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Yahoo
5 days ago
- Business
- Yahoo
'Crypto Week' Reaction: What GENIUS and CLARITY Bills Mean for the Industry
Congress's 'Crypto Week' reached a climax today as the House passed three historic bills proscribing the regulation of digital assets and the future financial economy. The GENIUS Act on stablecoins will now go to President Trump's desk. It is the first ever crypto law to pass the U.S. Congress. The CLARITY Act covering market structure now ascends to the Senate, where Tim Scott, Chairman of the Senate Banking Committee, said he wanted to finalize the law by Sept. 30. The Senate Agriculture Committee, which will also need to pass the bill, held its first hearing on the topic earlier this week. Another anti-CBDC (central bank digital currency) bill passed the House and now goes to the Senate, where its prospects are uncertain. It will be attached to the National Defense Authorization Act as part of an agreement House leadership made with the Freedom Caucus, which voted against a procedural motion earlier this week and held a redo vote open for over nine hours on Wednesday to force the a press conference right after the votes, House Financial Services Chair French Hill said, "I knew that my target was to beat FIT21 [last year's Financial Innovation and Technology for the 21st Century Act] and I made a bet with myself — and I won." The lawmakers, who included House Agriculture Chairman GT Thompson, Majority Whip Tom Emmer and Representatives Brian Steil and Dusty Johnson — all of whom sponsored one or more of the bills that passed Thursday — thanked their various partners in the Senate and House committees, noting the overwhelmingly bipartisan nature of the major bills' support. Here is how lawmakers, the crypto industry, and beyond, have been reacting to the historic news. Lawmakers: French Hill, Chair of House Financial Services Committee: [CLARITY] is 'landmark legislation that establishes clear rules of the road by creating a functional regulatory framework for digital assetsThis is the pivotal moment for American innovation and a critical step forward in protecting consumers and investors alike.' On the GENIUS Act: 'Diligent work in Congress to bring clarity to payment stablecoins has reached a historic turning point.I look forward to President Trump signing GENIUS into law in short order and working with our regulators on implementing this important bill to establish U.S. leadership in this space.' Tom Emmer, House Majority Whip, Sponsor of the Anti-CBDC Bill: 'For years, we have worked to educate our colleagues on the dangers of this insidious technology, which would undermine our values and destroy Americans' right to privacy. Now, we must codify it to ensure that the United States' digital currency policy remains in the hands of the American people.' Tim Scott, Senate Banking Committee Chair: 'For the first time in history, Congress has passed bipartisan digital assets legislation through both the Senate and the House. The GENIUS Act marks a major milestone in securing America's leadership in payments innovation while protecting consumers and strengthening our national security.' Kirsten Gillibrand, longtime Democrat sponsor of stablecoin legislation: 'House passage of the GENIUS Act is a historic milestone in our bipartisan effort to regulate stablecoins. This bill will empower American businesses and consumers and enable them to take advantage of the next iteration of financial innovation.' Companies: Dante Disparte, Circle head of policy and operations/chief strategy officer: 'The House vote… signals strong bipartisan support for responsible innovation and sends a clear message that the U.S. will lead in the regulation of dollar-backed payment stablecoins.' Nathan McCauley, CEO of Anchorage Digital: "The CLARITY Act is a meaningful step toward a more mature digital asset market structure. Knowing which assets are securities, which are commodities, and why that distinction matters is foundational for market transparency and integrating crypto into traditional finance … GENIUS will benefit every American—whether or not they hold crypto—by strengthening the reach of the U.S. dollar and enhancing our financial system." Lobbyists/activists Ji Hun Kim, CEO Crypto Council for Innovation 'The passage of the GENIUS Act is a true watershed moment for the US. It is a defining step for responsible crypto policy and a clear demonstration of Congressional leadership. This comprehensive framework gives issuers, builders, and regulators the clear rules they have been asking for. It puts innovation and consumer protection first. The passage of GENIUS marks just the beginning of a new golden age for digital assets with America at the helm.' Chuck Bell, Consumer Reports: 'Stablecoins should help consumers—not put them in harm's way. Consumers increasingly encounter stablecoins in apps, wallets, and digital platforms—and they deserve clear rules and real protections. The GENIUS Act does not provide the safeguards that consumers reasonably expect when they use products that function like digital cash.' Summer Mersinger, CEO Blockchain Association: 'For the first time, Congress has moved comprehensive legislation that provides enforceable, narrowly tailored rules for stablecoins — a foundational technology for the future of finance. This bill preserves the strength of the U.S. dollar, protects consumers, and creates the conditions for responsible innovation to flourish under American leadership.' Mark Hays, associate director for cryptocurrency and financial technology at Americans for Financial Reform: "Today's House crypto votes are an ill omen for small investors and the financial system. The die is now cast: the crypto industry's profligate political spending is very close to securing a light-touch regulatory framework for these volatile assets and predatory platforms that will mainstream crypto's endemic scandals, instability, exploitation, and illicit financial dealings right into the fabric of the financial system. The gusher of campaign cash from the crypto industry is buying rubber stamped crypto policies that boost the industry's bottom line while exposing consumers, investors, and the financial system to serious financial harm."
Washington Post
6 days ago
- Business
- Washington Post
House set to slash $9 billion even as Republican infighting reemerges
President Donald Trump has played a critical role in helping House Republicans notch consecutive wins, including a heavy lift to ensure a big chunk of his legislative agenda became law. But divisions between far-right lawmakers, many of whom are members of the ultraconservative House Freedom Caucus, and the rest of the House GOP conference are reemerging in ways that even Trump has found troubling to stop. The hard-line flank's rebellion this week — almost siding with all Democrats to force the Trump administration to release files related to Jeffrey Epstein and pausing House business two days in a row over cryptocurrency bills — could overshadow recent accomplishments. And although it is expected to ultimately pass, House Republicans have not yet sewn up the votes for the Trump administration's latest attempts to slash $9 billion in federal funds. The vote is expected late Thursday. 'They're getting tired of winning,' Rep. Carlos A. Gimenez (R-Florida) joked, echoing many rank-and-file members' frustrations with the hard-liners. Other legislative business in the House was delayed this week — including passing a key bill to fund the Defense Department — due to Freedom Caucus concerns, previewing how tricky passing bills through both chambers will be once Congress returns from its August recess. Rep. Ralph Norman (R-South Carolina), a member of the Freedom Caucus, said he is 'cautiously optimistic' that Republicans will pass the partisan rescissions bill Thursday evening after the Senate restored $400 million for the President's Emergency Plan for AIDS Relief, known as PEPFAR, to ensure it passed the chamber. The bill would slash $1.1 billion from the Corporation for Public Broadcasting, which funds PBS and NPR. The group would have had grave concerns if the package had been sent back to the House with less than $9 billion in spending cuts, Norman added. 'It should have been the FULL $9.4B, but cutting ANY spending at this point is a good first step,' Rep. Keith Self (R-Texas) posted on social media. Republicans have described the budget bill as a welcome start toward slashing spending, even though it achieves only a small fraction of the $1 trillion in annual savings that Elon Musk promised to find during his time overseeing the U.S. DOGE service. The cuts would be the first passed at a president's request since the 1990s. A handful of more pragmatic House Republicans — Reps. Mark Amodei (Nevada), Brian Fitzpatrick (Pennsylvania), Michael R. Turner (Ohio) and Nicole Malliotakis (New York) — are the ones to watch on the rescissions package after they initially opposed it last month. The bill passed only because of several Democratic absences. If every lawmaker is present and voting Thursday, it will force House Speaker Mike Johnson (R-Louisiana) to flip at least one of the four previous Republican no votes. The House must pass rescissions by Friday under the law that Republicans are using to undo spending that Congress previously approved. The internal GOP fighting delayed action on the appropriations process; Congress must fund the government by the end of the fiscal year on Sept. 30. House hard-liners remain skeptical that the Senate will adopt a series of big reductions in federal spending, particularly after they stalled legislation on cryptocurrency this week because of worry that they had no influence on Senate-passed legislation. Individual spending bills require 60 votes to pass the Senate — not the simple majority needed for the rescissions package and Trump's recent tax-and-immigration legislation — meaning Democrats will be crucial to funding the government. White House Office of Budget and Management Director Russell Vought, who has long advised the Freedom Caucus, advocated Thursday for a 'less bipartisan' government funding process and taking aim at the $37 trillion debt by dramatically slashing government through further rescissions bills. (Trump's legislative agenda is estimated to add $4 trillion to the deficit, according to the nonpartisan Congressional Budget Office). That approach has rankled lawmakers who still think Congress should lead on what the government spends instead of the executive branch. House Appropriations Committee Chairman Tom Cole (R-Oklahoma) debuted a new plaque during a committee hearing Thursday that quotes Article I of the Constitution: 'No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.' Jeff Stein contributed to this report.
Bloomberg
16-07-2025
- Business
- Bloomberg
Freedom Caucus Stalls Congress 'Crypto Week'
Patrick McHenry, former republican congressman from South Carolina and former Chair of the House Financial Services Committee, breaks down the relationship between the Freedom Caucus and President Trump as the two parties go back and forth on a slate of cryptocurrency bills. (Source: Bloomberg)
Yahoo
15-07-2025
- Politics
- Yahoo
State Rep. Steve Toth to challenge Congressman Dan Crenshaw in Republican primary
State Rep. Steve Toth, a Conroe Republican aligned with the rightmost faction of the Texas Legislature, announced a primary challenge to U.S. Rep. Dan Crenshaw on Tuesday, setting up the state's latest intra-party midterm clash. Toth, who is serving his fifth term in the Texas House, is part of a group of hardline GOP lawmakers who have rebelled against their own party's leadership, including Gov. Greg Abbott, for being insufficiently conservative. Seen as one of the most conservative members of the 150-person chamber, Toth has openly campaigned against his GOP colleagues, joined with the minority that voted against impeaching Attorney General Ken Paxton and thrown himself in the middle of the Legislature's numerous partisan battles over social and cultural issues. Now, Toth has Crenshaw — a Houston Republican who has represented his Harris County-based district since 2019 — in his crosshairs. 'The people of Congressional District 2 deserve an unwavering conservative who will fight for our convictions and never bend the knee to the radical left,' Toth said in a statement, citing Crenshaw's support of Ukraine aid and past comments about far-right members of Congress. Crenshaw has racked up a solidly conservative voting record in Congress while focusing his legislative efforts on standard GOP priorities, from border security to barring federal funding for gender-affirming care. But he has publicly sparred with the far-right House Freedom Caucus and key movement figures like Tucker Carlson — a difference he sees as being over the seriousness with which they take governance rather than a stringent ideological dispute. Crenshaw has referred to obstructionists in the conservative movement as 'grifters' and expressed frustration with right-wing members of Congress who ousted then-Speaker Kevin McCarthy and falsely claimed that the 2020 election was stolen. In a statement, Crenshaw pointed to legislative victories including securing flood mitigation funding for the Houston area, authorizing a study into breakthrough therapies for veterans with traumatic brain injuries and efforts to take on Mexican cartels. He also accused Toth of living outside the 2nd Congressional District, which was redrawn in 2021 and now covers more than half the residents of Montgomery County. 'I don't have much to say about Steve Toth—because there's not much to say,' Crenshaw said. 'While he was busy redrawing his home outside of TX-02, I was working hard for the people of TX-02.' Montgomery County voter registration records indicate that Toth's Conroe home is in the neighboring 8th District. Members of Congress do not have to live in the district they represent, though candidates who live outside the boundaries often face attacks from their opponents. Toth did not deny that he lives in the 8th District, but noted in a statement that his Texas House district overlaps almost entirely with Crenshaw's congressional district. 'I know this community, and I've been serving them for nearly a decade,' he said. The district boundary could soon change again, with congressional redistricting on the agenda for the Legislature's upcoming special session. Toth is by far the best-known primary opponent Crenshaw has faced in his career. Right-wing activist Jameson Ellis primaried Crenshaw in his past two elections — losing by 19 percentage points last year — but has said he is not running again this cycle. The primary challenge is Toth's second attempt to take down a sitting Republican member of Congress. In 2016, he challenged then-Rep. Kevin Brady, R-The Woodlands, pushing Brady to the lowest vote share of his 26-year congressional career. Despite being outspent by over $1.4 million, Toth came within 20,000 votes of unseating Brady, winning 37% in a four-way race. Shape the future of Texas at the 15th annual , happening Nov. 13–15 in downtown Austin! We bring together Texas' most inspiring thinkers, leaders and innovators to discuss the issues that matter to you. Get tickets now and join us this November. TribFest 2025 is presented by JPMorganChase.
Associated Press
14-07-2025
- Politics
- Associated Press
The challenger who narrowly lost to GOP Rep. Scott Perry wants another chance to beat him in 2026
HARRISBURG, Pa. (AP) — Democrat Janelle Stelson, who lost to Republican U.S. Rep. Scott Perry by barely a percentage point in 2024, will run again in the right-leaning congressional district in Pennsylvania. Stelson, a one-time local TV anchor and personality, mounted a challenge to Perry, the former leader of the hardline House Freedom Caucus. It was designed to sway moderate Republicans, portraying him as an extremist on abortion rights and slamming Perry's votes against Democratic-penned bills that carried benefits for firefighters and veterans. 'The story about Scott Perry just keeps getting worse,' Stelson said in an interview. Stelson called Perry the 'deciding vote' in the House's 218-214 vote on Republicans' tax break and spending cut package that she said would strip Medicaid benefits from thousands of his constituents, possibly shut down rural hospitals and further stretch health care facilities, such as nursing homes. 'This has disastrous, possibly deadly consequences, and Scott Perry did that,' Stelson said. For his part, Perry is already touting the bill's provisions to curb billions of dollars in spending across clean energy, cut spending on the safety-net health care program Medicaid and reduce subsidies to states that offer Medicaid coverage to cover immigrants who may not be here legally. It will, he said in a statement, 'end damaging 'Green New Scam' subsidies, lock in critical and additional reductions in spending' and ramp up efforts to make sure Medicaid benefits are reserved for 'vulnerable Americans and not illegal aliens.' Perry's campaign, meanwhile, has said that Perry's fundraising is its strongest since he's been in Congress, and that the issues that propelled President Donald Trump and Perry to victories in 2024 will still be relevant in 2026. With Washington, D.C., completely controlled by Republicans, recruiting strong House challengers is of the utmost importance for Democrats. They need to flip just three seats nationwide to retake the House majority they lost in 2022 and block Trump's agenda. Stelson lost in a damaging 2024 election for the Democratic Party, despite outspending Perry in a race that cost over $24 million, according to FEC filings. It wasn't one of the most expensive House races in the nation, but Perry's victory of slightly over 1% point made it one of the closest. Democrats took heart that Perry ran well behind Trump — by 4 points — in a district that is becoming more moderate with Harrisburg's fast-developing suburbs. Democratic Gov. Josh Shapiro won the district in 2022's gubernatorial race, when he blew out his Republican opponent. Shapiro will lead Pennsylvania's ticket again in 2026, and is supporting Stelson by headlining a fundraiser for her in the coming days. Shapiro's support could ward off a potential primary challenger to Stelson. ___ Follow Marc Levy on X at:
