Latest news with #GENUISAct
NBC News
19-07-2025
- Business
- NBC News
What the crypto-focused GENIUS Act could mean for you
President Trump signed the GENUIS Act, which is the first major piece of crypto legislation. NBC News' Christine Romans breaks down what is in the act and how this could impact Americans.
CNBC
16-07-2025
- Business
- CNBC
Crypto bounces on renewed optimism House could pass key stablecoin legislation this week
Cryptocurrencies and several stocks tied to the ecosystem rose Wednesday as investors dismissed a snag in what was expected to be a winning week for crypto regulation. Bitcoin was last higher by 2% at $119,114.79, according to Coin Metrics, while ether rose 3% to $3,156. Shares of stablecoin issuer Circle added more than 1% premarket and crypto services firm Coinbase gained about 0.5%, after both closed lower in the previous session. Ether treasury stocks continued their rally: BitMine surged 24%, while SharpLink jumped 14% and Bit Digital gained 5%. On Tuesday, prices dipped briefly after the House failed to advance two key pieces of legislation for the crypto industry: the stablecoin bill known as the GENUIS Act, which has already passed the Senate, and the broader and far more complex market structure known as the CLARITY Act. Industry players including Coinbase hoped to see these bills move forward together, despite the latter one still awaiting a vote in the House. Oppenheimer analyst Owen Lau told CNBC the stock reaction was overblown and framed the passage of the bills as a matter of "when" rather than an "if." "It's not such bad news which is why the stocks [Coinbase and Circle] recovered in late trading," he said. "Both stocks may be under pressure until we get the vote but these bills will eventually get passed after these negotiations." It doesn't ultimately matter how they get passed – separately or bundled – "in terms of the terminal value … but the stock could react more positively if all three bills get combined," and the market "would lose three or four months of uncertainty," Lau added. President Donald Trump said in a social media post Tuesday night that several of the House Republicans who kept the bills from advancing had changed their minds following a White House meeting and will now vote to move the legislation forward. In its current form, the GENIUS Act would restrict stablecoin issuers from paying users interest, which would reinforcing the importance of Ethereum – a network favored by institutions that supports a significant amount of activity and applications, including stablecoins – in the ecosystem. However, ether's recent rally, driven by momentum and speculative positioning among the boom in stablecoin interest and ether treasuries, has not been supported by fundamentals. "Active addresses remain flat, network revenue is unchanged, and gas [transaction] fees have only ticked up slightly," according to 10x Research's Markus Thielen. Ether has doubled in price in the last three months. Bitcoin, whose price slipped this week due to more than $360 million in long liquidations Monday, also dropped after the crypto bills were halted, but recovered soon after. On Monday, the flagship cryptocurrency reached an all-time high above $120,000. Bitcoin ETFs saw $402.99 million in inflows from institutions on Tuesday, while ether funds raked in $192.3 million, according to SoSoValue.
CNBC
15-07-2025
- Business
- CNBC
It's a huge week for crypto in D.C. But the industry may not get everything they want
It's "Crypto Week" in Washington. The cryptocurrency industry is set to notch a major win this week if the House can pass two bills that would set up a long-lobbied-for regulatory framework for digital assets. The stablecoin bill, known as the GENUIS Act, has already passed the Senate and looks set to become the first standalone crypto measure signed into law should the House do the same. But the real prize for the industry is a wider and more complex bill on market structure called the CLARITY Act, which faces a more difficult path to President Donald Trump's desk. The CLARITY Act sets the rules for when an asset is considered a security and overseen by the Securities and Exchange Commission versus when it's considered a commodity that is overseen by the Commodity Futures Trading Commission, or CFTC. The act is likely to pass the House on Wednesday, given the bipartisan support when the bill cleared two committees. But the path in the Senate is murky, as Democrats could withhold their support over concerns about how Trump and his family are benefiting from crypto. The Trump family's growing crypto empire includes $TRUMP and $MELANIA meme coins, a stablecoin, and a decentralized finance firm called World Liberty Financial, among other ventures. Some lawmakers who backed the narrower stablecoin bill did so with the hopes of seeing the wider market structure package address conflicts of interest. "President Trump's crypto corruption distorts the digital asset marketplace," said Sen. Raphael Warnock, D-Ga., who voted for the stablecoin bill. "Writing a bill with a corruption caveat for the president sends a clear message — that Congress is not serious about addressing corruption, which we know undermines investors' faith in capital markets." Coinbase attempted to literally sweeten the deal on the CLARITY Act for lawmakers with an advertising push that included handing out about 5,000 chocolate bars around D.C. The candy wrappers cited a Morning Consult poll that found about "1 in 5" Americans own crypto. Coinbase, Ripple and other crypto companies are lobbying Congress to put their concerns aside and back the market structure package, anticipating that more regulatory certainty will encourage more investment in crypto. "When consumers buy and sell and trade these digital assets, they want to know what they're getting and they want to know that they're using a reputable intermediary," Coinbase Vice President of U.S. Policy Kara Calvert told CNBC. "And what this bill does is provide that construct to do that." The Senate is set to introduce its own market structure bill this month that is expected to differ slightly from the House version. Senate Banking Chair Tim Scott, R-S.C., is working with Sen. Cynthia Lummis, R-Wyo., and others on the measure. Other Democrats are planning to work with Republicans on a bill, including Sen. Kirsten Gillibrand, D-N.Y., who worked on previous market structure bills with Lummis. "We have a lot of work to do, and we're going to work on a bipartisan basis over the next month," she told CNBC in a brief interview in the Capitol. The House is scheduled for a GENIUS Act vote on Thursday. The package cleared the Senate last month with 18 Democrats joining most Republicans to support the measure. The House stood down on their own version of the bill under pressure from Trump, who told lawmakers via a Truth Social post to "Get it to my desk, ASAP — NO DELAYS, NO ADD ONS." In addition to the two major bills the crypto industry has pushed for, the House will take up a separate measure that would prevent the Federal Reserve from issuing a central bank digital currency (CBDC). The bill is expected to pass in a vote scheduled for Wednesday. Blockchain Association CEO Summer Mersinger said the crypto industry supports the bill. "If this is something the private sector should do, the government should not be competing," she said.
New York Post
05-06-2025
- Business
- New York Post
Circle's shares spike 123% in NYSE debut — valuing crypto giant at $18B
Crypto giant Circle Internet Group's stock surged 123% above their initial offer price on Thursday in a major boost to an IPO market that had stagnated in recent months. Shares of Circle, which moved to New York from Boston last year and is led by CEO Jeremy Alliare, opened at $69. That pushed the company's valuation to nearly $18 billion. It is the second-largest public listing by a crypto firm. The strong projected debut came after Circle priced its IPO at $31 per share after the market closed on Wednesday – up from an earlier expected range of $27 to $28 per share. Circle is set for its NYSE debut on Thursday. AP Circle is best known as the issuer of USD Coin (USDC), which is pegged one-for-one to the US dollar. USDC is the world's second-largest stablecoin by market capitalization, trailing only Tether's USDT, according to data from The firm earlier said it will raise about $1.1 billion on an offering of 34 million shares. Stablecoins are a type of cryptocurrency with value directly pegged to a 'stable' asset, like the US dollar or gold. They are seen as a less volatile investment option than cryptocurrencies like bitcoin, which can experience major price swings during periods of market instability. Circle will be listed on the New York Stock Exchange under the ticker 'CRCL.' The IPO is led by JPMorgan, Goldman Sachs and Citigroup. ARK Investment Management, the firm led by famed tech investor Cathie Wood, has signaled interest in buying up to $150 million in shares, according to a regulatory filing. The successful debut could nudge other crypto companies to explore IPOs. Jeremy Allaire, CEO and co-founder of Circle Internet Group, the issuer of one of the world's biggest stablecoins, attends an interview, on the day of his company's IPO at the New York Stock Exchange (NYSE), in New York City, U.S., June 5, 2025. REUTERS 'The more crypto companies that go public, the easier it will be for future crypto companies,' Matt Kennedy, senior strategist at Renaissance Capital, told Reuters. Stablecoins and other types of cryptocurrency have boomed in popularity in recent months following President Trump's election victory. Trump, who won the White House with the backing of many major crypto executives, has vowed to loosen the strict regulatory policy adopted under former President Joe Biden. Last month, the US Senate voted to advance the GENUIS Act, which would establish a first-of-its-kind regulatory framework for stablecoins. A different version of a stablecoin bill is up for consideration in the House. Last month, the US Senate voted to advance the GENUIS Act, which would establish a first-of-its-kind regulatory framework for stablecoins. A different version of a stablecoin bill is up for consideration in the House.
Yahoo
14-05-2025
- Business
- Yahoo
With Trump's backing, GOP pushes for sweeping crypto regulations
WASHINGTON (NEXSTAR) – Backed by President Donald Trump, Republicans are ramping up efforts to pass sweeping regulations on the cryptocurrency industry but skepticism from both Democrats and some Republicans is clouding the path forward. While cryptocurrencies still represent a small portion of the U.S. economy, lawmakers from both parties say digital assets are poised to become a dominant force in global markets. 'This is about the blockchain technology and every single industry over the course of the next 20 or 30 years, the back end of that industry is going to be transformed by blockchain,' said Rep. Dusty Johnson (R-S.D.). Johnson is leading a Republican push to establish clearer regulatory guidelines for the crypto industry a push he says will unleash innovation domestically and give the U.S. an advantage over China. 'We need basic rules of the road to make sure that innovators have predictability and consistency,' he said. Crypto markets have long been susceptible to fraud and criminal misuse. Rep. Bill Huizenga (R-Mich.) says the lack of regulation leaves consumers vulnerable and stifles innovation. 'We don't have regulation right now,' Huizenga said. 'It's vital.' Last week, the Senate failed to advance a measure, dubbed the GENIUS ACT. The bill is aimed specifically at regulating stablecoins, digital currencies pegged to the U.S. dollar that are used for transactions and transfers. 'The question is, does this bill actually regulate anything? And the answer is no,' said Sen. Jeff Merkley (D-Ore.). Merkley and other Democrats argue the bill doesn't go far enough and have raised ethical concerns about potential conflicts of interest. President Trump and members of his family recently launched their own digital coin, prompting accusations of self-dealing. 'Self-dealing. Pure and simple,' Merkley said. President Trump, speaking in Qatar, dismissed questions about foreign investment in the coin. 'I don't know anything about it,' Trump said. Sen. Josh Hawley (R-Mo.) also opposes the GENUIS Act but for different reasons. He says it could give major tech corporations too much influence over the financial system. 'If you're concerned about what one private individual is doing, how much more should you be concerned about the biggest corporations in the world issuing their own currencies?' Hawley asked. 'Is that really what we want?' Despite the disagreements, there is bipartisan momentum for broader crypto regulations. Johnson says he expects a compromise bill to reach Trump's desk within the next six months. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
