The Republicans of the Chamber unveiled a discussion project on a bill on the structure of the market, but all the eyes of this week were in the Senate, where a largely bipartite effort to advance the legislation on the stables faced a wall.
PS: I will be in Toronto next week for a consensus. In town? Come say hello.
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The story
The bills on the structure of the stables and the structure of the market are the two big things around the crypto that Congress should go to the office of President Donald Trump this year. There was a crypto press conference and AI Czar David Sacs with the chairs of the Chamber and the Senate committees. Everyone had this approximate deadline for “before the recess of August”.
Why it matters
From these two bills, the legislation on stablescoin was supposed to be the easier elevator. It focuses on part of the cryptography sector, while the market structure bill will define how a much wider part of the industry works and is supervised by federal regulators. And until a little over a week ago, the StableCoin bill was largely sailing with few problems. Now – when it should always become the law – the moment of its passage is much less certain.
Decompose it
The first thing is the first: person to which this journalist spoke of this week believes that the Senate Stablecoin bill – The Guide and the establishment of national innovation for us, the Stablescoins Act (Engineering) – is dead. According to several people familiar with the situation, legislators were already back to negotiation after the failure of Thursday, and legislators could vote again next week – potentially even on Monday.
Thursday’s vote failed after the Democrats raised an alarm last weekend that certain provisions concerning national security, the solidity of the financial system and responsibility, although the Republicans argued that the continuous use of stable stables requires a rapid passage. President Donald Trump by taking advantage of Stablecoins also raised alarms for the legislators, the senators presenting several bills which would prevent the president from issuing financial assets, in particular the “End Crypto Corruption Act”, which would prevent all members of the Congress, the President, the Vice-President, the other managers of the Executive Branch and their families Crypto assets “.
On Wednesday, one person told Coindesk that it seemed to be that an agreement could be in place so that the Democrats obtain a vote on the Crypto Corruption Act Act, is as a change in the Act on Engineering, as as an autonomous bill, before the procedural vote on the law on engineering itself.
This ultimately did not occur, legislators directly occurring in the so-called voting on the cup on Thursday; It fell 48-49.
The vote has also not failed on the party lines: although no democrat voted in favor of the bill, the Republicans Josh Hawley and Rand Paul joined 46 Democrats to vote against the motion (the head of the majority John Thune initially voted in favor of the bill, but overthrew a procedural decision which would allow him to bring the bill for a vote later).
Among the other questions, there was no invoice text available when the vote began.
Voting on the cup, which would open 30 hours of debate, is probably the main lever effect that Democrats must try to bring their priorities into the bill because it needs 60 senators to pass. After the debate, there will be another vote on the cup before the final adoption vote, but it would be difficult for a legislator who voted to open a debate to start again, one of the individuals told Coindesk.
Setting their priorities before arriving at the last series of votes would also generally no longer be comfortable in the legislators, said the individual.
None of the people who spoke to Coindesk expects a real provision preventing the American president from issuing or being linked to a stablecoin transmitter will be part of the final bill.
One of the people said that the negotiations underway is more focused on how foreign issuers are treated and anti-flowage arrangements.
A broader concern was that a large period in the adoption of the legislation on stablescoin could slow down the process of progression of the bill on the structure of the market, which will rewrite the law on the way in which the future trading commission and securities supervise digital assets, including the way in which cryptocurrencies could be defined as titles. A discussion project was presented to the House this week.
If the Senate votes on the stable bill in next week, it should not hold the other bill, two people said in Coindesk.
- Bill on the structure of the American cryptography market unveiled by chamber legislators: As the title says. More about it in a few weeks.
- The New Hampshire becomes the first state to approve the law on the crypto reserve: The title is quite explicit here.
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- Sec, $ 50 million settlement contract in Ripple ink, ask NY JUNGE GREEN LIGHT: Ripple and the SEC asked a judge to property the settlement agreement they announced for the first time in March.
- The bettors lose millions of people by predicting the new pope while the edge of the polymarket goes out: There is a new pope, and the Paris Polymarkets gave it 1% chance of succeeding Pope Francis.
- The founder of Binance CZ confirms that he asked Trump Sorry after the prison sentence: Changpeng Zhao said he had asked US President Donald Trump for forgiveness after his guilt in 2023 a violation of the bank’s secrecy law.
- CFTC abandons the call in the case of Kalshi electoral Paris: The CFTC seems to have paved the way for political event contracts to officially launch out in the United States, after abandoning its call for the victory of the Kalshi court in 2024.
- The Senate Democrat says that he is examining Trump’s cryptographic companies: Senator Richard Blumenthal, member of the Senate’s permanent surveys on the Senate’s permanent surveys for internal security and government affairs, wrote letters to the leaders of two entities affiliated to Trump asking questions about their cryptographic projects.
- Coinbase Doc documents reveal that the Attorney General of NY sought declared security: The office of the Prosecutor General of New York, Letitia James, asked the Securities and Exchange Commission to call ETH a guarantee during his case against Kucoin, according to a set of documents that Coinbase received from the dry in accordance with a request for the law on freedom of information.
- OCS: Banks can buy and sell cryptographic assets from their customers detained in detention: The office of the currency controller has published a letter of interpretation indicating to the banks that they can buy and sell cryptographic assets so that customers are held and use third -party agents.
- As Meta said it to Mull Tokens, Senator Warren calls for blocking stable coke: Meta (formerly Facebook), who tried to enter the crypto in 2019 and sparked a massive global reaction to her efforts, again reflects on stablecoins, by fortune. Senators Elizabeth Warren and Josh Hawley both expressed their concerns.
Tuesday
- 10:00 HE (2:00 p.m. UTC) The financial and agriculture committees of the Chamber had to hold a joint audience on the structure of the digital asset market, but the member of the FSC, Maxine Waters ranking, opposed and rather held his own audience on the Crypto links of Trump.
THURSDAY
- (404 media) It turns out that the former national security advisor Michael Waltz did not use signal, but rather an unofficial version called Telemessage, which was then hacked and then suspended the services temporarily.
- (The San Francisco Standard) Jeffy Yu seemed to simulate his own death to pump a same, or something. The once late yu is alive and kicks his parents’ home, the San Francisco standard reported.
If you have reflections or questions about what I should discuss next week or any other comment you want to share, do not hesitate to send me an e-mail at nik@PK Press Club.com or to find me on Bluesky @ nikhileshde.bsky.social.
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See you next week!
