Latest news with #Trump-affiliated
News18
2 days ago
- Business
- News18
Trump Wins Big: Columbia to Pay Over $220M in Shocking Settlement
In a dramatic legal showdown, Columbia University has agreed to pay over $220 million in a major settlement involving former U.S. President Donald Trump. Sources from Reuters and the Associated Press confirm that the university reached the massive agreement after allegations tied to financial misconduct and contractual violations involving Trump-affiliated CNN report breaks down what led to this historic payout, the political and legal implications, and what it signals about institutional accountability. Trump, who has been vocal about fighting against what he calls 'elite corruption,' called the win a 'victory for truth.' News18 Mobile App -
Boston Globe
17-07-2025
- Business
- Boston Globe
Here's how Congress is wading into crypto regulation
Here's a look at what each would do. Regulate stablecoins The so-called Genius Act would establish a regulatory framework for stablecoins, a type of digital currency that is pegged to the value of the US dollar. Stablecoins are often seen as a sort of bridge between crypto and traditional currency. They are designed to avoid the wild and much-publicized fluctuations in value of some popular cryptocurrencies like bitcoin. Advertisement Proponents of the legislation have argued that the bill would help modernize the US financial system and break down the barriers between existing financial markets and cryptocurrency. Opponents argue it is overly lax and fails to prevent abuses or protect consumers. Many Democrats also have warned that the bill lacks strong anticorruption provisions to prevent fraud and money laundering. They pressed unsuccessfully to include provisions that would prevent Trump and his family from continuing to profit from cryptocurrency. Advertisement That issue galvanized some lawmakers after a Trump-affiliated crypto firm secured a deal to take $2 billion from a fund backed by the government of Abu Dhabi. It also became a wedge among Democrats when the Senate debated the bill last month. But the legislation passed with bipartisan support, marking the first time the Senate had approved major cryptocurrency legislation. House lawmakers passed it on Thursday, sending it to Trump, who has promised to sign it. Create a new regulatory framework for crypto Legislation known as the Clarity Act is more expansive and faces a longer road to enactment. It would lay out a regulatory framework governing a vast universe of crypto assets. In particular, the bill would shift power away from the Securities and Exchange Commission to police digital currency. The agency was central to the Biden administration's enforcement actions against the crypto industry, arguing that digital currencies should be regulated like publicly traded stocks and bonds. The Clarity Act, which is strongly supported by the industry, would push more control and oversight to the Commodity Futures Trading Commission, an agency perceived as being more friendly to crypto. Proponents say the bill is needed to provide regulatory clarity to a young industry that has occupied an ambiguous space between agencies. Opponents, including many Democrats, argue that changing the SEC's role would allow the crypto industry to skirt critical financial regulations and leave consumers unprotected. House passage of the bill on Thursday sent it to the Senate, where its fate is uncertain. Ban central bank digital currencies A third bill would stop the Federal Reserve from issuing its own digital currency. Central banks in other countries have been exploring and experimenting with their own digital offerings, which are broadly known as central bank digital currencies — or CBDCs. Advertisement Unlike existing cryptocurrencies, a Fed-issued digital currency would be backed by the US government. Cryptocurrency investors have long objected to the creation of a central bank digital currency, arguing that it would raise privacy issues for consumers. Trump, fulfilling a campaign promise, issued an executive order this year that bars federal agencies from developing a central bank digital currency. A group of ultraconservative House Republicans threatened this week to sink all three cryptocurrency bills because they wanted stronger assurances that the ban on CBDCs would be enacted. Many Democrats oppose a ban on central bank digital currencies, arguing that they would help foster stability in crypto markets. Representative Maxine Waters of California, the top Democrat on the House Financial Services Committee, has said that she believes an American CBDC would help build public trust for digital currencies, and that tying the Federal Reserve's hands might allow other countries to promote their own digital currencies at the expense of the dollar. The House is expected to pass the measure, which would send it to the Senate. As part of their deal with conservatives to allow the crypto package to move this week, House Republican leaders also committed to including its provisions in the annual defense policy bill, in hopes of ensuring it will be signed into law. This article originally appeared in .
Business Times
13-07-2025
- Business
- Business Times
Bank of England governor Bailey warns banks against issuing own stablecoins
[LONDON] Bank of England governor Andrew Bailey has warned the world's largest banks against issuing their own stablecoins, setting up a potential clash with US President Donald Trump's administration and its backing of the digital assets. Speaking in an interview with the Times newspaper, Bailey said he 'would much rather' banks offer digital versions of traditional money, known as tokenised deposits, than stablecoins, which are designed to hold a steady value and are usually pegged to a traditional currency. Bailey also warned that stablecoins threaten to take money out of the banking system and leave less funds available for lending, according to the Times interview. The governor is also chair of the Financial Stability Board, which is responsible for monitoring risks in financial markets globally. His stance is at odds with the direction being taken by the US under Trump, which has passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the US dollar. A Trump-affiliated stablecoin already has a US$2.2 billion market value. Bailey's concerns have been echoed by other central bankers, who have called for laws regulating stablecoin companies in much the same way as banks. They worry about issues such as the risk of stablecoin crashes, which could trigger fire sales of their underlying assets, and the prospect of vast sums changing hands outside of the formal banking system, enabling crimes such as money laundering. Bailey also hinted that he did not want the UK to adopt a central bank digital currency (CBDC), known as the digital pound. He said it would be 'sensible' for the UK to head towards digitising deposits instead of issuing a CBDC in response to private sector stablecoins. BLOOMBERG
Mint
13-07-2025
- Business
- Mint
BOE Governor Bailey Warns Banks Against Issuing Own Stablecoins
Bloomberg Published 14 Jul 2025, 01:05 AM IST (Bloomberg) -- Bank of England Governor Andrew Bailey has warned the world's largest banks against issuing their own stablecoins, setting up a potential clash with President Donald Trump's administration and its backing of the digital assets. Speaking in an interview with the Times newspaper, Bailey said he 'would much rather' banks offer digital versions of traditional money — known as tokenized deposits — than stablecoins, which are designed to hold a steady value and are usually pegged to a traditional currency. Bailey also warned that stablecoins threaten to take money out of the banking system and leave less funds available for lending, according to the Times interview. The governor is also chair of the Financial Stability Board, which is responsible for monitoring risks in financial markets globally. His stance is at odds with the direction being taken by the US under Trump, which has passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar. A Trump-affiliated stablecoin already has a $2.2 billion market value. Bailey's concerns have been echoed by other central bankers, who have called for laws regulating stablecoin companies in much the same way as banks. They worry about issues such as the risk of stablecoin crashes, which could trigger fire sales of their underlying assets, and the prospect of vast sums changing hands outside of the formal banking system, enabling crimes such as money laundering. Bailey also hinted that he didn't want the UK to adopt a central bank digital currency (CBDC), known as the digital pound. He said it would be 'sensible' for the UK to head toward digitizing deposits instead of issuing a CBDC in response to private sector stablecoins. More stories like this are available on
Yahoo
10-07-2025
- Business
- Yahoo
Justin Sun Wants to Make TRUMP a Global Crypto Brand With $100M Buy
Justin Sun's $100 million TRUMP token buy signals a strategic alignment with the U.S. administration's pro-crypto stance and marks the first of many planned collaborations with the Trump team, the Tron founder told CoinDesk in an interview. This isn't the first investment the Tron founder has made in projects within the Trump-crypto universe. Sun's ties to Trump-affiliated crypto ventures date back to shortly after last year's election, when he purchased approximately $75 million worth of World Liberty Financial (WLFI) tokens in multiple tranches. Sun said the TRUMP token, originally issued on Solana, will soon be bridged to Tron using LayerZero, with plans to make it a flagship asset within the ecosystem. "I think Tron has the potential to become the next-generation settlement layer — not only for stablecoins, but also for meme coins and other popular assets," Sun said. Beyond technical integration, Sun described Tron's plans for the TRUMP token as a global expansion strategy targeting Asia and Africa, alongside campaigns to boost adoption and exchange listings. That marks a stark contrast to the earlier days of politically themed tokens, such as the unofficial Donald Trump fan coin, MAGA, which struggled to get listed on exchanges because it was deemed 'too political' at the time. "We will make TRUMP token very popular in Asia and in the rest of the world," he said. 'TRUMP is a very important memecoin, and a globally recognized IP.' He framed the initiative as part of a broader effort to tie Tron's growth to a friendlier regulatory climate under President Trump, and hinted at further collaborations spanning stablecoins and DeFi. 'With the Trump administration showing great support for cryptocurrency, I think we are entering a new chapter for the industry,' Sun said, comparing the White House's embrace of crypto to former President Bill Clinton's initiatives to push adoption of the internet in the 1990s – and make the U.S. the hub for its development. "I think that's something that will benefit the US for the next 20, 50, even 100 years," Sun continued. This optimistic view isn't exactly universally held. As CoinDesk previously reported, Democrat lawmakers are working on the Modern Emoluments and Malfeasance Enforcement (MEME) Act, which would seek to prohibit presidents and their families from dabbling in memecoins or issuing other financial assets. "It's pay-to-play politics on steroids, and Trump is cashing in," is how a release from the office of U.S. Senator Chris Murphy, a sponsor of the MEME Act, described it. Aside from the TRUMP token buy, Sun discussed Tron Inc., a company undergoing a reverse merger with Nasdaq-listed SRM Entertainment as part of a plan to create a publicly traded vehicle aligned with the Tron ecosystem. 'More and more U.S. institutional investors will find the Tron strategy as a good way to invest into the crypto ecosystem,' he said. 'I think it will become a beacon for people to get into crypto.' And, he said, there are more to come. Sign in to access your portfolio
