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Gary Kosten MSIB
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Binance Word of the Day Answer Today (17 May 2025)
#BinanceWOTD
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#GENIUSAct GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) - May 2025 Senate Progress On May 19, 2025, the Senate voted 66–32 to invoke cloture on the GENIUS Act, overcoming previous Democratic opposition. This procedural vote allows the bill to proceed to full debate and potential amendments on the Senate floor. Key Provisions of the GENIUS Act - Full Asset Backing: Stablecoins must be fully backed by reserves. - Licensing Requirements: Only licensed entities can issue stablecoins. - Algorithmic Stablecoin Ban: Prohibits algorithmic stablecoins. - Consumer Protections: Mandates regular audits and AML compliance. - Big Tech Restrictions: Limits big tech involvement in stablecoin issuance. - Yield-Bearing Stablecoin Ban: Bans yield-bearing stablecoins, even from foreign issuers. - Enhanced Oversight: Grants Treasury Department enforcement authority. Political Dynamics The bill initially faced resistance due to former President Trump's crypto activities, including the USD1 stablecoin. Senator Elizabeth Warren opposed the bill over concerns about 'crypto corruption.' Following negotiations, 16 Democrats supported the bill after enhanced consumer protections and tech firm restrictions were included. Next Steps Senate Majority Leader John Thune announced an open amendment process. The bill is expected to be finalized and potentially signed into law by President Trump before the August recess. https://youtu.be/3QS9QNbJRcs?si=fmlGf92iZ4aftmp7
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Latest Updates on Donald Trump - May 20, 2025 National Security Concerns Over Qatar Jet Donald Trump is facing bipartisan criticism for accepting a $400 million Boeing 747 jet from the Qatari royal family. Dubbed a 'flying palace,' the aircraft lacks the advanced security features of Air Force One, raising concerns about hacking and espionage. Experts warn that upgrading the plane would be costly. 'Take It Down Act' Signed Into Law President Trump signed the 'Take It Down Act' criminalizing the distribution of non-consensual intimate images, including deepfakes. First Lady Melania Trump played a key role in its advocacy. Crypto Ventures Spark Ethics Debate Trump's family-linked crypto projects, like the $TRUMP coin, have raised ethical concerns over foreign investments, drawing parallels to previous political family controversies. Diplomatic Efforts: Ukraine-Russia Conflict Trump and Putin discussed initiating ceasefire talks. While Trump is optimistic, Zelenskyy emphasized the need for U.S. involvement in peace efforts. Supreme Court Ruling on Venezuelan TPS The U.S. Supreme Court allowed the Trump administration to revoke TPS for over 300,000 Venezuelans, reversing a lower court decision. Media Controversy: CBS News Leadership CBS News CEO Wendy McMahon resigned following a settlement with Trump over a '60 Minutes' interview, reflecting ongoing tensions with media. #$TRUMP #USDTfree News Category Distribution
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