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Yahoo
2 days ago
- Business
- Yahoo
3 Ways Trump Signing the GENIUS Act Could Impact the Price of Crypto
On July 18, President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law. As noted by CoinDesk, the GENUIS Act is the first significant legislation for cryptocurrency in the United States. Read Next: Check Out: So what does this new legislation mean for cryptocurrency prices? What Does the GENIUS Act Do for Crypto? Rob Nolan, a Duane Morris partner, defined the GENIUS Act to The Hill as the 'first step of the U.S. government really regulating cryptocurrency.' The law pertains primarily to one kind of cryptocurrency, stablecoins, which are designed to keep a stable valuation by being pegged reliable assets, like the U.S. dollar or even gold. The GENIUS Act regulates who can issue the dollar-pegged stablecoins with federal oversight, ensuring that issuers have equal backing in liquid assets to their stablecoin values. Issuers must also perform regular public disclosures so that their holdings can be audited. Further, the act creates an interrelated framework of state-level and federal-level regulatory bodies to provide oversight for stablecoin transactions. While the law is only a few days old, it could impact the crypto market in multiple ways. Here are just a few means by which Trump signing the GENIUS Act could impact the price of crypto. Learn More: Stablecoins Are Up According to AInvest, the signing of the act 'catalyzed a dramatic surge in market activity.' It noted that the stablecoin market capitalization has grown by $4 billion. The GENIUS Act has not only provided what is seen as a governmental validation of stablecoins and crypto in general but also has allowed more crypto capital to flood the market in the form of newly regulated stablecoins. They Could Continue To Rise Now that stablecoins are validated with government regulation, more and more banks and various payment platforms can integrate stablecoins into the world of finance, which could further validate crypto and increase value. Fidelity noted that widespread adoption could lead to more usage of blockchain networks on which stablecoins would be built, which could 'be beneficial for the long-term value of these blockchains' cryptocurrencies.' Per AInvest, Bank of America, JPMorgan and Citigroup have already announced stablecoin plans. They're planning to either launch or invest in stablecoin ventures, it reported. Prices Could Still Fall While many view the GENIUS Act as a positive for the crypto market, there are critics who claim it compromises the decentralization of crypto, per CNBC. Now that stablecoins are far more regulated, they could be less appealing to certain investors. Additionally, as Fidelity noted, crypto prices could still fall. 'Regulations may reduce the probability of fraud and malpractice, but they can't protect a portfolio against negative market sentiment,' it said. Its broader impact on crypto remains murky and is likely dependent upon how the larger crypto world will take to this heightened form of regulation. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates The 10 Most Reliable SUVs of 2025 This article originally appeared on 3 Ways Trump Signing the GENIUS Act Could Impact the Price of Crypto Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
The Hill
22-07-2025
- Business
- The Hill
5 things to know as the GENIUS Act becomes law
President Trump signed the GENIUS Act into law on Friday, enacting the first major cryptocurrency legislation. The bill, which sets up a regulatory framework for payment stablecoins, reached Trump's desk after a tumultuous week in the House, in which competing GOP factions revolted over a trio of crypto bills. The chaos brought the House floor to a standstill and resulted in the longest vote on record in the chamber. Republican leaders struck a deal late Wednesday night to move forward with consideration of the bills, unfreezing the floor and allowing votes to proceed on Thursday. The House ultimately voted 308-122 to pass the GENIUS Act, with 102 Democrats joining most Republicans to support the legislation. Here's are five things to know about the newly minted stablecoin law: 'Seal of approval' for crypto industry The signing of the GENIUS Act marks a key milestone for the industry, as the 'first step of the U.S. government really regulating cryptocurrency,' said Rob Nolan, a partner at Duane Morris and a member of the law firm's digital assets and blockchain group. As the first major digital assets bill to clear Congress and receive the president's signature, it imbues the industry with new legitimacy. 'It's a big deal because when you have a law … it essentially gives a Good Housekeeping seal of approval to the industry,' Ian Katz, managing partner at Capital Alpha, told The Hill. 'You now have Congress and the president of the United States signing off on the legitimacy of this industry. 'You can interpret the legislation as encouraging the activity,' Katz said. 'To a lot of people, this is the sort of thing you need to really get an industry to take off.' The passage of the bill marks a sharp reversal of the industry's fortunes in Washington, which just last year still looked somewhat bleak. The industry had struggled to regain its footing after the shocking collapse of crypto exchange FTX in 2022 and the subsequent fraud charges filed against its founder, Sam Bankman-Fried. He was later found guilty and sentenced to 25 years in prison. Under the Biden administration, the industry also contended with former Securities and Exchange Commission (SEC) Chair Gary Gensler, who brought numerous enforcement actions against crypto firms. They accused Gensler of attempting to regulate via enforcement, rather than providing clear rules. By contrast, Trump has embraced the industry in his second term, naming David Sacks as artificial intelligence (AI) and crypto czar, inviting crypto leaders to the White House and signing an executive order to create a strategic bitcoin reserve and digital asset stockpile. Broader crypto framework still in the works While the industry secured a key victory with the GENIUS Act, it represents just one part of the regulatory puzzle for digital assets. 'This is just the first little bite at the apple because it really is a small portion of cryptocurrency assets,' Nolan added. Stablecoins are just one type of cryptocurrency. They are tied to another asset, like the U.S. dollar, to maintain a more stable price. Congress has yet to pass legislation creating a broader crypto framework. The key issue at hand is how to split up oversight between the SEC and the Commodity Futures Trading Commission. The House last week passed its version of crypto market structure legislation, known as the Digital Asset Market Clarity Act. The Senate, which has moved at a slower pace, is separately preparing to release its own discussion draft. Despite previously aiming to pass both stablecoin and market structure legislation before Congress leaves for its August recess, the White House and GOP leadership are now aiming to wrap up the second key crypto bill by the end of September. Financial regulators take on new responsibilities Under the GENIUS Act, several financial regulators are poised to take on new responsibilities regulating stablecoins. The Office of the Comptroller of the Currency (OCC) is set to regulate stand-alone stablecoin issuers, while it and the Federal Reserve, Federal Deposit Insurance Corporation and National Credit Union Administration will regulate institutions they already oversee that issue stablecoins. Stablecoin issuers can seemingly expedite the approval process if they can become chartered banks with the OCC, which has already prompted several stablecoin issuers, including Circle and Ripple, to apply for bank licenses. Banking industry pushes back on crypto charters The banking industry isn't entirely content with the direction in which things are headed and is making its concerns known, particularly on the push by some stablecoin issuers to seek bank charters. In a letter to the OCC on Thursday, several major banking associations questioned whether the stablecoins issuers would be performing the activities of national trust banks and called for the agency to hold off on taking up their applications for now. 'Given these substantial concerns, and the policy, legal and commercial implications that chartering the applicants would have for the banking system, the associations urge the OCC to postpone consideration of the applications,' the banking groups wrote. Traditional players weigh stablecoin adoption Even as some voice concerns, many traditional players in the financial services space are considering or already moving into stablecoins. Bank of America CEO Brian Moynihan said last week that his bank is working to launch a stablecoin, while Citigroup CEO Jane Fraser said her bank was considering such a move, Reuters reported. JPMorgan Chase announced last month it was launching a stablecoin-like deposit token called JPMD, and CEO Jamie Dimon said last week that his company would be involved in stablecoins as well, according to CNBC. Katz said he expects traditional players to 'not let stand-alone stablecoin issuers just grab that potential market.' 'Some of them are probably not even totally convinced that this market is going to be nearly as big as what is being projected, but they can't take any chances,' he said. 'They have to plan defensively and make sure they're not left out in the cold if stablecoins really take off in a big way in the coming years.'
The Hill
21-07-2025
- Business
- The Hill
What to know as the GENIUS Act becomes law
The bill, which sets up a regulatory framework for payment stablecoins, reached Trump's desk after a tumultuous week in the House, in which competing GOP factions revolted over a trio of crypto bills. The chaos brought the House floor to a standstill and resulted in the longest vote on record in the chamber. Republican leaders struck a deal late Wednesday night to move forward with consideration of the bills, unfreezing the floor and allowing votes to proceed on Thursday. The House ultimately voted 308-122 to pass the GENIUS Act, with 102 Democrats joining most Republicans to support the legislation. Here's are several key things to know about the newly minted stablecoin law: 'Seal of approval' for crypto industry The signing of the GENIUS Act marks a key milestone for the industry, as the 'first step of the U.S. government really regulating cryptocurrency,' said Rob Nolan, a partner at Duane Morris and a member of the law firm's digital assets and blockchain group. As the first major digital assets bill to clear Congress and receive the president's signature, it imbues the industry with new legitimacy. 'It's a big deal because when you have a law … it essentially gives a Good Housekeeping seal of approval to the industry,' Ian Katz, managing partner at Capital Alpha, told The Hill. 'You now have Congress and the president of the United States signing off on the legitimacy of this industry.' Broader crypto framework still in the works While the industry secured a key victory with the GENIUS Act, it represents just one part of the regulatory puzzle for digital assets. 'This is just the first little bite at the apple because it really is a small portion of cryptocurrency assets,' Nolan added. Stablecoins are just one type of cryptocurrency. They are tied to another asset, like the U.S. dollar, to maintain a more stable price Congress has yet to pass legislation creating a broader crypto framework. The key issue at hand is how to split up oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Business Insider
09-07-2025
- Business
- Business Insider
How Trump's immigration crackdown is reshaping financial industry hiring, travel, and dealmaking
Investors and dealmakers may not be the obvious targets of Donald Trump's immigration policies — but the impact on Wall Street is already being felt. For firms that rely on talent from abroad and travel across borders to strike deals, the stakes are high. While no one's been grounded yet, anxieties are mounting in some corners, leading to more cautious travel plans and cross-border hiring pivots. It's also changing the M&A landscape, with more dealmakers scrutinizing immigration compliance before agreeing to buy a US company. Business Insider spoke to lawyers, executives, and investment leaders to understand how stepped-up border security and other immigration policies are changing daily life in finance — and what might come next. Here is what we learned, from staffing to M&A to business travel. Dealmaking Trump's immigration crackdown is forcing investors to examine the employee base of US companies they may be looking to acquire more closely, said Ted Chiappari, partner and head of immigration at the law firm Duane Morris. "We're working on one merger acquisition now, and that's their phase one," said Chiappari. "They want to check out the staffing first to make sure that their I-9s are in order before they go forward with the rest of the deal." Federal law requires that anyone hired to work in the US fill out a I-9 to verify their identity and employment authorization. Chiappari said it's long been a required piece of M&A due diligence but that many investors treat it as an "afterthought." "If they even considered it at all, they would just sort of shrug their shoulders and say, 'Look, if we get hit with a I-9 audit, we'll pay whatever penalties there are,'" he said. He added that Trump's policies are prompting firms to move the 1-9 due diligence component up the priority list. Failure to do so could mean getting stuck running a company without enough employees. "They're concerned because that really affects the viability of the business if they end up losing 25% of their workforce or end up having to pay a lot more money to find replacements," he said. Travel Isha Atassi, a partner with the law firm Fragomen in New York, said her financial clients are largely taking a "business as usual" approach to travel — even as other sectors take a more aggressive stance, issuing advisories or tightening guidance around international travel. Anxieties over travel are on the rise, however. Mark Dowding, chief investment officer of RBC's BlueBay unit, said neither he nor his team has slowed their travel. However, the British citizen is more worried than before about being turned away at the border, in part because he writes a weekly note that has occasionally been critical of Trump's policies. "I know I'm taking a personal risk, but I'm putting myself out there," he said, adding, "If they say I can't come in, then I can't come in. So be it." Concerns over border crossing are also leading to more conversations about travel visas and how to talk to border agents. "We have seen a lot more efforts to educate as to what should be said or what can be done," said Chiappari. He pointed, as an example, to a professional coming to the US for a business meeting or conference. While it's technically work, it's not "producing something in the US," he said, which might mean avoiding calling it "work" when talking to border agents. "We generally avoid the W word" at the border, he said. Hiring and staffing Companies outside the US are viewing the US crackdown as a potential poaching opportunity. For example, Danny Yong, chief investment officer of Dymon Asia, a Singapore-based hedge fund with offices across Asia, said his firm is targeting immigrant portfolio managers based in the US who might be interested in returning home. Immigration lawyers said they're seeing little to no slowdown in the financial industry's appetite for foreign labor, however, although the process is taking longer than before. "There is an understanding that the process may take longer and may be met with more challenges by way of requests for evidence or denials, and we are helping to manage timing expectations and flagging high-risk cases," said Atassi of the Fragomen law firm. One reason is that financial firms tend to have a lot of overseas offices, so if a firm hires someone who doesn't get the right US visa, they can just park them in a non-US office for a few years. "They have money, and so if they've got a superstar on their team, transferring someone to the London office for a year or two is just not going to make or break," said Chiappari. "It's a rounding error for these companies." Wall Street stars also have more visa options than, say, the average data scientist, Chiappari said. He pointed to O-1 visa, which is reserved for people who have reached national or international acclaim and sit at the top of their fields. "It's just a lot easier for a Morgan Stanley or a JPMorgan to say, 'This person's exceptional,'" he said, especially if they are responsible for "frontpage deals that everyone's heard about.'"
Daily Mail
18-05-2025
- Daily Mail
Attorney husband of beautiful wife found 'pulverized' in luxury condo arrested - as her cause of death is revealed
The high-flying attorney husband of a beautiful young woman whose body was found 'pulverized' in a luxury Chicago high-rise has been arrested - as medical examiners finally reveal how she died. Caitlin Tracey, 36, died from 'multiple injuries' and a 'fall from height,' according to the Cook County Medical Examiner's Office - though mystery still shrouds the case as the manner of death remains 'undetermined'. Tracey's body was discovered in the stairwell of her husband's luxury South Loop condominium on October 27, 2024, and the medical examiner's office released it's findings this week after several months of investigations. Her husband, Illinois attorney Adam Beckerink, was arrested months later on March 7, 2025, on a fugitive warrant out of Michigan. However, according to Chicago Police and court records, the arrest is not directly related to his wife's tragic death. He was detained on unrelated domestic violence charges. previously revealed that Tracey's parents, retired real estate tycoon Andrew Tracey, 69, and college professor Dr. Monica Tracey, 65, accused Beckerink of wreaking a secret 'campaign and abuse of terror' against her in her final months. Their claims came as they battled against him for custody of their daughter's remains. Beckerink, a former partner of international law firm Duane Morris who had been married to Tracey for six months, argued that he had the rights to her body as the surviving spouse. But on November 6, her family filed documents accusing him of wreaking a 'campaign of abuse and terror' against their daughter, including allegedly throwing a glass pickle jar at her head and pouring vodka on her wounds. According to the Traceys, their daughter had been in a relationship with Beckerink from October 2022 until September 2023, but the couple never lived together or had children. At some point after September, they got back together, and married in a private ceremony on April 8, 2024, which did not involve any of Tracey's relatives. Amid the wrangling for control of her body, her parents accused Beckerink of 'manipulating' their daughter, of 'purposefully isolating her from her family' and being responsible for her 'tragic and highly suspicious death'. To support their argument, the Michigan-based family presented a since-rescinded petition Tracey made to Cook County Court a year before she died in a desperate attempt to obtain a restraining order against her husband. In her October 4, 2023 filing, Tracey detailed three examples of horrific attacks by the tax attorney. Tracey said that on July 11, 2023, at around 3 pm, Beckerink stripped her naked and attacked her at her three-story home in New Buffalo on the banks of Lake Michigan, where her parents said she lived to be close to them and away from her partner. Though they had a fraught relationship, Tracey split her time between Beckerink's flat and her home in New Buffalo, on the banks of Lake Michigan. Neighbors in the Michigan town opened up about disturbing events which unfolded during her final months, while remembering their beloved friend. Joyce Lantz and Bunny Coyner lived on Tracey's street, and they recalled how scared she was of Beckerink. 'She said, "I felt like he was going to kill me,"',' Lantz told Fox News. Lantz also told the Chicago Tribune that Tracey's house, close to the lake, was 'like something that you'd see in a design magazine'. 'As another woman, you just want to cheer her on, because she's on her own, and built this amazing life,' Lantz said. 'It's just amazing to me how one person can come into your life and change the trajectory in such a major way. It's deeply sad, right? That she's not with us anymore.' Coyner said she met Tracey in the fall of 2023, after Tracey offered to help with DIY around her house. She said Tracey told her, 'I know my way around a drill and some drywall.' Coyner said Tracey invited her for a tour of her home, and mentioned she had taken a temporary restraining order out against an ex-boyfriend. She even described his car and asked Coyner to let her know if she saw it on their street. 'She was a beautiful, intelligent young woman and had a wonderful life ahead of her,' Coyner told the Chicago Tribune. 'I think she was looking forward to maybe getting out of this and searching out a new life, and I wished only the best for her, and she just couldn't do it.' Lantz said that earlier this year, something changed and Tracey seemed to abruptly disappear from their neighborhood. She said she began sending 'cryptic' texts, and they witnessed police cars pull up to her home while she was inside on August 19. Tracey fell down 24 flights of stairs in Beckerink's high rise (pictured) on the 1200 block of Prairie Street in South Loop, severing her foot during the descent This matches with court records seen by which outline how Beckerink was charged with two counts of resisting and obstruction, interference with electronic communications and more counts of domestic violence against Tracey on that date. Lantz and Coyner said when they saw Beckerink being taken away from the home in handcuffs that day, they text Tracey to ask if she wanted her to come over. 'She said yes, which surprised me, honestly, because you know, I felt like she was a pretty independent woman that just handled things on her own,' Lantz told the Chicago Tribune. 'And when I got down there, I walked up the steps to her home, to her front door, I went to hug her … she felt so small and tiny, and honestly, frail. Almost like a shell of what she used to be.' 'We told her she had to get out of it, this was the time to get out of it. You're better than this, you're a wonderful woman, you're beautiful,' Coyner added. In the following days, Tracey told the women she wanted to 'start her life over again here in Michigan' and 'turn that corner', Lantz said. 'I thought she was getting to a point finally where she was going to get back on track, and that makes me feel incredibly sad,' Lantz added. 'I felt like she was hopeful.' She also sent them a text days later - on August 29 - saying: 'Bunny and Joyce - Thank you for being fabulous neighbors. Your support (and space) has meant the world to me. 'I've been to court twice since you were last over and yesterday was tough but moving forward and have a great advocate in the prosecutor's office. 'Now it's time for me to rebuild and move forward with a calmer and healthier life and future relationships.' The women remembered Tracey for her love of travel, dancing, fine wine, fashion, and hosting dinner parties. Lantz also described her as 'such a shining star' who was fashionable, with an 'intelligence that's (also) a humor'. Beckerink's lawyer Todd Pugh said he denies the domestic violence claims. 'There was no physical violence that Adam had directed towards CT,' he told the Chicago Tribune. 'There is no corroboration to any of her claims. There was a layer of emotional volatility to the relationship, but CT enjoyed an incredibly close relationship with Adam's parents and Adam.' Beckerink's disheveled mugshot was unearthed by a FOIA request in November, following from his arrest the day she was found dead. Chicago PD officers initially charged the attorney with disorderly conduct and accused him of making a false report of an offense on October 28, but he was released without charge after questioning. Beckerink appeared with stubble and his hair skewed to one side in the mugshot pictured in his police report. Since Tracey's autopsy results are pending and the investigation into her death is ongoing, police declined to give any further information. The report came after Tracey's parents won custody of her body from Beckerink amid an acrimonious court battle. Beckerink hit back by filing an emergency motion to prevent them from proceeding with her funeral and give him the opportunity to challenge the decision. However, a Cook County judge denied his motion, according to the Chicago Tribune, which allowed them to proceed with the Catholic burial they had planned for their daughter on November 23.
