The Watch Unique Lady 2 Onlinecrypto industry is celebrating this week as a controversial stablecoin bill dubbed the GENIUS Act advanced to debate in front of the full U.S. Senate.
Earlier this month, an Abu Dhabi investment firm announcedthat it would be making a $2 billion investment in the cryptocurrency exchange Binance using a brand new stablecoin called USD1.
Unlike risky cryptocurrencies with prices that fluctuate wildly and constantly, stablecoins are basically crypto tokens pegged to a more stable asset, like fiat currency such as the U.S. dollar. Crypto companies behind stablecoins typically profit based on interest rather than speculation. According to Fortune, the crypto firm behind USD1, World Liberty Financial, could make around $80 million annually off of a deal like the Abu Dhabi one.
What makes this notable? For one, World Liberty Financial is majority owned by President Donald Trump and his family. Meanwhile, a first-of-its-kind stablecoin bill has just advanced in the Senate. And although some Democrats had hoped the bill would address this type of crypto profiteering from the Trump family, the bill is moving forward regardless.
On Monday, in a 66-32 vote, the U.S. Senate advancedthe GENIUS Act, a bill that sets up the first regulatory framework for stablecoins. In total, 16 Democrats joined the Republican majority to advance the bill. Two Republicans joined the opposing Democrats who voted against it.
Just two weeks ago, the stablecoin bill was shot down by every Democratic senator, which stalled the legislation from moving forward. However, an amendment was added to the bill in an effort to appease some Democrats.
That amendment included new consumer protections and regulatory limits on companies that issue stablecoins. In addition, the amendment also extended ethics standards to special government employees, which would cover Elon Musk and Trump's AI and crypto czar David Sacks, as long as they hold their special government roles.
However, notably absent from the bill is any language that could definitively end President Trump's own crypto and stablecoin dealings.
The bill does include language that would "prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin product during their time in public service.” However, Democrats opposing the bill say that the language doesn't go far enough to address the Trump family's stablecoin endeavors.
Speaking from the Senate floor, Massachusetts Senator Elizabeth Warren said, “It doesn’t have to be this way. A bill that meaningfully strengthens oversight of the stablecoin market is worth enacting. A bill that turbocharges the stablecoin market, while facilitating the President’s corruption and undermining national security, financial stability, and consumer protection is worse than no bill at all.”
In addition to the new stablecoin investment, Trump's memecoin $TRUMP has nettedhis crypto companies hundreds of millions of dollars in fees. In addition, Trump has offered special access to investors in his memecoin. Memecoins are different from stablecoins and would not be covered under this bill.
While some Democrats will be offering additional legislation to cover Trump's stablecoin project, it's unlikely to pass the Republican-controlled Senate.
Topics Cryptocurrency Donald Trump Politics
Astronomers saw one galaxy impale another. The damage was an eye
Hamantaschen finally gets a jello shot upgrade
No. 1 best
The 'Trainspotting' sequel to hit U.S. at secret SXSW screening
NYT Connections Sports Edition hints and answers for April 17: Tips to solve Connections #206
D.C. is gearing up to become the capital of esports, sponsors team NRG Esports
'Hack' blamed for Instagram post that briefly upended the NFL world
'Buffy' is the only show that prepared us for the Hellmouth of Tinder
Boeing's new VR simulator immerses astronauts in space training
'Pokémon Go' developers feel you: Gyms need to be improved
The Story Behind the Home of Forgotten Video Games
Mashable just broke the Guinness World Record for tallest stack of tortillas and YUM
A father couldn't afford a last
Fire caused by an unsafe hoverboard results in death of a toddler
Best IPL deal: Save $80 on Braun IPL Silk·Expert
Cat dad uses piano to induce feline bliss
Man attempts to give serious BBC interview, regrets ever having children
Commuters call out 'sexist' ad, brand brings on the extreme sarcasm
Your 'wrong person' texts may be linked to Myanmar warlord
The 'Trainspotting' sequel to hit U.S. at secret SXSW screening
Great Wall Motor’s CEO goes public criticizing BYD over unfair competition · TechNodeStellantisXiaomi Redmi Turbo 4 Pro reaches one million units sold in under a month · TechNodeOppo signs global patent deal with Volkswagen, expanding 5G tech to connected cars · TechNodeChina unveils world’s first automated AIMediaTek’s first 2nm chip set to tape out in September · TechNodeTencent eyeing $15 billion acquisition of game developer Nexon: report · TechNodeEle.me deploys Unitree humanoid robots to promote flash delivery · TechNodeTencent, Huawei, Baidu Fuel the Rise of China’s CloudShanghai cracks down on illegal AI content on major platforms · TechNodeOppo signs global patent deal with Volkswagen, expanding 5G tech to connected cars · TechNodeTSMC to open Munich Design Centre in Q3 to support advanced chip design for Europe · TechNodeForeign tourist spending on Alipay surges in China over May Day Holiday · TechNodeXpeng's flying car unit hires banks for IPO: report · TechNodeGreat Wall Motor’s CEO goes public criticizing BYD over unfair competition · TechNodeTencent not in talks to acquire Nexon, source says: report · TechNodeChina’s Xpeng aims to double sales and break even this year: CEO · TechNodeQualcomm bets on onCATL says it is first to meet China’s new battery safety standards · TechNodeChina unveils world’s first automated AI Wordle today: The answer and hints for February 14 Leonardo DiCaprio used a standard, office file folder for his climate march sign, lol Pedro Pascal, Vanessa Kirby, Ebon Moss NASA nixes plan to put astronauts on the 1st mission of its mega Therabody Valentine's Day sale: Save up to $100 Where to buy Beyoncé's pink kitty headphones Tesla Model Y refresh might not be happening this year Huge rotting sea creature that washed ashore is horrifyingly turning the water red 'Apples Never Fall' stars Annette Bening, Alison Brie, and Jake Lacy talk tennis training Trump might pick a non SpaceX releases first test video of the giant rocket that could launch people to Mars Slack is about to TL;DR your lengthy work threads The surprising place life on Earth could have started 3.5 billion years ago Super Bowl 2024 hits record viewership Netflix's 'One Day' portrays the politics of privilege in relationships Donald Trump's very own staff member handed him fake news. And Trump believed it. ChatGPT will now remember things about you Samsung Galaxy Watches are getting a sleep apnea feature Best luggage deal: Get up to 60% off on spring break luggage at Amazon NYT's The Mini crossword answers for February 14
2.0489s , 10132.8046875 kb
Copyright © 2025 Powered by 【Watch Unique Lady 2 Online】,Exquisite Information Network