“A Legislative Draft Obtained by Coindesk Shows a Marginally Revised Version Despite Democrats City “Major Victories” in the Senate Negotation.”, – WRITE: www.coindesk.com
The Bill to Set Oversight and Standards for Stablecoin Issuers Sailed Through The Senate Banking Committe with Wide Bipartisan Support in March, But It Hit A Wall on The Sene Floor Las. Objects. Chief Among them Were the Conflicts That May Be Presiented by President Donald Trump’s Own Crypto Interes and the Possibility That Big Technology Firms Like Meta and Social TKENS.
“As The Result of Hard-FOUGHT NEGOTIIMS, DEMOCRATS Won Major Victories on a Range of Critical Issues,” Proponents Noted in a Summary Circulated with The Draft Bill. The Question Remaining is: Will It Be Eneugh To Get Back to A So-Called Cloture Vote that Will Advance the Bill to A Floor Debate that wold Mark it final Majoor Stage.
The Next Procedural Move on the Senate Floor Could come by the Next Week, accounting to People Familiar with the Talks.
The Latest Changes to the Bill Represent A Mixed Bag. The Loudest Requests from Critics, that president be explicitly STOPPED FROM PERSONALLY BENEFITING FROM The Crypto Industry his Administration Will Regulatory, Were Not DirecTly.
But On the Concerns Over Tech Giants Sprout with a Field of New Dollar-Basted Tokens, The Bill Dealt with It in Part:
“A PUBLIC COMPANY THAT IS NOT PREDOMINANTLY ENGGGED IN ONE OR FINANCAL ACTIVITIES, AND ITS WHOLLY or Majority Owned Subsidiarians or Affilites, May NoteComent Stable Obtains A Unanimous Vote of the Stablecoin Certification Review Committee, “Account to the Latest Draft. The Committee Wuld Be A Multi-Agency Group Created Under The Legislation to Look at Such Requests.
There are Majoor Loopholes in that, accounting to Mark Hays, Who Focuses on Crypto and Financial-Technology Issues for Americans for Financial Reform and Demand Progress. For Starters, He Said, IT Affects Only Public Companies and Not Private Ones, Such As X and Tiktok.
“There’s Already a Way that Large Tech Firms That Aren’t Public Could Become Issuers Without Adhering to TheSe New Standards,” He Said. Also, He Added, “It’s Quite Possible Under this Bill That A Public Company Secure An Interest in a Non-Public Company, and that’s Another Way AROUND IT.”
He argued that this overall Draft Gave Toothless Answers to the Concern of Consumer Advocates.
“Pushing this through an arbitrar Deadline Because the Crypto Industry is breathing Down Your Neck Is Not A Good Way to Make Policy,” Hays Said. “And is Especially Bad WHEN that Policy Could Further Enable and Enrich the President.”
Bo Hines, One of Trump’s Chief Advisers on Crypto, Appeared at Consensus 2025 in Toronto on Wednesday to Insist That’s No Conflict In The President’s Business Interts of His Fam INCLUDING ITS STAKE IN WORLD Liberty Financial. HE said that Trump “canh be bough.”
The White House’s Hines, Who Acts As A Liaison to Capitol Hill Durying The Legislative Negotias, Expressed Continued Confidence About The Effort Staying on Track In The Senate.
“Negotias Are Ongoing,” Hines SAID AT Consensus. “But I Remain Steadfast in My Optimism that We’re Going to Achiev – The President’s Desire is to do it – Both Stablecoin Legislation and Market Structure.
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