the massive tax and domestic policy package working its way through the Senate on Monday, suggesting he could support primary challenges against Republicans who vote for the Trump-backed bill. "Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!" the billionaire and onetime Trump ally wrote in a post on X. "And they will lose their primary next year if it is the last thing I do on this Earth." In a separate post, Musk said he will support Rep. Thomas Massie, a Kentucky Republican who voted against the bill when it passed the House, leading Mr. Trump to back a primary challenge. Musk also suggested starting "a new political party that actually cares about the people" on Monday, an idea he first floated earlier this month. He said if the bill passes, a new political party — which he calls the "America Party" — "will be formed the next day." Musk's latest swipes came as the Senate worked to advance the One Big Beautiful Bill Act, holding a marathon series of amendment votes on Monday. The Senate still needs to vote on final passage, and the House will need to approve the Senate's changes, before a self-imposed July 4 deadline to send the bill to Mr. Trump's desk. It's unclear how serious Musk is about the apparent threat to back primary challenges against supporters of the legislation — or what support, if any, he could offer to challengers. But it suggests Musk could remain involved in politics, after spending upwards of $250 million to help elect Mr. Trump and other Republicans last year. The Tesla CEO indicated last month he planned to dial back his political spending for now, saying, "I think I've done enough." The vast majority of House and Senate Republicans have backed the bill, though some lawmakers have withheld their support, objecting to its Medicaid cuts or arguing it doesn't go far enough to slash spending. Mr. Trump has applied intense pressure to Republicans and lashed out at the remaining holdouts: In a statement last weekend, the White House said "failure to pass this bill would be the ultimate betrayal." Musk has railed against the legislation on and off for weeks. The billionaire blasted the bill in early June, calling it a "disgusting abomination" — igniting a dayslong feud between President Trump and the world's richest man that seemed to signal the end of a once close partnership. The billionaire, who once led the Trump administration's Department of Government Efficiency, backed down in mid-June and acknowledged some of his attacks on Mr. Trump "went too far." He remained fairly quiet about the legislation for weeks, but his criticism has intensified in recent days, as lawmakers rush to finalize the bill by the end of the week. Mr. Trump largely brushed off the feud with Musk in an interview with Fox News' Maria Bartiromo that aired Sunday, calling the billionaire a "wonderful guy" who "got a little bit upset, and that wasn't appropriate." Why is Musk opposed to Trump's "big, beautiful bill"? Many of Musk's criticisms zero in on the bill's price tag, calling its spending levels "insane" and attacking a provision in the Senate version of the bill that hikes the debt ceiling by $5 trillion. But the billionaire has also panned the bill's cuts to green energy tax credits and excise tax on certain renewable energy projects, calling those provisions "utter madness" that could "destroy millions of jobs in America and cause immense strategic harm to our country." Those provisions could directly impact Musk's electric carmaker, Tesla. The phaseout of electric vehicle tax credits may cost the company $1.2 billion, an analysis by JPMorgan Chase estimated. Tesla's solar power and energy storage businesses also benefit from government incentives, and ending those programs "may harm our business" by "making our products less competitive for customers," the company disclosed in an annual report filed earlier this year.
