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Stablecoin Bills in House and Senate Still Need to Mesh on Several Points: French Hill

Published

5 дней ago

3 июня, 2025

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The U.S. Senate may be fast approaching a final vote on regulating stablecoins, which would be a high-water mark for crypto legislation in Congress, but Representative French Hill said the Senate’s bill has some key differences with a similar effort in the House of Representatives, and those would need to be ironed out before it can become law.

«The bills are substantially similar,» said Hill, the chairman of the House Financial Services Committee that has been at the forefront of the congressional negotiation over stablecoins for years, at an Atlantic Council event on Tuesday. «There are some differences that are not insurmountable but do need to be rectified and clarified.»

Hill said one of the standout differences includes the House’s tougher requirements on «reciprocity» of international regulation over foreign issuers of stablecoins that might trade in the U.S. — a category most often associated with the leading global token, Tether’s USDT.

«You can either be registered in the U.S. and be a U.S. company under the stablecoin law and you are fully compliant, or you are in a jurisdiction recognized by the U.S. to have a substantially similar regime and enforcement,» Hill said, noting the House version — which cleared his committee with bipartisan support but hasn’t faced a floor vote — seems to be more strict than the Senate’s.

However, he noted «we don’t know the final text of their bill,» which is still being negotiated and amended.

Hill also said the House bill has a «cleaner» pathway for determining what entities at the state or federal level regulate the issuers, depending on their business models.

And the two chambers pursued different approaches to letting non-financial companies issue stablecoins, which touches on longstanding concerns over the traditional separation of banking and commerce and has drawn criticism from Democrats who say they’re worried about tech giants taking over the financial system. The House version says such companies are free to issue stablecoins under regulation by the Office of the Comptroller of the Currency, while the latest Senate version said that certain public companies would be banned from putting out the tokens. Hill said the Senate has some work to do on clarifying its approach.

He said he wonders about the common narrative of stablecoin legislation being easier to pass in Congress than the more complex and far-reaching oversight of the entire crypto markets, citing the House’s success in passing the latter in the last session while getting hung up on its stablecoin negotiations.

But Hill also acknowledged the years of paralysis in the Senate over crypto matters, saying that the chamber’s recent actions on its stablecoin legislation, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, are «really important» to moving the effort forward. He said he’s optimistic the House will do its part, too.

«The House is really in a position to deliver on President Trump’s promises,» he said, referring to President Donald Trump’s wish to have the stablecoin and market-structure bills on his desk for signatures by the August congressional recess.

In U.S. lawmaking, both the Senate and the House have to ultimately agree to identical versions of a bill before it can be signed into law by the president. If the Senate approves its stablecoin bill as soon as this week, the House has the choice of voting on that same language or pursuing its own. If it passes a different version, the two would have to be hashed into a compromise version that would need another round of approvals in each chamber.

In recent weeks, the stablecoin legislation has cleared the Senate Banking committee and early procedural votes on the floor with massive bipartisan support. But it did get delayed at one point by objections from Democrats that it didn’t include enough safeguards for illicit activity, and that the bill should ban public officials such as the president from engaging in the business.

Hill acknowledged, as he had at Consensus 2025 in Toronto, that Trump’s personal involvement with crypto businesses — including stablecoins — has made the legislative debate more political than he’d like.»It has made it more complicated, because it’s a distraction from that core work,» Hill said.

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Bitcoin Holds Above $105K Despite Donald Trump’s Threats Against Elon Musk

Published

22 часа ago

7 июня, 2025

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Bitcoin BTC held firm above $105,000 on Saturday despite an unusually combative and personal escalation in the Trump-Musk feud that could rattle traditional markets next week.

On Saturday, in a phone interview with NBC News, President Trump warned that there would be “serious consequences” if Elon Musk financially backed Democratic candidates running against Republicans who support the GOP’s budget bill. “If he does, he’ll have to pay the consequences for that,” Trump said, adding later, “He’ll have to pay very serious consequences if he does that.”

Trump, who has often boasted of past support from Musk, firmly dismissed the idea of mending ties. “No,” he said when asked whether he wished to repair the relationship. “I would assume so, yeah,” he added when asked if the rift was permanent.

Despite the intensifying feud between two of the most influential figures in U.S. politics and technology, Bitcoin remained unfazed. The cryptocurrency held onto earlier gains and continues to trade near weekly highs. The market’s composure suggests that traders may increasingly view BTC as a hedge against institutional dysfunction, or at least as an asset insulated from the partisan fallout that tends to impact equities more directly.

Technical Analysis Highlights

BTC traded in a 24-hour range of $1,162 (1.13%), from a low of $104,624 to a high of $105,786, according to CoinDesk Research’s technical analysis model.
Strong support formed at $104,800, where above-average volume confirmed buyer interest.
Resistance at $105,200 was broken and has since flipped into a short-term support zone.
Volume peaked at 378 BTC during key breakout moments, especially around 13:43–13:46 and 13:53.
A short consolidation occurred between $104,300–$104,600 before the final surge to near highs.
An ascending price channel remains intact, showing bullish structure despite intermittent pullbacks.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

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Ether Holds Steady Above $2,500 as ETF Demand Signals Institutional Confidence

Published

23 часа ago

7 июня, 2025

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Ether ETH has rebounded firmly from key support near $2,460, recovering losses and stabilizing above the $2,500 threshold amid broader market volatility.

The rally follows a higher low formation backed by above-average volume, signaling growing market confidence.

Institutional participation appears to be reinforcing the trend, with BlackRock’s ETHA ETF reporting $492 million in net inflows last week.

Total holdings now exceed $4.84 billion, reinforcing long-term bullish sentiment even as price action remains sensitive to geopolitical developments.

Traders are watching to see if ETH can challenge resistance in the $2,520–$2,530 range.

Technical Analysis Highlights

ETH traded within a $72 range over 24 hours, from a low of $2,460.35 to a high of $2,532.41.
A key support zone formed at $2,460–$2,470, where ETH bounced on strong volume during midnight hours.
Final hour surge reached $2,515.11, backed by 5,919 ETH in volume.
Higher low structure established with interim support at $2,485 and resistance at $2,503.
Final retracement held support at $2,507, with price consolidating around $2,510 into the close.

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Coinbase, BiT Global End Legal Fight Over WBTC Delisting

Published

23 часа ago

7 июня, 2025

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Coinbase and BiT Global have reached a legal settlement that ended their dispute over the delisting of BiT Global’s wrapped bitcoin (wBTC) token on Coinbase.

According to a joint court filing, BiT Global has agreed to dismiss its lawsuit against the crypto exchange with prejudice, meaning the case cannot be brought again in the future. The filing notes that both companies will cover their own legal expenses.

BiT Global had filed the lawsuit last year in the Northern District of California after Coinbase delisted the token over what it said was “unacceptable risk” that the tokenized BTC would “fall into the hands of Justin Sun.”

Sun became affiliated with wBTC in August last year through a partnership, prompting Coinbase to question BiT Global about his role. Sun, a Chinese-born crypto billionaire, has nevertheless been supporting the token, with World Liberty Financial dropping its cbBTC for wBTC after he joined as an advisor.

The suit alleged the exchange’s decision was unjustified and harmed the token’s liquidity and reputation while favoring Coinbase’s competing asset cbBTC. Coinbase launched cbBTC just two months before announcing it was delisting wBTC.

The dismissal does not disclose any settlement terms beyond the cost arrangement.