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LATEST: @cryptocom and Canary Capital partner up to bridge DeFi and TradFi products for the masses Listen for the details
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US SENATE ADVANCES LANDMARK STABLECOIN BILL WITH BIPARTISAN SUPPORT - The U.S. Senate just cleared the path for stablecoin regulation with a 66-32 vote in favor of advancing the GENIUS Act. What Happened: - Senators voted to invoke cloture on the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins). - That means the bill now heads to formal debate, amendments, and then a final vote. Who Backed It: - 16 Democrats joined Republicans in supporting the bill — a major shift from last week when no Democrats backed it. - Big names like Sens. Gallego, Cortez Masto, Fetterman, Schiff, and Warner voted “yes.” - Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren voted “no.” What's in the Bill: - Requires stablecoins to be 100% backed by U.S. dollars or other liquid assets. - Annual audits for issuers with a market cap above $50B. - Tougher scrutiny on foreign issuers. - Designed to protect consumers while boosting U.S. dollar dominance in digital payments. Why It Matters: - Sen. Bill Hagerty, the bill’s lead sponsor, says this law could skyrocket U.S. leadership in digital finance. - Supporters say it will unlock over $1 trillion in demand for U.S. treasuries. - Ji Kim from the Crypto Council calls it a “historic” moment after months of negotiation. The Pushback: - Sen. Elizabeth Warren slammed the bill for not going far enough on Trump’s crypto ties and criticized the USD1 stablecoin. - Critics remain uneasy about corporate issuance and the foreign influence loopholes.
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US SENATE ADVANCES LANDMARK STABLECOIN BILL WITH BIPARTISAN SUPPORT - The U.S. Senate just cleared the path for stablecoin regulation with a 66-32 vote in favor of advancing the GENIUS Act. What Happened: - Senators voted to invoke cloture on the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins). - That means the bill now heads to formal debate, amendments, and then a final vote. Who Backed It: - 16 Democrats joined Republicans in supporting the bill — a major shift from last week when no Democrats backed it. - Big names like Sens. Gallego, Cortez Masto, Fetterman, Schiff, and Warner voted “yes.” - Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren voted “no.” What's in the Bill: - Requires stablecoins to be 100% backed by U.S. dollars or other liquid assets. - Annual audits for issuers with a market cap above $50B. - Tougher scrutiny on foreign issuers. - Designed to protect consumers while boosting U.S. dollar dominance in digital payments. Why It Matters: - Sen. Bill Hagerty, the bill’s lead sponsor, says this law could skyrocket U.S. leadership in digital finance. - Supporters say it will unlock over $1 trillion in demand for U.S. treasuries. Ji Kim from the Crypto Council calls it a “historic” moment after months of negotiation. The Pushback: - Sen. Elizabeth Warren slammed the bill for not going far enough on Trump’s crypto ties and criticized the USD1 stablecoin. - Critics remain uneasy about corporate issuance and the foreign influence loopholes.
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🚨JUST IN: JIM CRAMER URGES INVESTORS TO BUY BITCOIN AS A HEDGE AGAINST RISING U.S. NATIONAL DEBT
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🚨JUST IN: U.S. SENATORS VOTED 66-32 TO ADVANCE THE GENIUS ACT FOR STABLECOIN REGULATION
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