Latest news with #GENIUS)Act
Yahoo
5 days ago
- Business
- Yahoo
Trump's Crypto Ties Still Toxic With Some Dems, Including One Seen as Industry Ally
U.S. Senator Adam Schiff was among the many Democrats who voted to pass the stablecoin bill last week, but as the Senate moves on to legislation establishing regulations for the wider U.S. crypto markets, Schiff has introduced another effort to ban President Donald Trump and other top government leaders from issuing or sponsoring cryptocurrencies. The California Democrat's legislation joins at least four other bills that similarly seek to block senior government officials and lawmakers from taking a direct hand in crypto businesses. Such concerns arose during the debate over the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and for a brief time, the bill was halted over this and other concerns from Democrats who otherwise favored the legislation. Some have argued that the better place to argue contentions of government corruption is in the market structure bill that's at the heart of what the sector is seeking in Washington. Schiff's new bill, known as the Curbing Officials' Income and Nondisclosure (COIN) Act, would — like others before it — prohibit the president, vice presidents, members of Congress and other significant government officials "from issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins" during their service, and for two years after it. "President Donald Trump's cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family," Schiff said when he introduced the bill, also backed by at least four other Senate Democrats. The crypto industry's leading political action committee, the Fairshake super PAC, spent more than $10 million dollars to oppose Schiff's chief Democratic opponent in his successful run for the Senate last year. He's been stamped with an A grade for being strongly supportive of digital assets policy by advocacy group Stand With Crypto. To succeed, any crypto bill needs significant support from Senate Democrats to bolster the reliable favor of almost all the Republicans in that chamber. Schiff is among the 18 Democrats who came out in favor of the GENIUS Act. He's not the only crypto ally in Congress looking askance at the president's family connections to tens of millions in disclosed digital assets profits. Representative Ritchie Torres, a New York Democrat, is among the most vocal supporters of crypto in the House of Representatives, and he introduced a bill last month that's broadly in line with what Schiff is pursuing. Similar legislation has also been introduced by other Democrats, including Senator Chris Murphy of Connecticut; Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee; and Representative Sam Liccardo of California. Such bills are highly unlikely to progress in the Republican-controlled Congress, though their supporters may seek to insert them in other legislation, such as the crypto industry's other legislative priority. In the past few years, President Trump transitioned from crypto skeptic to digital assets entrepreneur, launching waves of non-fungible tokens (NFTS), a self-branded memecoin and backing World Liberty Financial's various crypto efforts, including its own stablecoin. Trump has said repeatedly that he's eager to sign significant crypto legislation to secure the U.S. as an industry leader. Many Democrats, however, object to his own family standing to profit from the policies Trump's administration would in to access your portfolio
Yahoo
03-06-2025
- Business
- Yahoo
Crypto Lobbyists Urge U.S. Senators to Dodge Distraction in Stablecoin Debate
The U.S. Senate's stablecoin bill is heading back into the final days of floor debate, and the crypto industry's Washington lobbyists are calling for senators to stay focused on the task even as other legislative efforts muscle into the debate. If the bill clears those potential obstacles and passes this week, it'll mark the first time a major piece of crypto legislation has cleared the Senate. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is the Senate's much-revised effort to regulate the issuers of stablecoins — the steady tokens generally based on the value of a U.S. dollar, such as Tether's USDT and Circle's USDC. The bill already cleared the Senate Banking Committee and an earlier floor-vote test with major bipartisan support, though many Democratic critics tied the effort to concerns over President Donald Trump's personal crypto business interests. "As the bill continues through the amendment process, we respectfully urge lawmakers to remain committed to its central goal: providing a targeted and comprehensive approach to stablecoin oversight," some of the top Washington lobbying groups said in a joint statement on Monday, signed by the leaders of the Blockchain Association, Crypto Council for Innovation, DeFi Education Fund and the Digital Chamber. This marks a first policy engagement from new Blockchain Association CEO Summer Mersinger, who just left her commissioner post at the Commodity Futures Trading Commission on Friday. Senate Majority Leader John Thune had said he'd throw open the final debate on the GENIUS Act open to amendments, and more than 50 of them were delivered. As often happens to legislation with momentum, lawmakers have latched onto the bill in hopes of letting their unrelated efforts ride its coattails to victory. In this case, the senators behind the Credit Card Competition Act that aims to force more competition between card issuers filed to add that as an amendment to the stablecoin legislation. Policy analysts such as Ian Katz at Capital Alpha Partners give the credit-card initiative very low odds of getting signed into law — 10-15%, Katz said in a Monday research note. His firm had a more optimistic outlook for the GENIUS Act, putting it at "a 60-65% chance of becoming law this year." While approval in this chamber of Congress represents the most difficult of all the hurdles faced by the legislation, it would still need approval in the House of Representatives, which may have its own ideas on how to approach in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Int'l Business Times
22-05-2025
- Business
- Int'l Business Times
Republican Senator Insists Making US the 'Crypto Capital of the World' Is 'Good News for Americans Living in Poverty'
A Republican senator insisted that efforts to make the U.S. the "crypto capital of the world" have positive implications for all Americans, but "especially those living in poverty" while promoting cryptocurrency legislation. South Carolina Sen. Tim Scott advocated for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act during an appearance on Fox Business Thursday morning, saying that the bill aligned well with President Donald Trump's campaign promises. "President Trump simply said on the campaign trail: America will be the crypto capital of the world. This may be a major part of his legacy when we make it easier for the struggling Americans working paycheck to paycheck to have more access at a lower price point," Scott said. Tim Scott on crypto legislation: "This bill must go forward because it's good news for the American people, especially the ones living in poverty." — Aaron Rupar (@atrupar) May 22, 2025 The Republican lawmaker is one of the co-sponsors of the GENIUS Act , which aims to help stabilize cryptocurrency markets and provide clarity on digital asset regulations. The bill has garnered bipartisan support, but was blocked by Senate Democrats in early May, Fox Business previously reported. Scott, who also serves as the Senate Banking Committee chairman, expressed that banks initially had some hesitancy to supporting the legislation, but he said they're now "neutral" following constructive cooperation. "This bill must go forward because it's good news for the American people, especially the ones living in poverty," Scott said. But although Scott appeared excited by the possibilities of the legislation, his claims of it aiding Americans "living in poverty" appeared to strike a nerve among social media users, many of whom claimed it was "out of touch." The working poor will not be buying crypto. Groceries, school supplies Christmas presents are going to be more expensive. Nothing left for buying crypto. So out of touch. — Susan Madden Goodell (@skgoodell) May 22, 2025 "The working poor will not be buying crypto. Groceries, school supplies Christmas presents are going to be more expensive. Nothing left for buying crypto. So out of touch," one user wrote. Tim's right. I know if I was poor the first thing I'd try to do is get my hands on some crypto currency. — JOHN VALENTINE (@SageAmenti) May 22, 2025 "Tim's right. I know if I was poor the first thing I'd try to do is get my hands on some crypto currency," another user sarcastically declared. Tim's right. I know if I was poor the first thing I'd try to do is get my hands on some crypto currency. — JOHN VALENTINE (@SageAmenti) May 22, 2025 Yeah, I stopped giving money to homeless people. They're raking it in on crypto. — Oola Moonk's Biscuit (@myndmaven) May 22, 2025 "Lemme check with poor people and find out how many got digital going on," another use jabbed. Huh? Lemme check with poor people and find out how many got digital going on. — lijareturnz 🇺🇸 (@lijareturnz) May 22, 2025 Trump has been a supporter of cryptocurrency markets, signing an executive order to establish a "Crypto Strategic Reserve" in March. However, the president has also faced scrutiny after he and First Lady Melania Trump released of their own memecoins just days before the start of his second term. Originally published on Latin Times
Business Mayor
21-05-2025
- Business
- Business Mayor
Bitwise CIO: Stablecoin Bill May Spark Multi-Year Crypto Bull Run
A Senate vote to advance a bill regulating stablecoins is being hailed as a pivotal moment for the cryptocurrency industry. Bitwise's Matt Hougan Says GENIUS Act Lays Groundwork for Institutional Adoption Hougan's latest analysis explained that the U.S. Senate voted 66–32 on Monday to move the Guaranteed Essential Neutral and Interoperable Uniform Stablecoins (GENIUS) Act […] READ SOURCE
Epoch Times
06-05-2025
- Business
- Epoch Times
9 Senate Democrats Withdraw Support From Bipartisan Cryptocurrency Bill
WASHINGTON—A group of nine Senate Democrats announced May 3 that they will not support a bill designed to regulate stablecoins in the cryptocurrency industry. Stablecoins are digital assets whose value is fixed in relation to the value of another asset, such as the exchange rate of the U.S. dollar or the value of traded commodities, including oil, gold, or another cryptocurrency. Unlike other cryptocurrencies, whose value frequently fluctuates by large amounts, stablecoins are intended to have a more stable value, which makes them more attractive for larger risk-averse investors such as pension funds, sovereign wealth funds, asset managers, and wealthy family offices. Presently, stablecoins have no federal regulatory system, which lawmakers say would improve investor confidence and enable growth. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, sponsored by Sen. Bill Hagerty (R-Tenn.), is However, after announcing they would support the bill, some Democrats withdrew their backing on May 3, citing alleged deficiencies in the bill's security provisions. '[T]he bill as it currently stands still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety and soundness of our financial system, and accountability for those who don't meet the act's requirements,' Related Stories 11/7/2023 3/6/2025 The group included Democratic Sens. Raphael Warnock (Ga.), Adam Schiff (Calif.), Andy Kim (N.J.), Ben Ray Luján (N.M.), Catherine Cortez Masto (Nev.), Lisa Blunt Rochester (Del.), John Hickenlooper (D-Colo.), and Mark Warner (Va.). Without changes, they have all committed to voting against cloture on the GENIUS Act, which would prevent it from advancing to final passage in the Senate. One Democrat, Sen. Kirsten Gillibrand (D-N.Y.), remains a co-sponsor of the bill. The announcement came two days after Senate Majority Leader John Thune (R-S.D.) Hagerty, the bill's lead sponsor, criticized the Democrats' decision in comments provided to The Epoch Times. 'We cannot allow partisan games to derail the momentum we've seen over the past 3 months on this legislation. We have a choice here: move forward or underscore that digital asset and crypto legislation remains solely a Republican domain,' Hagerty wrote. Hagerty previously stated that the bill is necessary for the U.S. crypto industry to grow as well as ensure the global economic dominance of the U.S. dollar. 'The GENIUS Act establishes a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance,' wrote Hagerty in a The withdrawal of Democratic support comes at a time when the family of President Donald Trump is launching new ventures in the crypto industry. In March, the company World Liberty Financial—run by Donald Trump Jr. and Eric Trump, the president's two eldest sons—introduced a stablecoin named 'USD1,' which would be pegged to the U.S. dollar and U.S. Treasury Bonds. Presently, USD1 has a
