Latest news with #Anti-CBDCSurveillanceStateAct
Yahoo
16 hours ago
- Business
- Yahoo
5 reasons why crypto is having another moment
Bitcoin's (BTC-USD) 75% surge from its November lows isn't just another speculative spike. According to Deutsche Bank, the rally is rooted in five converging trends that could push crypto into a more mature, mainstream phase. First, crypto is gaining real political momentum in Washington. The House of Representatives kicked off its 'Crypto Week' on Monday, with three key bills set for a vote: the CLARITY Act, a market framework bill; the GENIUS Act, tied to stablecoin regulation; and the Anti-CBDC Surveillance State Act, which bans the Federal Reserve from issuing a central bank digital currency directly to individuals. The Trump administration has taken a notably pro-crypto stance, creating a Bitcoin Strategic Reserve and Digital Asset Stockpile and a 'crypto task force' at the Securities and Exchange Commission (SEC). Globally, Europe's MiCA legislation is now live, and the UK and China are exploring stablecoin frameworks. The shift is helping legitimize crypto in the eyes of institutions and regulators alike. "Bitcoin will be around $125,000," Michele Schneider, director of trading education and research at MarketGauge, said on Yahoo Finance's Opening Bid. "I wouldn't necessarily get out, but I would certainly be looking at holding it." Read more: How would Trump's strategic bitcoin reserve work? Second, the SEC's approval of spot bitcoin ETFs in early 2024 was a turning point. Since then, investors have poured over $50 billion into bitcoin ETFs, per Deutsche Bank. ETF inflows have bolstered bitcoin's liquidity and brought price stability. The introduction of regulated options trading and April 2024's halving event, which slashed bitcoin issuance by 50%, have further tightened supply, supporting upward price pressure. Moreover, adoption is growing. Some 17% of US retail investors hold bitcoin as of June, according to Deutsche Bank. On the corporate side, 31% of all circulating bitcoin is held by company treasuries. Ripple (RLUSD-USD) and Circle (CRCL) reportedly applied for national bank charters, aiming to expand into traditional US banking. It's not just crypto bulls like MicroStrategy (MSTR) anymore. Consumer companies like meat purveyor Beck & Bulow and Japan's Metaplanet are diversifying their balance sheets with bitcoin to hedge against inflation or dollar risk. Macroeconomic headwinds are also adding fuel to the rally. The dollar index ( is down nearly 10% year to date, and fresh US deficit projections, tied to new tax legislation, have pushed investors toward alternative stores of value like bitcoin and gold (GC=F). Countries from China to the Czech Republic are reassessing their US Treasury holdings. Some, like Ukraine, are even exploring bitcoin as a reserve asset. As confidence in fiat dollars wavers, bitcoin is increasingly viewed as a digital safe haven. Lastly, bitcoin's infrastructure has significantly improved over the past year. The latest core upgrade, combined with broader adoption of Layer 2 tools like the Lightning Network, has enhanced scalability and transaction speeds. At the same time, big institutions like BNY Mellon and State Street (STT) are rolling out more robust custody solutions. That's helping bitcoin gain traction with a broader set of users, and that could be key to unlocking the next wave of institutional adoption, Deutsche Bank noted. As bitcoin's volatility decreases and adoption increases, its "legitimization should continue to lift its performance," the firm added. Francisco Velasquez is a Reporter at Yahoo Finance. You can reach him via LinkedIn and X.
eNCA
16 hours ago
- Business
- eNCA
US House set to vote on landmark crypto bills this week
WASHINGTON - US lawmakers are on the verge of passing landmark legislation that will give the much-maligned crypto world much-wanted legitimacy, riding on President Donald Trump's recent embrace of the industry. The US House of Representatives is set to vote on three pieces of legislation this week, including one on the use of stablecoins -- cryptocurrencies pegged to safe assets like the dollar -- that, if passed, would immediately go to Trump for his signature. The raft of legislation comes after years of suspicion against the crypto industry amid the belief in the Biden administration that the sector, born out of the success of bitcoin, should be kept on a tight leash and away from mainstream investors. But after crypto investors poured millions of dollars into his presidential campaign last year, Trump reversed his own doubts about the industry, even launching a Trump meme coin and other ventures as he prepared for his return to the White House. According to federal financial disclosure forms released last month, Trump pocketed more than $57-million from the crypto venture, World Liberty Financial, that he launched with his sons last year. Trump has, among other moves, appointed crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC). He has also established a federal "Strategic Bitcoin Reserve" aimed at auditing the government's bitcoin holdings, which were mainly accumulated by law enforcement from judicial seizures. And thanks to his backing, Trump could soon be signing the stablecoin bill -- dubbed the GENIUS Act -- that the US Senate passed last month and that sets rules such as requiring issuers to have reserves of assets equal in value to that of their outstanding cryptocurrency. The Republican-led House is also considering a bill it calls the Anti-CBDC Surveillance State Act that aims to block the issuance of a central bank digital currency (CBDC) – a digital dollar issued by the US Federal Reserve. Republicans argue that a CBDC could enable the federal government to monitor, track, and potentially control the financial transactions of private citizens, undermining privacy and civil liberties. It would also require passage in the Senate before going to Trump for his signature.
Int'l Business Times
a day ago
- Business
- Int'l Business Times
Bitcoin Breaks $123K: How Regulation, ETFs And Institutions Are Driving A New Crypto Boom
Bitcoin shattered expectations today, surging past $123,000 for the first time ever, and positioning itself among the top five most valuable global assets. As reported by Associated Press , Bitcoin's market cap crossed $2.4 trillion , overtaking Amazon and placing it just behind Apple, Microsoft, Saudi Aramco, and Nvidia. This staggering rally comes amid a critical legislative moment in the U.S. House, where lawmakers have launched what's being dubbed "Crypto Week." The House is reviewing three key bills—the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act—aimed at clarifying crypto regulations, limiting Federal Reserve powers over a digital dollar, and establishing legal frameworks for stablecoins. According to Business Insider, this is the most comprehensive crypto legislative effort ever presented in Congress, and it is widely seen as a catalyst for Bitcoin's dramatic momentum. Institutions Are Loading Up Momentum isn't only coming from Capitol Hill. Institutional buying has accelerated, with Tokyo-based tech investment firm Metaplanet purchasing 797 more BTC at an average price of $117,450—an investment worth nearly $94 million. This brings its total Bitcoin holdings to more than 16,300 BTC, now valued at over $2 billion. As noted by CCN, Metaplanet has become Asia's MicroStrategy—a bellwether for corporate crypto conviction. Meanwhile, institutional exposure is deepening across capital markets. The Czech National Bank reportedly took a stake in Coinbase, and several U.S.-listed companies—such as SharpLink and MicroStrategy—have expanded their crypto allocations. This institutional wave is supported by growing confidence in U.S. regulatory clarity and access to regulated investment vehicles. ETF Inflows Reach Record Levels Spot Bitcoin ETFs are also fueling demand. Over $2.7 billion in net inflows were recorded last week alone, according to Investopedia, with BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Fund leading the pack. These products have dramatically simplified access to Bitcoin for institutional investors and pension funds, drawing in capital that was previously sidelined. Crypto equities are also rallying in tandem. According to CoinDesk, Bitcoin mining stocks like Marathon Digital surged by over 9%, while Coinbase, Riot Platforms, and MicroStrategy saw gains between 3–6% during early Monday trading. Macro Trends Support the Climb Bitcoin's rally is also buoyed by macroeconomic forces. The prospect of Federal Reserve rate cuts later this year has weakened the U.S. dollar, prompting a search for alternative stores of value. As highlighted by Barron's, a softening greenback is pushing capital into Bitcoin and gold, both viewed as inflation hedges. The Crypto Fear & Greed Index remains in "Greed" territory around 70, suggesting bullish momentum—but also heightened volatility. What's Next? If any of the proposed bills pass during Crypto Week, it could mark a structural turning point in crypto's regulatory status, boosting confidence further. But risks remain: delays in legislation, adverse Fed decisions, or global regulatory setbacks could quickly cool sentiment. Still, the alignment of policy, product access (ETFs), and institutional confidence suggests the current rally is more than speculative—it's foundational. Bitcoin's new all-time high is not just another crypto bubble headline. It reflects a rare confluence of regulatory progress, capital market integration, and macroeconomic support. With Congress debating legislation that could shape digital assets for the next decade, and investors from Tokyo to Wall Street racing to secure positions, Bitcoin is no longer a fringe asset—it's a core geopolitical and financial force.
CNBC
a day ago
- Business
- CNBC
The House will vote on a bill to regulate stablecoins during 'Crypto Week'—what it could mean for you
The U.S. House of Representatives is expected to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins, known as the GENIUS Act, this week as part of its self-dubbed "crypto week." The House will also consider two other crypto-related bills this week: The Digital Asset Market Clarity Act, which aims to regulate crypto by establishing roles for the Securities Exchange and Commodity Futures Trading Commissions in regulating digital tokens, and the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from issuing a digital U.S. dollar. The GENIUS Act passed the Senate in June with bipartisan support. House leaders expect to pass the GENIUS Act and send it to President Donald Trump's desk. "House Republicans are taking decisive steps to deliver the full scope of President Trump's digital assets and cryptocurrency agenda," House speaker Mike Johnson (R-La.) said in a statement. "I look forward to President Trump signing them into law." Some Democrats oppose the GENIUS Act and other crypto measures. Reps. Maxine Waters (D-Calif.) and Stephen Lynch (D-Mass.) announced their own "anti-crypto corruption week" to oppose the crypto bills up for passage. The GENIUS Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data, creating a clearer framework for banks, companies and other entities to issue the digital currencies. Here's what to know about what's included in the bill and how it could impact investors — even those who don't hold crypto. A stablecoin is a type of cryptocurrency that is pegged to another asset, typically the U.S. dollar, which makes it less volatile than other cryptocurrencies tend to be. The currency is used in a number of ways, including for payments and futures trading. Since they're also more predictable than regular crypto tokens, traders also use stablecoins "to sit out times of volatility or market downturns," says Nic Puckrin, a crypto analyst, investor and founder of The Coin Bureau. "Stablecoins are also being used increasingly in emerging markets, like Latin America and Sub-Saharan Africa, to hedge against monetary instability, as well as for cheap cross-border payments," he adds. "The use cases are very broad, and new ones are emerging all the time." Ultimately, the GENIUS Act could make stablecoins more mainstream by bolstering trust in the currency and encouraging more competition in the market, Puckrin says. "Right now, [the stablecoin market] is, for all intents and purposes, a duopoly. The market is nearly entirely dominated by Circle's USDC and Tether's USDT," Puckrin says. Since the bill will create a clear pathway for banks and other entities to begin issuing stablecoins, "we'll likely see a flood of them rush into the market at the start," he says. Big banks are gearing up to create their own coins. And while they may not all be successful, Puckrin says they will give consumers more options to find a stablecoin and issuer that works best for their needs. Proponents say it will help safeguard investors and regulate the stablecoin market by ensuring issuers have the reserves needed to give stablecoins their value. "If we fail to act now, not only will these benefits slip away — we will also fall behind in global competitiveness," Sen. Bill Hagerty (R-Tenn.), who introduced the bill, said during the Senate debate in June. "Without a regulatory framework, stablecoin innovation will proliferate overseas — not in America!" Puckrin agrees stablecoin regulation could be a boon for the U.S. and its position in the global economy. "Congress has also realized that instead of threatening the U.S. dollar, stablecoins can help cement its global dominance, because 99% of stablecoins are pegged to USD," he says. "With the dollar struggling to maintain its role in the global economy, the GENIUS Act could just be the thing that saves it." Some supporters acknowledge the bill isn't perfect, but think it's better than not having regulation on stablecoins at all. "The general outlook is that [the bill] will do better than anything that is currently happening," says Bezalel Eithan Raviv, CEO of blockchain security firm Lionsgate Network. "It's a step in the right direction for everyone. There are ways to make it better. There are ways to make everything better. But this is the first one. Let's give it a try, and it will ripple in many ways." Critics of the GENIUS Act argue it compromises crypto's decentralization and could enable corruption, such as officials favoring specific stablecoins under new regulations. "We need guardrails that ensure that government officials aren't openly asking people to buy their coins in order to increase their personal profit or their family's profit," Sen. Jeff Merkley (D-Ore.), who opposed the bill, said during the Senate debate. "Where are those guardrails in this bill? They're completely, totally absent." Some critics also say the bill gives too many entities the ability to create new stablecoins, which could make enforcement of the regulation standards more difficult. "As long as issuers are clearly following the rules and regulations, more competition in the stablecoin landscape is both welcome and necessary," Puckrin says. During the GENIUS Act's initial passage through the House, some members sought to attach amendments, including proposals from the Credit Card Competition Act. The latter, introduced in 2023 but previously stalled, aimed to boost credit card payment competition by requiring issuers to allow more than two networks (beyond mainly Visa and Mastercard) to process transactions. Some legislators saw enough similarities between the credit card and stablecoin marketplaces to justify adding the CCCA to the GENIUS Act, but Senate Majority Leader John Thune (R-S.D.) nixed that plan, fearing the CCCA's inclusion could cost votes in favor of the larger bill. Still, the GENIUS act could impact retailers outside of crypto, Puckrin says. "We'll likely see stablecoins increasingly adopted as a digital alternative to the U.S. dollar, so banks, fintechs and merchants will be forced to offer stablecoin payment options," he says. "Eventually, payment networks like Visa and Mastercard will have to do so as well, which will lead to lower fees. The CCCA proposals are an inevitable evolution of the GENIUS Act. It will just take a little longer if it isn't written into law."
Business Insider
a day ago
- Business
- Business Insider
Crypto week is about to kick off in Congress. Here's what it could mean for the market.
July 14 marks the start of a weeklong event in Congress that could see further legislative support extended to the cryptocurrency market. Crypto policy has been a key area of focus for the Trump administration, creating a steady tailwind for the market in recent months. Bitcoin prices recently surged to new record highs as it passed $120,000, sparking bullish predictions for how far the rally could go. Now, a slew of bills aimed to bolstering digital assets could create a fresh positive catalyst for prices. This week, House Committee on Financial Services Chairman French Hill recently stated that "The House of Representatives looks forward to considering the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act as part of Congress' efforts to make America the crypto capital of the world." The CLARITY Act is aimed at defining regulatory oversight for digital assets, while the Anti-CBDC Surveillance State Act would limit the power of the Federal Reserve to create a central bank digital currency. Already passed in the Senate, the GENIUS Act would establish a regulatory framework for stablecoins. Here's what crypto pros told Business Insider about what to expect from this week's legislative crypto bonanza. What regulator changes are being proposed? While no new crypto bills have been fully passed yet, optimism for legislative support has helped fuel gains for bitcoin and other cryptos this year. "This growing optimism suggests that clearer rules could restore trust and bring cautious investors back into the fold," Adrian Fritz, head of research at 21Shares, told BI. "US crypto stocks and bitcoin are rallying as traders position themselves ahead of next week's expected publicity." Fritz also cited stronger global liquidity and lower geopolitical tensions as contributing factors to bitcoin's latest rally past $120,000, but still sees the crypto push on Capitol Hill as an important catalyst. "[The CLARITY Act] is incredibly important to help further institutionalize and onshore secondary market activity in the US. This should help improve counterparty risk, improve liquidity, and improve the ability for investors seeking risk managed solutions to get them in well regulated vehicles," Tony Fenner-Leitão, president at Cambrian Asset Management, said. Which cryptos are most likely to benefit? A consensus among many crypto experts is that stablecoins are likely to see significant momentum as crypto week unfolds. This could prove highly beneficial to companies like Circle and Coinbase, which have high exposure to the fiat-backed digital assets. Fritz said that under the GENIUS Act, stablecoins would be recognized as programmable money, likely leading to further integration into payment systems. "The stablecoin sector is thus positioned for significant expansion, likely experiencing increased institutional adoption for remittances, e-commerce transactions, and decentralized finance (DeFi) collateral" he said. He added that blockchain networks, such as ethereum and solana, are likely to rise benefit as well, since they serve as the underlying infrastructure for stablecoins. Chris Kline, COO & co-founder of BitcoinIRA, also flagged a possible boost to stablecoins, highlighting the benefits for stablecoin infrastructure and compliance frameworks that can stem from further regularity clarity. "Stablecoins and tokenized assets represent the most immediate growth opportunities," he told Business Insider. "These sectors will likely experience complementary rather than competitive development." Doug Carrillo, co-founder and Chief Strategy Officer of Bitstop & GoldATM predicts that crypto week will spur growth for stablecoins but also highlighted another asset class that's likely to benefit. "Tokenized assets (treasuries, real estate, gold, etc.) will experience accelerated growth as clear frameworks reduce perceived legal risks, opening opportunities for new markets," he stated. What will be the biggest developments? All three crypto bills being mulled in Congress are expected to garner strong support, and the market implications for such a vote of confidence from lawmakers are powerful. "Passage in the House would mark a historic milestone as the most comprehensive crypto legislation package ever approved by a chamber of Congress," Fritz noted. Sahel Ahyaie Assar, an international tax attorney who serves as blockchain and digital asset practice group leader at Buchanan Ingersoll and Rooney, sees legislation on stablecoins as being particularly important this week. "As currently drafted, the GENIUS Act's treatment of decentralized protocols and 'digital commodity' classification will be most impactful. If DeFi protocols receive treatment akin to commodities or software platforms—as distinguished from securities issuers—it may change the entire posture of the U.S. crypto enforcement regime," she stated. Anthony Tuths, a tax principal and digital asset practice leader at KPMG, predicts that even more changes will be coming for the financial sector in the wake of crypto week. "As the financial system adopts blockchain technology, you will see markets trade 24/7 and the back-office related support shrink," he stated. "The programmable money and intra-day collateral movements will save large financial institutions billions due to greater capital efficiency."
