Latest news with #BitcoinConference2023
Express Tribune
18-06-2025
- Business
- Express Tribune
US Senate passes landmark crypto bill for US-dollar-pegged stablecoins
Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. PHOTO: REUTERS Listen to article The US Senate on June 17 passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, in a watershed moment for the digital asset industry. The bill, dubbed the GENIUS Act, received bipartisan support, with several Democrats joining most Republicans to back the proposed federal rules. It passed 68-30. The House of Representatives, which is controlled by Republicans, needs to pass its version of the bill before it heads to President Donald Trump's desk for approval. "It is a major milestone," said Andrew Olmem, a managing partner at law firm Mayer Brown and the former deputy director of the National Economic Council during Trump's first term. "It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry." Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly. If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as US dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. The crypto industry has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins to become more widely used. US Treasury Secretary Scott Bessent lauded the bill as a driver of economic growth and stated in his official X statement, "Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act." Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act. A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back… — Treasury Secretary Scott Bessent (@SecScottBessent) June 17, 2025 The sector spent more than $119 million backing pro-crypto congressional candidates in last year's elections and had tried to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year but the Senate - in which Democrats held the majority at the time - did not take that bill up, and it died. Trump has sought to broadly overhaul US cryptocurrency policies after courting cash from the industry during his presidential campaign. Bo Hines, who leads Trump's Council of Advisers on Digital Assets, has said the White House wants a stablecoin bill passed before August. Tensions on Capitol Hill over Trump's various crypto ventures at one point threatened to derail the digital asset sector's hope of legislation this year as Democrats have grown increasingly frustrated with Trump and his family members promoting their personal crypto projects. 'In advancing these bills, lawmakers forfeited their opportunity to confront Trump's crypto grift – the largest, most flagrant corruption in presidential history,' said Bartlett Naylor, financial policy advocate for Public Citizen, a consumer rights advocacy group. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. Other Democrats expressed concern that the bill would not prevent big tech companies from issuing their own private stablecoins, and argued that legislation needed stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers. "A bill that turbocharges the stablecoin market, while facilitating the president's corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all," said Senator Elizabeth Warren, a Democrat, in remarks on the Senate floor in May. 🚨 BREAKING: The U.S. Senate votes TODAY at 4:30 PM ET on the GENIUS Act — a landmark stablecoin bill. If it passes, it could mark the beginning of the end for Tether in the U.S., imposing strict reserve, audit, and regulatory requirements. 🔒 Require federal/state licenses to… — Jacob King (@JacobKinge) June 17, 2025 The bill could face further changes in the House of Representatives. In a statement, the Conference of State Bank Supervisors called for 'critical changes' to mitigate financial stability risks. 'CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors,' said Brandon Milhorn, president and CEO of the Conference of State Bank Supervisors, in a statement.
Express Tribune
28-05-2025
- Business
- Express Tribune
Australia's ASIC sues Blockchain Global former Exec over global crypto breach
Bitcoin coins are seen at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. PHOTO: REUTERS Listen to article Australia's corporate regulator said on Wednesday that it has initiated civil penalty proceedings against Liang (Allan) Guo, a former director of the failed cryptocurrency exchange firm Blockchain Global, alleging multiple breaches of duties. The Australian Securities and Investments Commission's allegations in the federal court are in relation to Guo's involvement in Blockchain Global's operation of a cryptocurrency exchange platform, ACX Exchange, which collapsed around December 2019, when customers began being unable to withdraw funds or cryptocurrency from their accounts. ASIC Sues Former Blockchain Global Exec Over $20M in Unpaid Customer Claims ► — Decrypt (@DecryptMedia) May 28, 2025 The allegations relate to Guo's dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records. The regulator had started an investigation into the firm in January 2024, following a receipt of a report from the firm's liquidators, which said that Blockchain Global owed around A$58 million ($37.3 million) to unsecured creditors as of October 2, 2023. Guo was barred from leaving the country in February 2024, but left Australia on September 23, 2024, following the expiry of his travel restraint orders, the regulator said. Blockchain Global had no published contact information and could not immediately be reached for comment. The firm's liquidator, Andrew Yeo, did not immediately respond to Reuters' request for comment.
