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Business Insider
2 days ago
- Business
- Business Insider
Crypto week is about to kick off in Congress. Here's what it could mean for the market.
July 14 marks the start of a weeklong event in Congress that could see further legislative support extended to the cryptocurrency market. Crypto policy has been a key area of focus for the Trump administration, creating a steady tailwind for the market in recent months. Bitcoin prices recently surged to new record highs as it passed $120,000, sparking bullish predictions for how far the rally could go. Now, a slew of bills aimed to bolstering digital assets could create a fresh positive catalyst for prices. This week, House Committee on Financial Services Chairman French Hill recently stated that "The House of Representatives looks forward to considering the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act as part of Congress' efforts to make America the crypto capital of the world." The CLARITY Act is aimed at defining regulatory oversight for digital assets, while the Anti-CBDC Surveillance State Act would limit the power of the Federal Reserve to create a central bank digital currency. Already passed in the Senate, the GENIUS Act would establish a regulatory framework for stablecoins. Here's what crypto pros told Business Insider about what to expect from this week's legislative crypto bonanza. What regulator changes are being proposed? While no new crypto bills have been fully passed yet, optimism for legislative support has helped fuel gains for bitcoin and other cryptos this year. "This growing optimism suggests that clearer rules could restore trust and bring cautious investors back into the fold," Adrian Fritz, head of research at 21Shares, told BI. "US crypto stocks and bitcoin are rallying as traders position themselves ahead of next week's expected publicity." Fritz also cited stronger global liquidity and lower geopolitical tensions as contributing factors to bitcoin's latest rally past $120,000, but still sees the crypto push on Capitol Hill as an important catalyst. "[The CLARITY Act] is incredibly important to help further institutionalize and onshore secondary market activity in the US. This should help improve counterparty risk, improve liquidity, and improve the ability for investors seeking risk managed solutions to get them in well regulated vehicles," Tony Fenner-Leitão, president at Cambrian Asset Management, said. Which cryptos are most likely to benefit? A consensus among many crypto experts is that stablecoins are likely to see significant momentum as crypto week unfolds. This could prove highly beneficial to companies like Circle and Coinbase, which have high exposure to the fiat-backed digital assets. Fritz said that under the GENIUS Act, stablecoins would be recognized as programmable money, likely leading to further integration into payment systems. "The stablecoin sector is thus positioned for significant expansion, likely experiencing increased institutional adoption for remittances, e-commerce transactions, and decentralized finance (DeFi) collateral" he said. He added that blockchain networks, such as ethereum and solana, are likely to rise benefit as well, since they serve as the underlying infrastructure for stablecoins. Chris Kline, COO & co-founder of BitcoinIRA, also flagged a possible boost to stablecoins, highlighting the benefits for stablecoin infrastructure and compliance frameworks that can stem from further regularity clarity. "Stablecoins and tokenized assets represent the most immediate growth opportunities," he told Business Insider. "These sectors will likely experience complementary rather than competitive development." Doug Carrillo, co-founder and Chief Strategy Officer of Bitstop & GoldATM predicts that crypto week will spur growth for stablecoins but also highlighted another asset class that's likely to benefit. "Tokenized assets (treasuries, real estate, gold, etc.) will experience accelerated growth as clear frameworks reduce perceived legal risks, opening opportunities for new markets," he stated. What will be the biggest developments? All three crypto bills being mulled in Congress are expected to garner strong support, and the market implications for such a vote of confidence from lawmakers are powerful. "Passage in the House would mark a historic milestone as the most comprehensive crypto legislation package ever approved by a chamber of Congress," Fritz noted. Sahel Ahyaie Assar, an international tax attorney who serves as blockchain and digital asset practice group leader at Buchanan Ingersoll and Rooney, sees legislation on stablecoins as being particularly important this week. "As currently drafted, the GENIUS Act's treatment of decentralized protocols and 'digital commodity' classification will be most impactful. If DeFi protocols receive treatment akin to commodities or software platforms—as distinguished from securities issuers—it may change the entire posture of the U.S. crypto enforcement regime," she stated. Anthony Tuths, a tax principal and digital asset practice leader at KPMG, predicts that even more changes will be coming for the financial sector in the wake of crypto week. "As the financial system adopts blockchain technology, you will see markets trade 24/7 and the back-office related support shrink," he stated. "The programmable money and intra-day collateral movements will save large financial institutions billions due to greater capital efficiency."
Yahoo
2 days ago
- Business
- Yahoo
Crypto week is about to kick off in Congress. Here's what it could mean for the market.
July 14-18 is crypto week on Capitol Hill, with lawmakers set to discuss legislation on digital assets. These policies are expected to pass and could significant impact markets if they do. Experts believe certain assets are the most likely to benefit, including stablecoins. July 14 marks the start of a weeklong event in Congress that could see further legislative support extended to the cryptocurrency market. Crypto policy has been a key area of focus for the Trump administration, creating a steady tailwind for the market in recent months. Bitcoin prices recently surged to new record highs as it passed $120,000, sparking bullish predictions for how far the rally could go. Now, a slew of bills aimed to bolstering digital assets could create a fresh positive catalyst for prices. This week, House Committee on Financial Services Chairman French Hill recently stated that "The House of Representatives looks forward to considering the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act as part of Congress' efforts to make America the crypto capital of the world." The CLARITY Act is aimed at defining regulatory oversight for digital assets, while the Anti-CBDC Surveillance State Act would limit the power of the Federal Reserve to create a central bank digital currency. Already passed in the Senate, the GENIUS Act would establish a regulatory framework for stablecoins. Here's what crypto pros told Business Insider about what to expect from this week's legislative crypto bonanza. While no new crypto bills have been fully passed yet, optimism for legislative support has helped fuel gains for bitcoin and other cryptos this year. "This growing optimism suggests that clearer rules could restore trust and bring cautious investors back into the fold," Adrian Fritz, head of research at 21Shares, told BI. "US crypto stocks and bitcoin are rallying as traders position themselves ahead of next week's expected publicity." Fritz also cited stronger global liquidity and lower geopolitical tensions as contributing factors to bitcoin's latest rally past $120,000, but still sees the crypto push on Capitol Hill as an important catalyst. "[The CLARITY Act] is incredibly important to help further institutionalize and onshore secondary market activity in the US. This should help improve counterparty risk, improve liquidity, and improve the ability for investors seeking risk managed solutions to get them in well regulated vehicles," Tony Fenner-Leitão, president at Cambrian Asset Management, sad. A consensus among many crypto experts is that stablecoins are likely to see significant momentum as crypto week unfolds. This could prove highly beneficial to companies like Circle and Coinbase, which have high exposure to the fiat-backed digital assets. Fritz said that under the GENIUS Act, stablecoins would be recognized as programmable money, likely leading to further integration into payment systems. "The stablecoin sector is thus positioned for significant expansion, likely experiencing increased institutional adoption for remittances, e-commerce transactions, and decentralized finance (DeFi) collateral" he said. He added that blockchain networks, such as ethereum and solana, are likely to rise benefit as well, since they serve as the underlying infrastructure for stablecoins. Chris Kline, COO & co-founder of BitcoinIRA, also flagged a possible boost to stablecoins, highlighting the benefits for stablecoin infrastructure and compliance frameworks that can stem from further regularity clarity. "Stablecoins and tokenized assets represent the most immediate growth opportunities," he told Business Insider. "These sectors will likely experience complementary rather than competitive development." Doug Carrillo, co-founder and Chief Strategy Officer of Bitstop & GoldATM predicts that crypto week will spur growth for stablecoins but also highlighted another asset class that's likely to benefit. "Tokenized assets (treasuries, real estate, gold, etc.) will experience accelerated growth as clear frameworks reduce perceived legal risks, opening opportunities for new markets," he stated. All three crypto bills being mulled in Congress are expected to garner strong support, and the market implications for such a vote of confidence from lawmakers are powerful. "Passage in the House would mark a historic milestone as the most comprehensive crypto legislation package ever approved by a chamber of Congress," Fritz noted. Sahel Ahyaie Assar, an international tax attorney who serves as blockchain and digital asset practice group leader at Buchanan Ingersoll and Rooney, sees legislation on stablecoins as being particularly important this week. "As currently drafted, the GENIUS Act's treatment of decentralized protocols and 'digital commodity' classification will be most impactful. If DeFi protocols receive treatment akin to commodities or software platforms—as distinguished from securities issuers—it may change the entire posture of the U.S. crypto enforcement regime," she stated. Anthony Tuths, a tax principal and digital asset practice leader at KPMG, predicts that even more changes will be coming for the financial sector in the wake of crypto week. "As the financial system adopts blockchain technology, you will see markets trade 24/7 and the back-office related support shrink," he stated. "The programmable money and intra-day collateral movements will save large financial institutions billions due to greater capital efficiency." Read the original article on Business Insider Error 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
Business Insider
2 days ago
- Business
- Business Insider
Crypto week is about to kick off in Congress. Here are 3 predictions for what it could mean for the market.
July 14 marks the start of a weeklong event in Congress that could see further legislative support extended to the cryptocurrency market. Crypto policy has been a key area of focus for the Trump administration, creating a steady tailwind for the market in recent months. Bitcoin prices recently surged to new record highs as it passed $120,000, sparking bullish predictions for how far the rally could go. Now, a slew of bills aimed to bolstering digital assets could create a fresh positive catalyst for prices. This week, House Committee on Financial Services Chairman French Hill recently stated that "The House of Representatives looks forward to considering the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate's GENIUS Act as part of Congress' efforts to make America the crypto capital of the world." The CLARITY Act is aimed at defining regulatory oversight for digital assets, while the Anti-CBDC Surveillance State Act would limit the power of the Federal Reserve to create a central bank digital currency. Already passed in the Senate, the GENIUS Act would establish a regulatory framework for stablecoins. Here's what crypto pros told Business Insider about what to expect from this week's legislative crypto bonanza. What regulator changes are being proposed? While no new crypto bills have been fully passed yet, optimism for legislative support has helped fuel gains for bitcoin and other cryptos this year. "This growing optimism suggests that clearer rules could restore trust and bring cautious investors back into the fold," Adrian Fritz, head of research at 21Shares, told BI. "US crypto stocks and bitcoin are rallying as traders position themselves ahead of next week's expected publicity." Fritz also cited stronger global liquidity and lower geopolitical tensions as contributing factors to bitcoin's latest rally past $120,000, but still sees the crypto push on Capitol Hill as an important catalyst. "[The CLARITY Act] is incredibly important to help further institutionalize and onshore secondary market activity in the US. This should help improve counterparty risk, improve liquidity, and improve the ability for investors seeking risk managed solutions to get them in well regulated vehicles," Tony Fenner-Leitão, president at Cambrian Asset Management, sad. Which cryptos are most likely to benefit? A consensus among many crypto experts is that stablecoins are likely to see significant momentum as crypto week unfolds. This could prove highly beneficial to companies like Circle and Coinbase, which have high exposure to the fiat-backed digital assets. Fritz said that under the GENIUS Act, stablecoins would be recognized as programmable money, likely leading to further integration into payment systems. "The stablecoin sector is thus positioned for significant expansion, likely experiencing increased institutional adoption for remittances, e-commerce transactions, and decentralized finance (DeFi) collateral" he said. He added that blockchain networks, such as ethereum and solana, are likely to rise benefit as well, since they serve as the underlying infrastructure for stablecoins. Chris Kline, COO & co-founder of BitcoinIRA, also flagged a possible boost to stablecoins, highlighting the benefits for stablecoin infrastructure and compliance frameworks that can stem from further regularity clarity. "Stablecoins and tokenized assets represent the most immediate growth opportunities," he told Business Insider. "These sectors will likely experience complementary rather than competitive development." Doug Carrillo, co-founder and Chief Strategy Officer of Bitstop & GoldATM predicts that crypto week will spur growth for stablecoins but also highlighted another asset class that's likely to benefit. "Tokenized assets (treasuries, real estate, gold, etc.) will experience accelerated growth as clear frameworks reduce perceived legal risks, opening opportunities for new markets," he stated. What will be the biggest developments? All three crypto bills being mulled in Congress are expected to garner strong support, and the market implications for such a vote of confidence from lawmakers are powerful. "Passage in the House would mark a historic milestone as the most comprehensive crypto legislation package ever approved by a chamber of Congress," Fritz noted. Sahel Ahyaie Assar, an international tax attorney who serves as blockchain and digital asset practice group leader at Buchanan Ingersoll and Rooney, sees legislation on stablecoins as being particularly important this week. "As currently drafted, the GENIUS Act's treatment of decentralized protocols and 'digital commodity' classification will be most impactful. If DeFi protocols receive treatment akin to commodities or software platforms—as distinguished from securities issuers—it may change the entire posture of the U.S. crypto enforcement regime," she stated. Anthony Tuths, a tax principal and digital asset practice leader at KPMG, predicts that even more changes will be coming for the financial sector in the wake of crypto week. "As the financial system adopts blockchain technology, you will see markets trade 24/7 and the back-office related support shrink," he stated. "The programmable money and intra-day collateral movements will save large financial institutions billions due to greater capital efficiency."
Al-Ahram Weekly
24-06-2025
- Business
- Al-Ahram Weekly
US Fed chair signals no rush for rate cuts despite Trump pressure - Economy
US Federal Reserve Chair Jerome Powell told lawmakers Tuesday that the central bank can afford to wait for the impact of tariffs before deciding on further interest rate cuts, despite President Donald Trump's calls to slash levels. The Fed has a duty to prevent a one-time spike in prices from becoming an "ongoing inflation problem," Powell said before the House Committee on Financial Services. "For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance," he added. Powell's reiteration that the Fed can wait to lower rates also pushes back on two officials' openness to cuts as early as in July. They are Christopher Waller and Michelle Bowman, both members of the Fed's board. Asked about Waller's views on a pathway to rate cuts, Powell declined to comment. But he said officials could be inclined to lower rates sooner if inflation were weaker than expected or if the labor market deteriorated. The Fed has held the benchmark lending rate steady this year following its last reduction in December, bringing the level to a range between 4.25 percent and 4.50 percent. After last week's announcement that the bank will keep rates unchanged for a fourth straight policy meeting, Powell told reporters that it would make smarter decisions if it waited to understand how Trump's tariffs impact the economy. But hours before Powell's testimony Tuesday, Trump again urged the chair of the independent Fed to slash rates, saying these should be "at least two to three points lower" as inflation remains benign. "I hope Congress really works this very dumb, hardheaded person, over," Trump wrote on his Truth Social platform. Asked about Trump's criticism, Powell said: "We're focused on one thing and that is, we want to deliver a good economy for the benefit of the American people." "We always do what we think is the right thing to do, and you know, we live with the consequences," he told lawmakers. "I don't know how else to do the job." 'Still strong' Powell maintained Tuesday that it remains unclear how concerns over US trade policies could affect future spending and investment. "Increases in tariffs this year are likely to push up prices and weigh on economic activity," he said. Meanwhile, data suggest that at least some of the levies will be borne by consumers, he added. But he stressed it would be "inappropriate for us to comment on the policy of tariffs." For now, Powell said: "Despite elevated uncertainty, the economy is in a solid position." "I wouldn't want to point to a particular meeting," he noted of the possibility of a July rate cut. "I don't think we need to be in any rush, because the economy is still strong." He said "credibility on inflation is hard-won," adding that officials are "just being careful with potential inflation risks" as they navigate the path forward. Since returning to the presidency, Trump has imposed a 10 percent tariff on almost all trading partners and steeper rates on imports of steel, aluminum and autos. Economists warn Trump's levies could fuel inflation and bog down economic growth, although widespread effects have so far been muted. This is partly because Trump has backed off or postponed his most punishing salvos. Businesses also stockpiled inventory in anticipation of the duties, avoiding immediate price hikes. Powell expects to learn more about the tariffs' effects over the summer, as they filter through. Although the Fed has penciled in two rate cuts this year, there is growing divergence among policymakers about whether it can lower rates at all in 2025. Powell said a "significant majority" of the Fed's rate-setting committee still feels it will be appropriate to reduce rates later this year. While inflation has eased significantly from highs in mid-2022, Powell noted this remains somewhat above the bank's longer-run two percent goal. On conflict in the Middle East, Powell added that "it's too early to know what any economic implications might be." Follow us on: Facebook Instagram Whatsapp Short link:
New Straits Times
24-06-2025
- Business
- New Straits Times
US Fed chair signals no rush for rate cuts despite Trump's pressure
WASHINGTON: US Federal Reserve Chair Jerome Powell told lawmakers Tuesday that the central bank can afford to wait for the impact of tariffs before deciding on further interest rate cuts -- despite President Donald Trump's calls to slash levels. The Fed has a duty to prevent a one-time spike in prices from becoming an "ongoing inflation problem," Powell said before the House Committee on Financial Services. "For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance," he added. Powell's reiteration that the Fed can wait to lower rates comes after two officials recently expressed openness to cuts as early as in July. Asked about other policymakers' views on a pathway to rate cuts, Powell declined to comment. But he said officials could be inclined to lower rates sooner if inflation were weaker than expected or if the labor market deteriorated. The Fed has held the benchmark lending rate steady this year following its last reduction in December, bringing the level to a range between 4.25 per cent and 4.50 per cent. After last week's announcement that the bank will keep rates unchanged for a fourth straight policy meeting, Powell told reporters that it would make smarter decisions if it waited to understand how Trump's tariffs impact the economy. But hours before Powell's testimony Tuesday, Trump again urged the Fed chair to slash rates, saying these should be "at least two to three points lower" given that inflation remains benign. "I hope Congress really works this very dumb, hardheaded person, over," Trump wrote on his Truth Social platform. Powell maintained Tuesday that it remains unclear how concerns over US trade policies could affect future spending and investment. "Increases in tariffs this year are likely to push up prices and weigh on economic activity," he said, although adding that it would be "inappropriate for us to comment on the policy of tariffs." For now, Powell said: "Despite elevated uncertainty, the economy is in a solid position." Since returning to the presidency, Trump has imposed a 10 per cent tariff on almost all trading partners and steeper rates on imports of steel, aluminum and autos. Economists warn the levies could fuel inflation and bog down economic growth, although widespread effects have so far been muted. This is partly because Trump has backed off or postponed his most punishing salvos. Businesses also stocked up on inventory in anticipation of the duties, avoiding immediate consumer price hikes. But Powell expects to learn more about the tariffs' effects over the summer, giving them time to filter through. Although the Fed has penciled in two rate cuts this year, there is growing divergence among policymakers about whether the central bank can lower rates at all in 2025. Powell said a "significant majority" of the Fed's rate-setting committee still feels it will be appropriate to reduce rates later this year. While inflation has eased significantly from highs in mid-2022, Powell said Tuesday that it remains "somewhat elevated" relative to the bank's longer-run two percent goal. On conflict in the Middle East, Powell said "it's too early to know what any economic implications might be," adding that officials are monitoring the situation. - AFP
