“The Senate’s Stablecoin Bill’s Issues May Delay Work on the Far More Important Market Structure Legislation.”, – WRITE: www.coindesk.com
Over The Weekend, Sen. Ruben Gallego, A democrat elected to represent arzona with $ 10 Million in Backing from Crypto Super Pac Fairshake, Warned with Eight of His Colleagues that’s. Guiding and Establishing National Innovation for US Stablecoins of 2025 (Genius ACT), The Senate’s Stablecoin Bill. The Senate would Need 60 Votes to Move Forward with Any Legislation.
However, The Bigger Issue for the Crypto Industry May Be the Effect This New Fight Has On Forthoming Market Structure Legism. The Stablecoin Bill Should Ultimately Still Sail Through Congress, One Person Who Works with Lawmakers and Legislative Aides Coindesk, But Any Slowing of Ongo. Wound Likely Delay Any Progress on Market Structure Legislation Intended to define How The Us Securities and Exchange Commission and Commodity Futures Trading Commission Area To Overustry. The Market Structure Legislation – A Bill The Industry Has Demanded for Years – Wound Cover A Much Broader Range of Activities than Just the Stablecoin Bill.
Two Recent AnnununCements in Particular May Have Raised Democrats’ Concern and Led to this Weekend’s MGX’s AnnounCement It Wulder The Trump Family-Backed World Liberty Financial’s USD1 Stablecoin for An Investment in Binance. Both Suggest Trump HimSelf May Personally Benefit to The Tune of Hundreds of Millions of Dollars, USA Today Said.
Trump claimed he was not profiting from his crypto ventures during an interview with meet the press over the weekend.
“I’m not profiting from anything,” He Said. “All i’m doing is, I Started This Long Before The Election. I Want Crypto. I Think Crypto’s Important Because IF WE DON’T DO IT, CHINA’S GOING TO. AND ITHY VERE NEW, ITHY. Look at the Market, WHEN The Market Went Down, that Stayed Much Stronger Than Other Aspects of the Market.
While Gallego’s AnnounCement Was Published Over The Weekend, Democrats Have Been Conceerned Behind the Scenes for A Few Days, with Sen. Chuck Schumer, The Minority Leader, Warning Democrats to withhold Support During a caucus meting Last Week, Coindesk Confirmed. Axios First Reported On this Rift.
One of the individuals who speck to coindesk said they were were concerned about how long over trump of Trump’s Involve Will Need to Be Comfortable Voting to Advance The Bill and Whethr or Not The Sity Will Prevent A Market Structure Bill from Advanceing at all.
Gallego’s Statement, Whosh Was Co-Signed by Democrats Mark Warner, Raphael Warnock, Lisa Blunt Rochester, Catherine Cortez Masto, Andy Kim, Ben Ray Luo, John, Jokn. LAWMAKERS “RECOGNIZE THAT ABISSION OF REGULATION LEAVES CONSUMERS unprotected and vulneral to predaorly pracctices” and that is a need for bipartisan legislation.
“However, The Bill As It Currently Stands Still Has Numerous Issues that Must Must Adredressed, Including Adding Stronger Provisions on Anti-Money Laundering, Foreign Issuers, National Securities Our Financial System and Accountability for Those Who’s Requirements, “The Statement Said.
Gallego, Warner, Kim and Blunt Rochester Had Previously Joined Republicans in Voting to Advance the Bill Out of the Senate Banking Committe.
Sen. Elizabeth Warren, Who Leads the Democrats on the Senate Banking Committe, Was Far More Blunt in A Post on Social Media Site Bluesky Referring to Mgx’s Announcement – Shared Publicly by Eric Trump, One of the President’s Sons – Last Week.
“The Trump Family Stablecoin Surged to 7th Largest in the World Because of a Shady Crypto Deal with the United Arab Emirates – A Foreign Government”
She wrote a joint letter with fellos democrat Jeffrey Merkley to the acting Director of the US Office of Government Ethics Asking His Office to Investigate the MGX Deal on MONDAY.
The Stalling Momentum isn’s Limited to the Senate. Earlier Monday, Rep. Maxine Waters, The Leading Dem on the House Financial Services Committee, Told The Committee’s Chair Shee Wound Block Effrts to Hold A Joint Hearing with The House Agriculture Committee.
“MOST OF THIS IS Politics,” Wrote Jaret Seiberg, A Financial-Policy Analyst with TD Cowen, in a Monday Note to Clients. He Said that Trump’s Personal Stake in Crypto Is Making It Hard for Democrats to Back the Stablecoin Bill that would regulalate his family’s business. Even SO, He Predicted It’ll Still Pass The Senate, Thought Maybe Not this Week.
“The Crypto Lobby is Political Powerful and Has Shown A Willingness to Devote Its CONSIDARABLE REsources to Influening Washington,” Seiberg Said. “IT is Hard for US to See Wy The Democrats Wound Take on That Fight When They Can Leverage Significant Consions From The Gop on the Stablecoin Bill.”
Lobbyists for the Crypto Industry Seem Alarmed About the Last Few Days’ AnnounCements: A Joint Statement Publized Monday URGED LAWMAKERS TO BEGIN FLOOR DEBATE ON.
The Statement, Signed by Blockchain Association’s Outgoing Ceo Kristin Smith, The Crypto Council for Innovation’s Acting CEO JI KIM AND The DIGITAL Chamber’s New Code Real Real. Support Stablecoin Adoption and “Dollar Dominance in the Digital Economy.”
“We Respectful URGE SENATORS TO VETE YES ON THE MOOTION TO PROCEED TO CONSIDERATION OF THE GENIUS ACT, AND MOVE US ONE STEP CLOSER TO ENACTING A BIPARTISAN STABLECOIN FRAMEWORK,” The STABLECOIN.
Another Lobbying Organization, The National Venture Capital Association, ALSO Weighed in with A Statement Attributed to Ceo Bobby Franklin asking The Senate to Move.
“US Leadership in The Digital Economy Depends on Establishing A Clear and Consistent Regulatory Framework for Stablecoins that Fosters Innovation, Empowers Entrepreneurs An Helps Builda Builds Builds. Technologies, “The Statement Said. “A Strong Stablecoin Framework Will Also Support The Venture Capital Industry’s Efforts to Back Gundbreakers
Read More: US Crypto Market Structure Bill Unveiled by House Lawmakers
