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Trump’s Crypto Ties Still Toxic With Some Dems, Including One Seen as Industry Ally

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U.S. Senator Adam Schiff was among the many Democrats who voted to pass the stablecoin bill last week, but as the Senate moves on to legislation establishing regulations for the wider U.S. crypto markets, Schiff has introduced another effort to ban President Donald Trump and other top government leaders from issuing or sponsoring cryptocurrencies.

The California Democrat’s legislation joins at least four other bills that similarly seek to block senior government officials and lawmakers from taking a direct hand in crypto businesses.

Such concerns arose during the debate over the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and for a brief time, the bill was halted over this and other concerns from Democrats who otherwise favored the legislation. Some have argued that the better place to argue contentions of government corruption is in the market structure bill that’s at the heart of what the sector is seeking in Washington.

Schiff’s new bill, known as the Curbing Officials’ Income and Nondisclosure (COIN) Act, would — like others before it — prohibit the president, vice presidents, members of Congress and other significant government officials «from issuing, sponsoring, or endorsing digital assets, including meme coins, NFTs, or stablecoins» during their service, and for two years after it.

«President Donald Trump’s cryptocurrency dealings have raised significant ethical, legal and constitutional concerns over his use of the office of the presidency to enrich himself and his family,» Schiff said when he introduced the bill, also backed by at least four other Senate Democrats.

The crypto industry’s leading political action committee, the Fairshake super PAC, spent more than $10 million dollars to oppose Schiff’s chief Democratic opponent in his successful run for the Senate last year. He’s been stamped with an A grade for being strongly supportive of digital assets policy by advocacy group Stand With Crypto.

To succeed, any crypto bill needs significant support from Senate Democrats to bolster the reliable favor of almost all the Republicans in that chamber. Schiff is among the 18 Democrats who came out in favor of the GENIUS Act.

He’s not the only crypto ally in Congress looking askance at the president’s family connections to tens of millions in disclosed digital assets profits. Representative Ritchie Torres, a New York Democrat, is among the most vocal supporters of crypto in the House of Representatives, and he introduced a bill last month that’s broadly in line with what Schiff is pursuing.

Similar legislation has also been introduced by other Democrats, including Senator Chris Murphy of Connecticut; Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee; and Representative Sam Liccardo of California. Such bills are highly unlikely to progress in the Republican-controlled Congress, though their supporters may seek to insert them in other legislation, such as the crypto industry’s other legislative priority.

In the past few years, President Trump transitioned from crypto skeptic to digital assets entrepreneur, launching waves of non-fungible tokens (NFTS), a self-branded memecoin and backing World Liberty Financial’s various crypto efforts, including its own stablecoin. Trump has said repeatedly that he’s eager to sign significant crypto legislation to secure the U.S. as an industry leader. Many Democrats, however, object to his own family standing to profit from the policies Trump’s administration would write.

Read More: Trumps May Have Sold Platform Stake as U.S. Stablecoins See Wave of Good News

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Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC

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Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.

June’s run is already the stock’s best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.

COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.

The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.

Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.

The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.

Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens’ head of financial technology research Devin Ryan.

Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.

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Robinhood Launches Micro Bitcoin, Solana and XRP Futures Contracts

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Robinhood (HOOD) has introduced micro futures on bitcoin (BTC), solana (SOL) and XRP in the United States., expanding its existing crypto futures offering for its nearly 26 million funded accounts.

Micro contracts need far less collateral than full-size futures, letting traders take directional positions while committing a smaller slice of capital.

The contracts offer traders more flexibility to bet on a cryptocurrency’s future price direction or hedge current positions given their smaller size.

The launch rounds out a futures suite that began with BTC and ETH in January. It also comes weeks after the firm closed its $200 million purchase of Bitstamp and finalized a $179 million deal for Canada’s WonderFi.

Robinhood’s data shows that crypto notional volumes have exploded upward over time, reaching $11.7 billion in May. The figure marks a 36% rise month-over-month, and a 65% growth year-over-year.

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Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market

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XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.

One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.

Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.

On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.

XRP’s rise saw it outperform the wider crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% in the last 24 hours.

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