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The Sun
30-06-2025
- Business
- The Sun
Who controls world's digital money?
ON June 17, the United States Senate passed the Genius Act – short for Guiding and Establishing National Innovation for US Stablecoins – with a decisive 68 to 30 bipartisan vote. Once passed by the House of Representatives and signed into law by President Donald Trump, this legislation will establish a federal framework to regulate USD-pegged stablecoins like USDC. This is a landmark moment, not just for the US but for the entire world. Countries like Malaysia, which operate on principles of neutrality and non-alignment, should pay close attention. Stablecoin era has begun Stablecoins are digital tokens backed one-to-one by fiat currencies such as the US dollar. They offer the speed and global accessibility of blockchain technology while retaining the price stability of traditional money. Among these, USDC, issued by US-based Circle, already has a market capitalisation of over US$61 billion (RM258 billion). With the Genius Act in place, stablecoins like USDC are likely to become the default global rails for digital money. They are already being used by individuals, businesses and institutions across the world. The appeal is clear – they offer instant settlement, low-cost transfers and access to digital dollars for the unbanked or underbanked. However, as adoption accelerates, the question is no longer just about innovation; it is increasingly about control. One country, one kill switch A stablecoin may move across a decentralised blockchain but its freedom is ultimately limited by the jurisdiction of its issuer. USDC is fully dependent on US legal and financial infrastructure. If a user, company or country violates US foreign policy, banking rules or political expectations, their digital dollars can be frozen or invalidated without notice. Even if a user holds USDC in their own wallet, known as self-custody, the actual fiat backing the token sits in US-based bank accounts governed by US regulators. This is not a theoretical risk. The US has long used financial infrastructure to enforce foreign policy. In the era of programmable money, this power becomes faster, more targeted and increasingly difficult to contest for those outside the US legal system. How stablecoins shift global power The US Federal Reserve's M1 money supply, which includes physical cash and domestic demand deposits, stands at around US$19 trillion. When you include offshore USD demand deposits and foreign-held cash, global estimates rise to around US$38 trillion. Under the current system, much of this offshore money remains outside direct US control. Local banks manage USD accounts. Physical cash moves freely. Central banks in non-aligned countries, like Malaysia, hold reserves with limited US interference. Stablecoins change this dynamics. If they come to represent even 50% of global USD liquidity, we can see USD 19 trillion worth of digital dollars issued by US-regulated entities. These digital dollars would be programmable, traceable and revocable at the source. What was once a relatively decentralised network of dollar access points could become a centralised infrastructure controlled by a few US-domiciled issuers, under the jurisdiction of one government. This would represent an unprecedented concentration of global liquidity. In a time of shifting geopolitical alliances, this is not a future the world should accept without question. Malaysia and the Global South must lead The issue is not with stablecoins themselves – they represent a major financial innovation with real benefits. The problem lies in how they are governed and who ultimately controls them. Malaysia, Asean and other emerging economies should not wait to respond. They must take the lead in shaping a digital future that reflects their own sovereignty, strategic interests and values. This means initiating efforts to develop global-use stablecoins that are legally domiciled across multiple, neutral jurisdictions. These stablecoins should be backed by diversified reserve assets, not limited to US banks or financial systems. They should also be governed by inclusive, multistakeholder frameworks rather than controlled unilaterally by any single state or corporation. This cannot be left to startups or the private sector alone. It requires commitment at the state level, collaboration with regional development institutions and regulatory foresight. A window that will not stay open The Genius Act signals that the US is serious about regulating and leading in digital financial infrastructure. But it also signals the closing of a chapter in which financial sovereignty was preserved through distributed systems and cross-border independence. As stablecoins become embedded in trade, savings and banking services, the risks are no longer just technical. They are political and strategic. They reach into the core of how countries manage access to money and capital. The moment to act is now. If countries like Malaysia do not help shape this new reality, they may wake up to find their financial systems increasingly governed by infrastructure they do not own and cannot influence. That is not just a question of technology. It is a question of national sovereignty. Syakir Hashim is the founder of Zayn Labs, a venture-backed fintech company building ethical, Shariah-compliant digital financial infrastructure. He is a vocal advocate for financial inclusion and the responsible use of emerging technologies. Prior to founding Zayn Labs, he served as CEO (Malaysia/APAC) and later group senior vice president at Wahed Inc, a New York-based global Islamic Digital Investment Management company. Comments: letters@
Yahoo
30-04-2025
- Politics
- Yahoo
In Senate speech, Angus King invokes Margaret Chase Smith's 'Declaration,' warns of current 'crisis'
Apr. 29—Sen. Angus King urged his colleagues on Tuesday to put country over party and warned of creeping authoritarianism, invoking the iconic 1950 speech by former Maine Sen. Margaret Chase Smith. "Mr. President, almost 75 years ago, the junior senator from Maine rose in this chamber to deliver a speech from her heart about a crisis then facing our country," King began in his speech from the Senate floor. "A crisis not arising from a foreign adversary but from within. A crisis that threatened the values and ideals at the base of the American experiment." In her now-iconic 'Declaration of Conscience' address, Smith denounced Republican colleague Joseph McCarthy for his aggressive pursuit of those he considered communist sympathizers, including academics, entertainers and left-wing politicians. She delivered the speech during her first term as a senator, which followed nearly a decade in the House of Representatives. King's speech was intended to mark the upcoming 75th anniversary of Smith's landmark speech, which comes June 1, as well as the broader significance of the 75th year. Asked about the precise timing, a spokesperson for King's office said "the urgency eclipses the exact timeliness." "I think that it is high time for the United States Senate and its members to do some real soul-searching," King said, quoting directly from Smith's speech. "It is high time that we stop thinking politically as Republicans and Democrats about elections and started thinking patriotically as Americans about national security based on individual freedom." King, an independent who caucuses with Democrats, repeated the second sentence before returning to his original remarks. "Mr. President, I fear that we're at a similar moment in history," King said, speaking again as himself. "And while today's 'serious national condition' is not involving the actions of one of our colleagues, it is involving those of the president of the United States." King said the issue was not President Donald Trump's agenda, but his apparent attempts to centralize power, including by "ignoring the Constitution" and the rule of law. Though she originally ran to fill a vacancy created by the death of her husband, Rep. Clyde H. Smith, Smith forged a legacy all her own, one that eclipsed his. Years after giving her declaration, Smith would go on to become the first woman nominated for president by a major political party in 1964. The Skowhegan native's legacy remains an enduring story of courage and bipartisanship for many Mainers. It has, at times, fueled modern-day comparisons to Sen. Susan Collins, another Republican woman who has openly opposed her own party's leadership. "Senator Smith's distinguished career has led to a string of more than 50 years of leadership from centrist Republican Senators in Maine who have always put the needs of the state and the country ahead of the concerns of their party," Blake Kernen, a spokesperson for Collins, said in a written statement. The comparisons have not always been supportive of Collins. Progressive-minded voters, including some who have written letters in this paper, have at times used Smith's legacy to criticize Collins. King, though, did not name Collins in his speech. "It is ironic that Democrats who either campaigned against or voted against Senator Smith now fill the papers with letters and opinion pieces trying to claim her legacy as their own," Kernen said. "Senator Collins always works in the best interest of Maine and America, which is why she has been repeatedly recognized as being the most bipartisan member of the Senate." King worked on the campaign of Sen. William Hathaway, who ousted Smith from the Senate in the 1972 election. King noted that history in his remarks, but said he and Smith had reconciled any lingering differences while working on a PBS documentary years later. King went on to quote James Madison, who warned in the Federalist Papers that successful government must be dependent on its citizens for its power, but must also be made to control itself. Madison argued that "auxiliary precautions" against sweeping governance are necessary; here, King pointed to the checks and balances provided by the legislative and judicial branches. King has been outspoken in opposing the Trump administration's policies and warning about what he considers a slide toward tyranny. In a February speech — as the Trump administration was in the early stages of a massive effort to slash federal spending — King urged his Senate colleagues to "wake up." He also noted the Trump administration's targeting of Maine following a public confrontation between Trump and Gov. Janet Mills at the White House two months ago. At the time, Mills said she was upholding state and federal law, but Trump argued that "we are the law." "That is more fitting to a king than a president," King said. "This 'We are the law' comment is a clear statement of intent to govern as a sovereign without regard to the Constitution or the rule of law." Copy the Story Link
USA Today
25-04-2025
- Politics
- USA Today
'Country is in crisis': Cory Booker channels Democratic frustrations in marathon speech
'Country is in crisis': Cory Booker channels Democratic frustrations in marathon speech Show Caption Hide Caption Booker breaks Thurmond's 1957 record for longest Senate speech Democratic Sen. Cory Booker broke the record for longest Senate speech, breaking Sen. Strom Thurmond's 1957 speech opposing civil rights. WASHINGTON - Sen. Cory Booker, D-N.J., is the latest Democrat to take a fiery stand against President Donald Trump, holding a marathon speech on the Senate floor that has stretched for more than 20 hours and takes a jab at the current administration's policies. Booker's remarks come as Democrats have been trying to organize an effective resistance against Trump and break into the cracks of MAGA populism as the party is still recovering after a bruising 2024 election loss. Booker, who took the floor on Monday night at 7 p.m., said that he planned to disrupt 'the normal business of the United States Senate for as long as I am physically able." More: No food or bathroom breaks: How Cory Booker is pulling off his Senate talk-a-thon 'I rise tonight because I believe sincerely that our country is in crisis…These are not normal times in America, and they should not be treated as such,' Booker said. Around 7 a.m., exactly 12 hours later, he held up a copy of the Constitution and said, 'I'm still going strong because this president is wrong, and he's violating principles that we hold dear and principles in this document that are so clear and plain.' Last month, several Democrats held town halls in Republican districts to make inroads with angry voters, bash the opposing party and expand their political base ahead of the 2026 midterm elections. And progressive Sen. Chris Murphy, D-Conn., has been leading the Democratic resistance online, appearing on television and speaking in podcasts. Booker criticizes Trump and Republicans During his speech, Booker railed against Trump and billionaire Elon Musk's sweeping efforts to downsize federal agencies, the administration's approach on immigration policy, the dismantling of the Department of Education and more. He also read letters sent by his constituents and spoke about late Rep. John Lewis, who was a civil rights activist. Sen. Cory Booker filibuster on Senate floor tackles spending cuts A Senate floor filibuster from Sen. Cory Booker tackled possible government spending cuts from Medicaid to Social Security. More: How long has Cory Booker been speaking? Senator continues marathon speech Tuesday afternoon Booker had two glasses of water on his desk, among other things. The late South Carolina Sen. Strom Thurmond, a Democrat-turned-Republican, holds the record for the longest individual Senate speech at 24 hours and 18 minutes for his filibuster against the 1957 Civil Rights Act, according to the Senate website. In order to break Thurmond's record, Booker would need to speak past 7 p.m. on Tuesday. 'You think we got civil rights one day because Strom Thurmond - after filibustering for 24 hours - you think we got civil rights because he came to the floor one day and said, 'I've seen the light,'' Booker said in his speech. 'No, we got civil rights because people marched for it, sweat for it and John Lewis bled for it.' Other lawmakers have also held long talk-a-thons, including Texas Republican Sen. Ted Cruz., who spoke for 21 hours and 19 minutes against the Affordable Care Act in 2013. Throughout the speech, Booker yielded to questions from several Democrats, including Sen. Chuck Schumer, D-N.Y., giving him an opportunity to rest. 'Your strength, your fortitude, your clarity has just been nothing short of amazing and all of America is paying attention to what you're saying,' Schumer told Booker on the Senate floor. 'All of America needs to know there's so many problems, the disastrous actions of this administration.' Broader Democratic strategy to fight back against Trump Booker's marathon speech comes as the Democratic party has struggled to find its footing and fight back against the Trump administration agenda Rep. Ro Khanna, D-Calif., who held town halls in three Republican districts represented by Reps. David Valadao, Young Kim and Ken Calvert, wrote in an MSNBC op-ed that 'Democrats cannot remain passive and squander this moment.' 'While GOP lawmakers are canceling town halls after being booed and protested, I am working alongside community leaders and advocates to build a movement with two goals: mobilize voters in swing districts and block Republicans' cuts to Medicaid and education funding,' he wrote in the article. Sen. Mazie Hirono, D-Hawaii., applauded Booker's efforts on Tuesday. 'Any kind of resistance is warranted, because we have a lawless administration, and we have a president who doesn't think the rule of law applies to him. So anybody using their voices and using what is available to us, I think that is important,' she told USA TODAY.
Yahoo
24-04-2025
- Politics
- Yahoo
Illinois Lt. Gov. Juliana Stratton launches U.S. Senate campaign to replace Durbin
The Brief Lt. Gov. Juliana Stratton announced her candidacy for the U.S. Senate seat being vacated by longtime Sen. Dick Durbin. She cited her record of supporting working families and progressive policies during six years in office as her foundation for the run. Durbin, 80, recently said he will not seek re-election in 2026, opening the door to a competitive Democratic primary. CHICAGO - Illinois Lt. Gov. Juliana Stratton on Wednesday formally launched her campaign for the U.S. Senate, becoming the first high-profile Democrat to enter the race following Sen. Dick Durbin's decision not to seek re-election in 2026. What they're saying "I am running for United States Senate," Stratton said in a statement. "For too long, the middle class has been centered on the campaign trail but sidelined when it comes to real governance. I've spent the last six years serving as Lieutenant Governor of the great state of Illinois, and I've seen firsthand the progress that's possible when we treat the needs of the middle class as a focal point, not just a talking point." Stratton has served as lieutenant governor alongside Gov. JB Pritzker since 2019, touting a record that includes balancing the state budget, raising the minimum wage, expanding access to health care, and protecting abortion rights. She cast herself as a champion for working families and a "fierce" fighter against threats from conservative figures like Donald Trump and Elon Musk. The backstory Her announcement comes one day after Durbin, the Senate's No. 2 Democrat and Illinois' longest-serving U.S. senator, said he would not run for a sixth term. "The decision of whether to run for re-election has not been easy," Durbin, 80, said in a video posted to social media. "But in my heart, I know it's time to pass the torch." Durbin's retirement is expected to trigger a competitive Democratic primary. Stratton, a former state representative from Chicago, enters the race with strong ties to the state's progressive wing and the support of a well-established political network. The Democratic primary for the Senate seat will take place in March 2026. The Source The information in this report came from Illinois Lt. Gov. Juliana Stratton, Sen. Dick Durbin and previous FOX 32 reporting.
Roya News
22-04-2025
- Politics
- Roya News
King receives US Congress staffers
His Majesty King Abdullah II on Tuesday received a delegation of United States Senate and House of Representatives staff. The meeting, held at Al Husseiniya Palace and attended by His Royal Highness Crown Prince Al Hussein bin Abdullah II, touched on ways to enhance the strategic partnership between the two countries, as well as the United States' pivotal role in the region. Speaking about regional developments, His Majesty called for immediately reinstating the Gaza ceasefire and resuming aid flow. The King warned of the dangers of continued escalation in the West Bank and violations of holy sites in Jerusalem, reiterating Jordan's rejection of any attempts to displace Palestinians in the West Bank and Gaza. Deputy Prime Minister and Foreign Minister Ayman Safadi and Director of the Office of His Majesty Alaa Batayneh attended the meeting.
