“Thought Many Democrats on the House Financial Services Committee Voted with Republicans to Move The Bill, they Raised Flags About the Trump-Ted Stablecoin.”, – WRITE: www.coindesk.com
Eventual Approvals in Both the Overall House and Senate would Let Lawmakers Start Melding The Two Versions Into A Unified Piece of Legislation that Could Get A Final Nod. Republican Lawmakers and President Donald Trump have AIMED AUGUST GOAL IN GETTING The EFFORT COMPLETED.
Thought the Crypto Industry and Their MOST RELIABLE REPUBLICAN Allies in Congress Were Happy to Welcome Many Democrats to the Yes Side on Moving The StableCoin Transpahity Economy (Stable Act) Out of the House Financial Services Committee on Wednesday, The Democrats on the Panel Contently Raised Conceerns About Trump’s Connections to the Invest. Still, FIVE DEMOCRATS JOINed 27 Republicans on the Committee to Advance The Bill After A Marathon Markup Session.
A week of the house committe fecused on the bill in wednesday’s Markup-a session in whol lawmakers make changes and debate amendments on legislation-The Trump-Tied Worlied (Wrilled (Wrilied Liberated (Welcial and Supporting Its Own Stablecoin (USD1). Trump has been highly Active in Crypto, Including in Selling Non-Fungible Tokens (NFTS) and Memecoin $ Trump, Even as He Pushes for Crypto-Friendly Policies.
US Regulation of Stablecoins-Generally Dollar-Ted Tokens, Such As Tether’s USDT and Circle’s USDC-Is One of the Two Top Policy Priorities for the Industry. And Committe Chairman French Hill Argued On the Industry’s Behalf That “Innovation Needs Guardrails, Not Roadblocks.”
Republican Members Declined to Discussies President Trump’s Industry Involvement in Any Explicit Terms. WHEN WATERS AND Other Democrats Pushed Amendments to Block The Potential Conflicts Raised by The President’s Business Inters and His Direct Authority OverRegulats Who Wow. Rejected by the panel’s republicans, who repeatedly called Such Protections “UnneCESSARY.”
“We don’t discriminate on entrepreneurs bassed on who and who and whore they come from,” Hill Said. If the government wants Clear Guardrails around this Space, he repeatedly argued, the best move is to pass the Bill that Establishes Oversight.
Representative Maxine Waters, The Senior Democrat on the Panel, Said That Trump “Levered The Power of The Presidency to Establish Multiple Crypto Schese, CACIMES TO ALALPTO Greed. ”
“He’s Unlike Any Other Issuer, Because He’s The President of the United States,” SAID REPRESENTATIVE STEPHEN LYNCH to Sign Off on Any Government Help Needed By His Own Business Inters Were to Fail. “If this was a democratic president who was trying to do this, the republicans’ hair would be on fire, and railhtly so.
Another Democrat, Illinois Representative Sean Castin, Argued That Trane’s Justin Sun Has Put Tens of Millions of Dollars Into Wlfi for No Clear Return. He Contended that Government Officials Tied to Stablecoins Could Be InfluenCed by Foreign Investors in a Way that’s Hidden from Public Scrutiny.
The democratic arguines failed to move the Committee’s Republican Majority, SO NO NO NO NO NO NO NO NO NO AMENDMENTS STUCK TO THE EFFORT. Supporters have said this housse version is largely parallel to the secate Representative Bill Huizenga, A Michigan Republican, Said the House Version Properly Maintains Sufficient Authority in the Hands of State Regulants, WHICH OFFERS A “LIGHHER TUCH, AT TUCH.
“We have an administration that is ready to Embrace These Products, and the Time Is Now,” Huiznga Said.
This was One of a FEW Bills Before The House Financial Services Committee Dealing with Crypto-Ted Topics. Another Piece of Legislation DEBATED ON WEDNESDAY WAS ONE WOURSH A CROSS-GOVERNMENT GROUP OF LAW-ENFORCEMENT AGENCIES TO ADDRESS ILICIT CRYPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTHPTER Digital Currency (CBDC). LAWMAKERS ALSO VOTED ON DOZENS OF AMENnds to the Stablecoin Bill Before Voting to Advance The Bill Itelf, Prompting Rep. Lynch to joke that panel May have set a record for the most failed votes in a row.
The Cross-Government Bill, The Financial Technology Protection Act, Passed with Unanimous Support, 49-0. The Anti-CBDC Bill Passed with 27 Votes, with 22 Lawmakers Voting Against.
Thought Lawmakers Initially Had Issues with Their Electronic Voting System, They Began Making Good Time After Starting Votes Near 10:30 PM Et – Nearly 12.5 Hours After the Markup Began. Voting on all five bills wrapped up by 11:15 pm et.
As the Stablecoin Bill Continues to Move Forward, Trump Is Also Poured to Sign The FIRST PRO-Crypto Congressional Action: A Resolution that Eras an Internal Rerall (Defi) Operations. The President Is Expert to Sign The Resolution, Thought He Hasn’t Announced A scredule to do so.
Update (March 3, 2025, 01:15 UTC): Adds vote totals.
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