On Thursday, the U.S. House of Representatives passed the first major nationwide legislation regulating cryptocurrencies
For years, regulators have struggled with how to approach the crypto industry, which has grown to a value of $3.7 trillion, but has largely remained a niche investment undertaken by risk-tolerant investors. However, the House vote means that the federal government is close to enshrining its first rules on how financial institutions can issue crypto tokens, including a less volatile class known as 'stablecoins,' which are typically pegged to the value of the U.S. dollar.
#GENIUSAct which was passed with bipartisan support 308 votes to 122 after Senate approval in June, is now ready for signing by President Donald Trump, who has endorsed the bill and promised to seek a more lenient regulatory environment for cryptocurrencies, as well as promote his own crypto projects.
According to the Genius Act, issuers of stablecoins, such as banks and crypto companies, will be required to hold reserves in sufficient amounts of U.S. dollars or similar assets to support the value of the coins. Issuers will also need to publish information about these reserves.
This is one of three proposals related to cryptocurrencies that the House of Representatives considered this week as part of what House Republicans are calling 'Cryptocurrency Week.' Optimism that the Genius Act would pass through the chamber briefly faded as Republican lawmakers debated how best to package these three measures, delaying the vote for two days until Trump intervened in conversations with dissenters.
But on Thursday afternoon, the House of Representatives passed all three measures with bipartisan support: The Clarity Act, which designates the Commodity Futures Trading Commission as the primary crypto regulator, will now be sent to the Senate, as well as the third proposal, the State Oversight Against CBDC Act, which will prohibit the Federal Reserve from issuing digital currency.
The Genius Act focuses exclusively on stablecoins, whose relative stability is considered more suitable for everyday transactions. Stablecoins differ from other cryptocurrencies, such as Bitcoin, in that they are usually pegged to the value of a fiat currency, such as the U.S. dollar, at a ratio of 1:1, making them less volatile. Coins are often used as a means to purchase other cryptocurrencies, although cryptocurrency advocates say that broader adoption could lead to the use of tokens for everyday purchases. However, some cryptocurrencies marketed as stablecoins, such as TerraUSD, have collapsed.
Supporters argue that the stablecoin bill creates a long-needed regulatory framework for issuing stablecoins, which they believe will help the United States remain competitive in the $260 billion stablecoin market while codifying consumer protection. However, opponents say the bill lacks necessary safeguards against corruption, some pointing to Trump's cryptocurrency ventures and the potential for him to use the regulatory system to enrich himself or others.
If Russia does not agree to ceasefire within 50 days, high tariffs and secondary sanctions will be imposed
This was stated by White House spokeswoman Caroline Levitt at a press briefing for journalists on Thursday.
"So, after 50 days, as the president clearly stated, if there is no ceasefire agreement or peace agreement during this time, if Russia refuses to legally agree to a ceasefire, then they will face very high tariffs and will also face secondary sanctions. Therefore, countries that buy oil from Russia will also be subject to sanctions, and of course, this will cause deep damage to the Russian economy," Levitt said in response to reporters' questions.
After months of Donald Trump's fury, Jerome Powell may finally be about to be fired
As reported by the New York Times, during a meeting with House Republicans on Tuesday evening, the U.S. president showed a draft letter announcing the firing of the head of the Federal Reserve and asked for their opinion on whether he should do it.
A White House official told Bloomberg that he is preparing to fire him, although Trump said at a press conference that it is 'very unlikely' he will do anything 'unless he has to leave' because of 'fraud.' He also denied reports of writing a letter.
Discussing the Tuesday meeting with House Republicans, the president said that 'almost all of them' supported the idea of firing Powell.
If the president continues, this move will shake the markets, raising concerns about the independence of the Federal Reserve in setting interest rates without government interference.
U.S. Treasury Secretary Scott Bessent said on Tuesday that Trump has initiated a 'formal process' to find a replacement for Jerome Powell, the Fed chairman, who angered the president by refusing to lower interest rates.
"This is President Trump's decision, and it will move at his speed," Bessent told Bloomberg.
Svyrydinko at the first Cabinet meeting instructed officials to 'define a specific action plan'
The Prime Minister of Ukraine added that these plans will be presented publicly and will be subject to discussion with relevant parliamentary committees, as well as regular reporting: 'we must move at a fast pace.' 'By the way, the new government is one of the smallest in history in terms of the number of ministers. This is proof that we are on the path to reducing bureaucracy,' she noted. The number of deputy prime ministers has been reduced from five to three, and the number of ministries from 19 to 15. The position of Minister of the Cabinet is absent.
German Chancellor Friedrich Merz stated that the delivery of Patriot systems to Kyiv could take several weeks
"Our defense ministers are discussing the details of how we can organize the delivery of Patriot to Ukraine in a short time," Merz said on Thursday. "They also need to be transported and installed. This is a matter of not hours, but days and weeks," Bloomberg quoted Merz as saying. Official consent for the purchase of weapons from the U.S. for Ukraine has now been given by Berlin and Copenhagen.
Mykhailo Fedorov announced large-scale plans for the development of the 'Diia' application
Among other things, it is planned to add the ability to apply for a driver's license online, customs clearance of cars, change surnames, and obtain consular services. "We are preparing to launch e-Excise and e-Notary. We will create a medical cabinet in 'Diia,' and receiving a pension will be the most convenient service in the world. A separate track - services for veterans, who should feel the gratitude of the state," he wrote on Telegram. Among other tasks, he mentioned creating an IT system with quality data for the government. "That’s why we will soon launch a single product for the entire government - a dashboard with all key data of state life," said the First Deputy Prime Minister.
CBS announced that it will stop airing 'The Late Show' with Stephen Colbert
The channel called the host 'indispensable' and announced that it would end the long-running franchise, citing 'financial considerations.' The show with Stephen Colbert will conclude its historic run in May 2026, at the end of the broadcast season. The statement continued: 'This is purely a financial decision amid challenging circumstances... It is in no way related to the show itself, its content, or other matters occurring at Paramount.' In May, Colbert used the show to sharply criticize the corporate executives of his network over concerns that they might violate anti-bribery laws.
"The kissing cam" caught the CEO of Astronomer with a colleague at the Coldplay concert
The CEO of the tech company was caught on video hugging a colleague at a Coldplay concert, causing both to awkwardly flee. Viral footage showed Astronomer CEO Andy Byron and the company's Chief People Officer, Kristin Kebot, clumsily jumping out of each other's embrace when they were filmed on the 'kissing cam' during the band's concert in Boston on Wednesday night.
In a video shared on TikTok by user @instaagrace, Coldplay frontman Chris Martin can be heard saying, 'Oh, look at those two,' as the camera moved toward Byron and Kebot. Byron, who was hugging Kebot, quickly let go of her and crouched down, trying to hide from the camera, while she covered her face with her hands. According to her LinkedIn profile, Kebot joined the company nine months ago. A touching clip surfaced online on Thursday, and hundreds of people joked about the awkward situation and suggested that the two were cheating on their husbands/wives. (Independent)
News in brief
Russian drones attacked Dnipropetrovsk region: 1 dead and 2 injured.
EU ambassadors agreed on the 18th package of anti-Russian sanctions. Slovakia has lifted its blockade.
The Cabinet has normalized exemptions from military registration for individuals who have renounced Ukrainian citizenship.
Felix Baumgartner, known for his record-breaking skydiving jump from the 'edge of space,' died at the age of 56 due to a paragliding accident.
In the 'Nova Poshta' parcel lockers, items can be stored. The storage cost is 100 hryvnias. The maximum storage period is five days.
If you have read this far, it means that the information is important to you. So, don’t hesitate to subscribe and like, so as not to miss the daily news digest)
