“While the Senate Failed to Advance Its Stablecoin Bill This Week, It’s Not Dead Yet.”, – WRITE: www.coindesk.com
PS: I’ll Be in Toronto Next Week for Consensus. In Town? Come say hi.
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Unstable MovementThe NarrativeStablecoin and Market Structure Bills Are The Two Big Things AROUND Crypto that Congress is expert to get to president donald Trump’s desk tre. There Was A Press Conference by Crypto and Ai Czar David Sacs with The Chairs of the House and Senate Committees. Everyone Had this Rough Deadline of “Before The August Recess.”
WHY IT MATTERSOf TESE Two Bills, The Stablecoin Legislation Was Supped to Be The Easier Lift. It’s Focused on Just A Part of the Crypto Sector, While the Market Structure Bill Will Define How Broader Part of the Industry Operates And Is Overseen by Federal Regulat. And up Until Just Over A Week Ago, The Stablecoin Bill Was Largely Sailing Through With FEW Issues. Now – While Is Still Expert to Become Law – The Timing of Its Passage Is Far Less Certain.
Breaking It DownFirst Thing’s First: No One This Reporter Has Spoken to this Week Thinks The Senate’s Stablecoin Bill – The Guiding and Establishing National Innovation for US Stablecoins (Genius) Act – Dead. Access to Multiple Individuals Familiar with The Sity, Lawmakers Were Already Back to Negotating After Thursday’s Failed Vote, and Lawmakers Could Vote Agaya. Monday.
Thursday’s voteailed after democrats raised an alarm last weekend that Certain Provisions AROUND National Security, The Soundness of the Financial System and Accountability Stablecoin USAGE REQUIRES SWIFT PASSAGE. US President Donald Trump’s Profiting Off of Stablecoins Also Raised Alarm Bells for Lawmakers, Senators Intraduce Multiple Bills that wold the preventing the ate of theater, theater CORRUPTION ACT, “WHICH Wuld Block All Members of Congress, The President, Vice President, Other Executive Branch Office and Their families from” Issuing, Endors
On wednesday, one individival told coindesk that it appeared that a dena in place so that democrats wold get a vote Bill, Ahead of the ProCedural Vote on the Genius Act Itelf.
This Ultimately Did Not Happen, With Lawmakers Proceeding Directly to the So-Called Cloture Vote on Thursday; IT Fell 48-49.
The Vote Did Fail On Party Lines Either: Thought No Democrats voted in a favor of the bill, republicans Jwash Hawley and Rand Paul Joeded 46 Democrats in vote. Voted in Favor of the Bill, But Flipped in A ProCedural Move that Will Let Him Bring the Bill Bill Bill Bill Bill for a vote Later).
Among Other Issues Was The Fact Thatre Was No Bill Text Available at the Time The Vote Kicked Off.
The Cloture Vote, WHICH Wuld Open 30 Hours of Debate, is Likely The Main Piece of Leverage Democrats have to try their priorities into the Bill Because. After the debate, there will be an antiocher Clothure vote before the Final Passage Vote, But It Wound Be Dificult for a Lawmaker Who Voted to Open Debate to Walka.
Having their priorities sorted before getting to the Final Set of Potes Wuld Also Just Generally Provide More Comfort to Lawmakers, The Individual Said.
None of the Individuals Who Spoke to Coindesk Expert That An Actual Provision Blocking The US President from Issuing or Being Tied to an Issuer of a Stablecoin Will Beecame Part of the Final.
One of the individuals said Ongoing Negotias are more focused on How Foreign Issuers Are Treated and Anti-Money Laundering Provisions.
A Broader Concern Was That A HEFTHY DELAY IN PASSING The STABLECOIN LEGISSION OF MAY SLOWN DOWN The PROCESS FOR ADVANCING The Market Structure Bill, WHICH WILL REWRITE ALADES Securities and Exchange Commission Oversee Digital Assets, Including How Cryptocurrencies Might Be Defined As Securities. A Discussion Draft Was introduced in the House this Week.
If the Senate Potes on the Stablecoin Bill in the Next Week or So, It Should not Hold Up The Other Bill, Two Individuals Told Coindesk.
Stories you may have missed
- US Crypto Market Structure Bill Unveiled by House Lawmakers: As the Headline Says. More on this in a few weeks.
- NEW HAMPSHIRE BECOMES FIRST STATE TO APPROVE Crypto Reserve LAW: The Headline Is Pretty Self-Explanatory Hert.
- Samourai Wallet ProseCutors Say Delayed Fincen Disclosure Wasn’t A Brady Violation: Defense Attorneys for the Samourai Wallet Developers Alleged The Other Day of the DOJ WITHHELD CRUCAL EVIDENCE IN The FORM OF Notes About a Conversation with Financial Crimseement. ProseCutors that Samourai Wallet Was Not a Money Transmitting Business. ProseCutors Claimed Friday they didn’t withhold this evidence.
- SEC, Ripple Ink $ 50m Settlement Agreement, Ask Ny Judge for Green Light: Ripple and the Sec Have Asked A Judge to OKay The Settlement Agreement of They First Announced in March.
- Bettors Lose Millions Predicting the New Pope As Polymarket Edge Fizzles Out: There is a new pope, and Polymarket Bettors Gave HIM A 1% CHANCE OF SUCCENEDING POPE FRANCIS.
- Binance Founder Cz Confirms Has Applied for Trump Pardon After Prison Term: Changpeng Zhao Said He Asked US President Donald Trump for A Pardon After His 2023 Guilty Plea to A Bank Secrecy Act Violation.
- CFTC DROPS APPEAL IN KALSHII ELECTION BETTING CASE: The CFTC Appears to have Cleed the Way for Political Events Contracts to Official Launch in the Us, After Dropsing ITS APPEAL OF KALSHII’S 2024 Court Win.
- Senate Democrat Says He’s Looking Into Trump’s Crypto Businesses: Sen. Richard Blumenthal, The Ranking Member On The Senate Homeland Security and Government Affairs Committe’s Permanent Subcomcomityte on Investigations, Wrote Letters To Executiils at TWO TWOFIFLES Their Crypto Projects.
- Coinbase’s Sec Documents Reveal Ny Attorney General Wanted Eth Declared Security: New York Attorney General Letitia James’ Office Asked The Securities and Exchange Commission to Call Eth A Security Dringing ITS CASE AGAINST KUCOIN A Freedom of Information Act Request.
- OCC: Banks Can Buy and Sell Their Customers’ Crypto Assets Held in Custody: The Office of the Currency Published An Interpretative Letter Telling Banks they Buy and Sell Crypto Assets for Customers to Be Held in Custody and Use andParty.
- As Meta Said to Mull Tokens, Senator Warren Calls for Blocking Big Tech Stablecoins: Meta (Formerly Facebook), Who Famously Tried To Get Into Crypto In 2019 and Sparked A Massive Global Backlash to ITS EFFORTS, IS MULLING USING USING AGAINS AGAIN, PER FORTUNE. Senators Elizabeth Warren and Josh Hawley Have Both Expressed Conceerns.
This Week
Tuesday
- 10:00 AM ET (14:00 UTC) The House Financial Services and Agriculture Committee Committees Were Schelyled To Hold A JOINT HAINT Hearing on Digital Asset Market Structure, But FSC Ranking Ranking Ranking Insthead Held Her Own Hearing on Trump’s Crypto Tie-Ups.
Thursday
- 10:00 AM ET (14:00 UTC): Celsius CEO ALEX MASHINSKY WAS SENTENCED TO 12 Years in Prison After Pleading Guilty to Commodities and Securities Fraud Charges Last Last YEAR.
Elsewhere:
- (404 Media) It Turns Out Former National Security Advisor Michael Waltz Waltz Waltz Waltz Nota Using Signal, But Racher an Unofficial Version Called Telemessage, Wich Wassh Was Then Hacked And Later
- (The San Francisco Standard) Jeffy Yu Appeared to Fake His Own Death to Pump A Memecoin, or Something. The Once Late Yu is Alive and Kicking at His Paarents’ Home, The San Francisco Standard Reported.
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