š¦ Major U.S. Banks Plan Joint Stablecoin
Leading U.S. banksāJPMorgan Chase, Bank of America, Citigroup, and Wells Fargoāare in early discussions to create a joint stablecoin. This initiative aims to streamline transactions like cross-border payments and is contingent on forthcoming legislation, such as the GENIUS Act, which would regulate stablecoin issuance.
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šŖ President $TRUMP Crypto Ventures Spark Controversy
President Donald Trump hosted a black-tie dinner at his Virginia golf club for top purchasers of his meme coin, $TRUMP, raising significant ethical concerns. Since its launch in January, Trump-affiliated businesses have earned substantial revenue from the coin. Critics argue the event blurs ethical lines, especially as presidents are exempt from certain conflict-of-interest laws.
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š Bitcoin Hits Record High Amid Market Volatility
Bitcoin has surged to a record high of nearly $112,000, displaying resilience compared to traditional stocks amid market upheavals linked to President tariff$TRUMP policies. Analysts attribute this rally to increasing regulatory support from the Trump administration and growing institutional interest. States like Texas and New Hampshire are also moving to incorporate Bitcoin into their reserves.
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šļø Senate Advances Stablecoin Regulation Bill
The U.S. Senate has advanced legislation aimed at regulating stablecoins, a type of cryptocurrency pegged to assets like the U.S. dollar. The bill includes enhanced oversight for foreign issuers and restrictions preventing tech giants from issuing their own stablecoins. While the measure gained bipartisan support, some Democrats express concerns over potential conflicts of interest, given President Trump's involvement in crypto ventures.
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š $TRUMP Administration's Crypto Diplomacy Under Scrutiny
Steve Witkoff, President Trump's Middle East envoy, and his son Zach Witkoff, co-founder of crypto company World Liberty Financial (WLFI), are under scrutiny for intertwined dealings. While Steve engages in diplomatic missions, Zach secures cryptocurrency ventures with Middle Eastern countries. WLFI's activities have paralleled U.S. diplomatic efforts, raising ethical concerns about potential conflicts of interest.
