On Thursday, the U.S. House of Representatives passed the first major nationwide legislative act on cryptocurrency regulation
For years, regulators have struggled with how to approach the crypto industry, which has grown to a value of $3.7 trillion, but it has largely remained a niche investment made 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' that are typically pegged to the value of the U.S. dollar.
The Genius Act, which was passed with bipartisan support by a vote of 308 to 122 after being approved by the Senate in June, is now ready for signing by President Donald Trump, who endorsed the bill and promised to seek a more lenient regulatory environment for cryptocurrencies, as well as promote his own crypto projects.
Under the Genius Act, issuers of stablecoins, such as banks and crypto companies, will be required to have reserves in sufficient amounts of U.S. dollars or equivalent 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 Republicans in the House call 'cryptocurrency week.' Optimism that the Genius Act would pass through the House briefly faded as Republican legislators argued over how best to package these three measures, delaying the vote for two days until Trump intervened in discussions with dissenters.
But on Thursday afternoon, the House passed all three measures with bipartisan support: the Clarity Act, which establishes the Commodity Futures Trading Commission as the main crypto regulator, will now be sent to the Senate, along with the third proposal, the State Oversight Against CBDC Act, which would prohibit the Federal Reserve from issuing digital currency.
The Genius Act focuses exclusively on stablecoins, whose relative stability is considered more suitable for daily transactions. Stablecoins differ from other cryptocurrencies, such as Bitcoin, in that they are typically pegged to the value of fiat currency, such as the U.S. dollar, at a 1:1 ratio, making them less volatile. Coins are often used as a means to purchase other cryptocurrencies, although cryptocurrency advocates say that wider adoption may 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 does not contain 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 spokesperson Caroline Levitt at a press briefing for reporters on Thursday.
"So, after 50 days, as the president clearly stated, if there is no ceasefire agreement or peace deal during this time, if Russia refuses to legally agree to a ceasefire, then they will face very high tariffs, and they 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 harm 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
According to 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 stated at a press conference that it is 'very unlikely' he will do anything 'unless he has to leave' due to 'fraud.' He also denied reports of writing a letter.
Discussing the Tuesday meeting with House Republicans, the president said that 'almost every one of them' supported the idea of firing Powell.
If the president continues, this move will shake the markets, raising concerns about the Fed's independence in setting interest rates without government interference.
U.S. Treasury Secretary Scott Bessent stated on Tuesday that Trump has initiated a 'formal process' to find a replacement for Jerome Powell, the head of the Fed, who angered the president by refusing to lower interest rates.
"This is President Trump's decision, and it will move at his pace," Bessent told Bloomberg.
Svyrydenko instructed officials at the first Cabinet meeting 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 terms of the number of ministers in history. This is proof that we have taken a course to reduce the apparatus,' she noted. The number of deputy prime ministers has decreased from five to three, and the number of ministries has decreased from 19 to 15. The position of Minister of the Cabinet is absent.
German Chancellor Friedrich Merz stated that the transfer of Patriot air defense 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 not a matter of hours but days and weeks," Bloomberg quoted Merz as saying. Berlin and Copenhagen have currently given official approval for arms purchases from the U.S. for Ukraine.
Mikhail Fedorov announced large-scale plans for the development of the 'Diia' app
Among other things, it is planned to add the ability to apply for a driver's license online, customs clearance of cars, change names, and obtain consular services. "We are preparing to launch e-Excise and e-Notary. We will create a medical office in 'Diia,' and receiving a pension will be the most convenient service in the world. A separate track is services for veterans, who must 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 unified product for the entire government — a dashboard of all key state life data," the first Deputy Prime Minister reported.
CBS announced it will end the 'Late Show' with Stephen Colbert
The network called the host 'irreplaceable' and stated 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 further said: 'This is purely a financial decision amid difficult 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 corporate executives of his network over concerns that they might violate anti-bribery laws.
"The kissing camera" caught the CEO of Astronomer with a colleague at the Coldplay concert
The CEO of the technology 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 his company's Chief People Officer, Kristen Kebot, clumsily jumping out of each other's embrace when they were caught on the 'kissing camera' 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 panned to Byron and Kebot. Byron, who was hugging Kebot, quickly released 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, suggesting 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 withdrew its blocking.
The Cabinet has normalized the exemptions from military registration for individuals who have renounced Ukrainian citizenship.
Felix Baumgartner, known for his record parachute jump from 'the edge of space,' died at the age of 56 in a paragliding accident.
In the 'Nova Poshta' parcel lockers, it will be possible to store items. The cost of storage is 100 hryvnias. The maximum storage period is five days.
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