House Passes Historic Crypto Bill Regulating Stablecoins (cnbc.com) 30
The House passed a bipartisan bill regulating stablecoins which now heads to President Trump's desk as part of his push to make the U.S. the "crypto capital of the world." Two other crypto-related bills -- one defining digital asset market structure and another banning a U.S. central bank digital currency -- were also approved by the House but face uncertain futures in the Senate amid partisan tensions and concerns over Trump's personal financial ties to crypto ventures. CNBC reports: The stablecoin bill, passed on a 308-122 vote, sets initial guardrails and consumer protections for the cryptocurrency, which is tied to a stable asset, often the U.S. dollar, to reduce price volatility. It passed the Senate with bipartisan support in June. "Around the world, payment systems are undergoing a revolution," said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will "ensure American competitiveness and strong guardrails for our consumers."
After Trump declared it "crypto week," the bills were stalled for more than a day amid disagreements among House Republicans about how to combine the legislation. In the end, GOP leaders put the three bills for a separate votes, leaving the fate of the other two bills unclear in the Senate. The internal dissent could foreshadow challenges ahead for the more sweeping crypto legislation that Trump has demanded and the industry has poured millions into advancing. The stablecoin measure is seen by lawmakers and the industry as a step toward adding legitimacy and consumer trust to a rapidly growing sector. Treasury Secretary Scott Bessent said in June that the legislation could help that currency "grow into a $3.7 trillion market by the end of the decade."
The bill outlines requirements for stablecoin issuers, including compliance with U.S. anti-money laundering and sanctions laws, and mandates that issuers hold reserves backing the cryptocurrency. Without such a framework, Republicans on the Senate Banking Committee in a statement warned, "consumers face risks like unstable reserves or unclear operations from stablecoin issuers." After the votes, House Republicans strongly urged the Senate to take up the second bill, which would create a new market structure for cryptocurrency.
After Trump declared it "crypto week," the bills were stalled for more than a day amid disagreements among House Republicans about how to combine the legislation. In the end, GOP leaders put the three bills for a separate votes, leaving the fate of the other two bills unclear in the Senate. The internal dissent could foreshadow challenges ahead for the more sweeping crypto legislation that Trump has demanded and the industry has poured millions into advancing. The stablecoin measure is seen by lawmakers and the industry as a step toward adding legitimacy and consumer trust to a rapidly growing sector. Treasury Secretary Scott Bessent said in June that the legislation could help that currency "grow into a $3.7 trillion market by the end of the decade."
The bill outlines requirements for stablecoin issuers, including compliance with U.S. anti-money laundering and sanctions laws, and mandates that issuers hold reserves backing the cryptocurrency. Without such a framework, Republicans on the Senate Banking Committee in a statement warned, "consumers face risks like unstable reserves or unclear operations from stablecoin issuers." After the votes, House Republicans strongly urged the Senate to take up the second bill, which would create a new market structure for cryptocurrency.
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Re: Scamming made legal (Score:2)
Yes, and they're also forcing you to subsidize the royal Saud family and to support genocide and to destroy the rainforest, and ...
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Legalized ponzi schemes, it's what the people wanted. Well ... the people who think they are on the top of the Ponzi.
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If legislation for crypto doesn't include prison time for advertising ICOs, NFTs, and stablecoins, then I'm not interested.
Re: Scamming made legal (Score:2)
How are stable coins a ponzi scheme? How do you profit?
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Banning a U.S. central bank digital currency (Score:5, Insightful)
Two other crypto-related bills -- one defining digital asset market structure and another banning a U.S. central bank digital currency -- were also approved by the House ...
As with other things, not sure privatizing money is a good thing.
Re: Banning a U.S. central bank digital currency (Score:4, Insightful)
Re: Banning a U.S. central bank digital currency (Score:3)
That's a captive market. The issues were related to that fact, not to the private money.
Most money has been private throughout history. All paper money was private during the first 60 years or so of the U.S. And that became an issue not because of excessive control as with company towns, but because it became onerous to deal with all the different currencies. It was essentially too much freedom.
Re: Banning a U.S. central bank digital currency (Score:2)
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You load sixteen tons, what do you get?
Another day older and deeper in debt
Saint Peter, don't you call me, 'cause I can't go
I owe my soul to the company store
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Hah, made me think of the opening sequence [youtube.com] in Joe Versus the Volcano [wikipedia.org].
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What I don't get is why people will buy stable coins that do not get paid interest like a bank does. I've had some for a while as part of a larger transaction but I was given interest at a good rate for the time.
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What I don't get is why people will buy stable coins that do not get paid interest like a bank does. I've had some for a while as part of a larger transaction but I was given interest at a good rate for the time.
For me, you can stop at, "What I don't get is why people will buy stable coins?" :-) -- or, in general, crypto.
Crypto week, and yet ... (Score:3)
After Trump declared it "crypto week," ...
Still waiting on Infrastructure Week [politicaldictionary.com] ...
Grift-maxxing (Score:3)
How bout a health care bill
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Re: Grift-maxxing (Score:3)
They did that already. Medicaid was cut. Their job here is done.
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He has been promising for years, to replace Obamacare with something much better. With Republican majorities in the house, senate and supreme court, there appears to be no effort being made in this regard. All the effort is on grift.
Ya gotta hand it to him (Score:2)
"Gambling Don" is making a play for the role of central banker
Then the USA can be ground central for criminal activity
MAGA fans (Score:3)
Suddenly have nothing to say when this stuff comes up.
Stablecoin the Shell Game :o (Score:3)
Know whats way better than a dollar? (Score:2)
For criminals and people with an IQ less than 80, I mean.