Donald Trump’s prospects of winning the 2024 election have risen, with the prediction market Polymarket reporting his odds at 66% as of July 2, 2024. Meanwhile, a wager worth 4 million indicates that incumbent President Joe Biden’s chances stand at 18%. Trump Favored Over Biden in 2024 Election According to Prediction Markets The Polygon-powered prediction […]
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US Congress Building Pro-Crypto Army, Lawmaker Says
Crypto is gaining momentum among U.S. lawmakers. Senator Cynthia Lummis stated: “We are building a pro-crypto army in Congress.” This declaration came shortly after the House of Representatives passed the landmark Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill, despite opposition from the White House and SEC Chairman Gary Gensler. ‘We […]
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White House Opposes Crypto Bill FIT21 — Offers to Work With Congress on Balanced Framework for Digital Assets
The White House has issued a statement opposing the passage of the crypto bill Financial Innovation and Technology for the 21st Century (FIT21) Act ahead of the House vote today. However, the Biden Administration offered to collaborate with Congress to establish a balanced regulatory framework for digital assets. The White House’s statement was preceded by […]
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US Congress Passes First Standalone Crypto Legislation
The U.S. Congress has passed its first standalone crypto legislation, which aims to overturn the controversial U.S. Securities and Exchange Commission (SEC)’s SAB 121 rules regarding crypto assets. However, President Joe Biden has threatened to veto this decision, citing concerns about financial stability and market uncertainty. ‘We Are Just Getting Started’ In a historic move, […]
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US Lawmaker Slams SEC’s Investigation of Ethereum — Says Chair Gensler Intentionally Misled Congress
U.S. House Financial Services Committee Chairman Patrick McHenry has slammed both the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler regarding the SEC’s investigation into ethereum, suggesting that ether might be classified as a security. Additionally, the lawmaker emphasized that Gensler intentionally misled Congress on the issue. ‘Chair Gensler Himself Misled Congress’ The […]
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US Treasury Secretary Janet Yellen Urges Congress To Pass Crypto Legislation
In a recent statement before the House of Representatives, US Treasury Department Secretary Janet Yellen emphasized the need for Congress to pass legislation that provides clarity and regulation in the crypto markets.
Secretary Yellen Calls For Action ‘Digital Asset Risks’
During the Financial Committee hearing, Yellen highlighted the “risks” associated with digital assets and called for measures to address potential vulnerabilities and non-compliance with applicable laws and regulations.
Yellen specifically mentioned concerns related to runs on crypto-asset platforms, stablecoins, and the “proliferation” of platforms acting outside regulatory boundaries.
The Treasury Secretary stressed the importance of enforcing existing rules and regulations while urging Congress to enact legislation specifically targeting stablecoins and “non-securities” crypto assets in the spot market.
Notably, Taylor Barr, head of policy at the blockchain trade association Chamber of Digital Commerce, pointed out that the bipartisan FIT for the 21st Century Act, led by Representative French Hill, aligns with Yellen’s call for market structure and regulation.
Hill, a proponent of the legislative environment for crypto, previously highlighted the progress made in the House of Representatives. He emphasized passing the first comprehensive regulatory framework for digital assets and the prudent approach to stablecoins.
Furthermore, Hill believes that these initiatives address significant “regulatory gaps” and contribute to the crypto industry’s growth.
Pro-Crypto Stance And Legislative Initiatives Align
Barr also commended the Clarity for Payment Stablecoins Act proposed by the Chairman of the US Financial Committee, Patrick McHenry.
This act aims to establish consistent oversight and consumer protection for payment stablecoins, incorporating successful state-level regulations and striking a balance between innovation and regulatory certainty.
McHenry, who has been vocal about the importance of the US leading the financial system of the future, has already emphasized the bipartisan progress on legislation to address the regulatory challenges posed by digital assets.
McHenry called for the “completion of the job,” highlighting the Clarity for Payment Stablecoin Act as a crucial step towards establishing a federal framework for stablecoins.
Overall, the convergence of Secretary Yellen’s call for regulation, Representative Hill’s legislative initiatives, and Chairman McHenry’s pro-crypto stance reflect a growing momentum toward establishing a comprehensive regulatory framework for the crypto industry.
However, it remains to be seen how Secretary Yellen’s proposed regulatory enforcement ideas and proposals will strike a balance between fostering innovation, as emphasized by McHenry and Hill while ensuring the growth of nascent technology.
As discussions on crypto legislation continue, the industry eagerly anticipates the outcome, seeking a regulatory environment that provides clarity and consumer protection and positions the United States at the forefront of digital asset innovation.
Featured image from Shutterstock, chart from TradingView.com
Argentina’s President Javier Milei Sends Omnibus Bill to Congress, Seeking Legislative Powers
Argentina’s President Javier Milei has sent a massive new bill to Congress to adopt a scheme of regulations to advance his goal of modernizing the Argentine state. If approved, the bill would allow Milei to legislate by executive order on certain emergency areas and privatize state companies, among other aspects.
Javier Milei Proposes Omnibus Bill to Obtain Legislative Faculties
Argentina’s President Javier Milei has continued pressing on in his transformative goals for the country. The so-called libertarian has sent a massive omnibus bill to Congress, which touches on or modifies 20 laws. The bill, titled “Law of Bases and Starting Points for the Freedom of Argentines,” seeks to continue with the ostensibly libertarian reform of the Argentine state, touching on subjects like personal taxes, import laws, justice administration, education, and others.
Also, the bill calls for declaring a national emergency in several fields, including finance, economy, financial, fiscal, pensions, security, defense, tariffs, energy, health, administrative, and social, until December 2025, with the possibility of extending it for two more years. Approving it would allow Milei to legislate via executive orders during his whole mandate, sidestepping the Congress in which his party has a minority.
Experts agree that this part of the bill is difficult to approve, given that Congress would delegate its functions to the executive power. In its more than 600 articles, the bill also determines that state companies will be declared “susceptible to privatization,” preparing the 41 companies that Argentina owns to be sold.
The document further introduces a new asset regulation proposal that allows Argentines to declare ownership of several assets, including “cryptocurrencies, crypto assets, and other similar goods, regardless of who has been their issuer, who is their owner or where they were deposited, guarded or stored,” paying up to 15% on the calculated excess of the first 0,000 regularized. This means the first 0,000 in regularized assets would not be subject to paying anything under the proposal.
The bill will be discussed in special congressional sessions, and each point will be treated individually. Some points can be approved, while others can be repealed. Nonetheless, the CGT, the largest workers’ group in the country, has already called for a general strike on January 24 to reject Milei’s bill.
Last week, Milei also issued a massive emergency executive order, which is facing several legal actions in national courts.
What do you think about Javier Milei’s omnibus bill? Tell us in the comments section below.
Treasury Asks Congress for More Authorities to Go After Illicit Actors in Digital Asset Space
The U.S. deputy secretary of the Treasury has revealed that the Treasury Department has asked Congress for more tools and authorities “to go after illicit actors in the digital asset space.” Moreover, he stressed: “We need to update our illicit finance authorities to match the challenges we face today, including those presented by the evolving digital asset ecosystem.”
Treasury Seeks More Powers in Digital Asset Space
Deputy Secretary of the Treasury Wally Adeyemo outlined the Treasury’s key priorities in addressing illicit actors within the cryptocurrency space at this year’s Blockchain Association’s Policy Summit on Wednesday.
“We are calling on Congress to create a secondary sanction regime that will not only cut off a firm from the U.S. financial system but will also expose any firm that continues to do business with the sanctioned entity to being cut off from the U.S. financial system,” he revealed. “This is a significant tool we do not request lightly. But we need to do everything in our power to make sure that groups like Hamas are not able to find safe haven within the digital asset ecosystem.” The deputy secretary of the Treasury added:
Yesterday, Treasury provided Congress a set of common-sense recommendations to expand our authorities and broaden our tools and resources to go after illicit actors in the digital asset space.
He noted that this week, the Treasury sanctioned Sinbad.io (Sinbad), a crypto mixer that “serves as a key money-laundering tool for a cyber hacking group sponsored by North Korea,” claiming that Sinbad processed millions of dollars’ worth of cryptocurrency “from cyber hacks and enabled cybercriminals to mask illicit transactions.”
Adeyemo cautioned that “illicit actors have always taken advantage of new technology,” emphasizing that “risk tends to migrate to places where global regulation and enforcement are less well developed.” He further detailed:
First, we are pursuing the creation of new sanctions tools targeted towards actors in the digital asset ecosystem that allow terrorist groups and other illicit actors to move their assets.
Secondly, he declared: “We need to update our illicit finance authorities to match the challenges we face today, including those presented by the evolving digital asset ecosystem.”
He continued: “A digital asset ecosystem that lacks a shared commitment to preventing illicit finance provides ample opportunity for groups, like North Korea and Hamas to move resources in ways that are intended to undermine our efforts to stop them.” He added that in order to address these challenges, a shared commitment is needed, meaning “the digital asset industry and the government working hand in hand to cut off illicit actors before they are able to spread roots and for us to create a culture of accountability.”
Emphasizing the importance of the crypto industry proactively taking steps to prevent cryptocurrencies from being used by transnational criminal organizations, terrorists, and rogue states, the Treasury official opined:
I hoped the digital asset industry would take up this call to partner with government, design new tools, and pursue new ways to protect digital assets from being abused.
He also addressed stablecoins, stating: “We cannot allow dollar-backed stablecoin providers outside the United States to have the privilege of using our currency without the responsibility of putting in place procedures to prevent terrorists from abusing their platform … We cannot permit offshore financial services providers to use jurisdiction-evasion tactics to avoid complying with our laws.”
Adeyemo concluded that besides working with Congress, the Treasury is committed to working with the Financial Action Task Force (FATF) to ensure that allies and partners globally join the U.S. in updating their regulatory approach.
What do you think about the Treasury asking Congress for more authorities to go after illicit actors in the crypto space? Let us know in the comments section below.
US Lawmaker Urges Congress to Focus on Attracting Crypto Opportunities to Bolster National Security
A U.S. lawmaker has called on Congress to focus its efforts on bringing more crypto activity and opportunities to the United States in order to “bolster U.S. national security.” Citing the Department of Justice’s action against crypto exchange Binance, the lawmaker stressed that Congress does not need to rewrite laws that work in the crypto space.
Rep. Emmer Calls for Focus on Domestic Crypto Growth
House Majority Whip Tom Emmer (R-MN) shared his perspective on Congress’ role in shaping cryptocurrency laws following the Department of Justice’s settlement with Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao (CZ).
“Congress does not need to rewrite laws that work in the crypto space. Yesterday’s successful prosecution shows that when enforced, current laws are suitable to help weed out bad actors,” the lawmaker explained on social media platform X on Wednesday. He emphasized:
Congressional resources should instead be spent working to bring more crypto activity and opportunities onshore to bolster U.S. national security.
Rep. Emmer has been pushing for Congress to pass laws that benefit the crypto sector. Earlier this month, the House of Representatives adopted an amendment he attached to the Financial Services and General Government Appropriations Act of 2024 that limits the authority of the U.S. Securities and Exchange Commission (SEC) to carry out enforcement actions against the crypto industry.
In September, the House Financial Services Committee passed his CBDC Anti-Surveillance State Act, which halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.”
Emmer and several other lawmakers have pushed to oust SEC Chairman Gary Gensler. In June, Emmer joined Rep. Warren Davidson in supporting the SEC Stabilization Act that seeks to fire Gensler as the chair of the securities regulator.
What do you think about Rep. Tom Emmer urging Congress to focus its efforts on bringing more crypto activity and opportunities to the U.S. in order to bolster national security? Let us know in the comments section below.
Jim Rickards Blasts US Congress Confiscation Initiatives: ‘The Drive to Create New Currencies Will Go Into Overdrive’
Renowned economist and best-selling author Jim Rickards has warned about the effects of a new U.S. congressional initiative that proposes confiscating Russian assets to reimburse itself for the aid given to Ukraine. Rickards believes that, if passed, this legislation will alert the international community about the need for creating new currencies.
Jim Rickards Explains Confiscating Russian Assets Will Reinforce the Need for New Currencies
Jim Rickards, renowned economist and best-selling author, has alerted about the possible effects of confiscating Russian assets.
In one of his latest posts on social media, Rickards stated that enacting a new legislative initiative introduced this week to confiscate these assets to help Ukraine in its conflict, could alert the international community about the need for new currencies to the detriment of the U.S. dollar.
The “Make Putin Pay” Act was introduced on Wednesday by Georgia Rep. Rich McCormick and would snatch 0 billion from the 0 billion in Russian assets currently frozen in the U.S. to pay for the help already delivered to Ukraine.
Another 0 billion would finance Ukraine’s aid until the conflict ends. The move would ostensibly allow the U.S. to stop bankrolling Ukraine with its assets, as it has done since day one.
Rickards opposed McCormick’s legislation due to its potential unforeseen consequences, explaining the difference between freezing and confiscating assets. He stated:
Freezing assets is one thing. Confiscating them is another. If the U.S. goes ahead with the Republican call to steal Russian assets, the drive to create new currencies will go into overdrive.
Nonetheless, according to the bill, these actions are justified, as it stresses that “for the survival of Western civilization, the United States must continue to face authoritarian regimes head-on.” Furthermore, it declares that “the United States must continue to support Ukraine in a responsible and effective manner.”
New Currencies Ahead
Rickards is not the only one who has recently predicted that the continued abuse of the U.S. dollar will change the world’s economic landscape in the future.
Jeffrey Sachs, another American economist, is predicting that dollar hegemony will end during the next decade because the U.S. “became reliant on using the financial system for the sake of achieving geopolitical goals.”
To substitute the dollar, central bank digital currencies (CBDCs), digital versions of current fiat currencies, will become the basis of payments, per Sachs’ statements.
What do you think about Jim Rickards’ opinion on the U.S. confiscating Russian assets? Tell us in the comments section below.