EleanorTerrett

Heading to Toronto for @consensus2025 today! ✨

Excited to moderate panels with some legends —

Wednesday: @dan_pantera and @DTAPCAP

Thursday: @Matt_Hougan, @fundstrat, @hashoveride, @farokh and @btschiller

See you there!

🚨SCOOP: Treasury to Host Crypto Policy Roundtable Series This Week

https://www.cryptoinamerica.com/p/treasury-to-host-crypto-policy-roundtable?utm_medium=web&triedRedirect=true

🚨NEW: Just spoke with @BankingGOP Chair @SenatorTimScott, who said political repercussions for Democrats who voted against moving forward with the GENIUS Act on Thursday will be “painful.” He added that he hopes the inevitable backlash from the #crypto industry encourages them to realign and help get the bill passed.

Scott voiced frustration with the bill’s Democratic co-sponsors, Sens. Gillibrand and Alsobrooks, who ultimately voted no despite Republicans making “major concessions”—including revisions to anti-money laundering rules, a shortened timeline for stablecoin issuers to become U.S.-based, and enhanced national security safeguards.

“If you can get so much of what you want, and you still can’t say yes, I don’t get it,” he said.

Going forward into next week and beyond, Scott remains hopeful that Democrat lawmakers and the two Republican holdouts (Hawley and Paul) will recognize the broader implications of how a lack of access to stablecoins undermines financial inclusion and innovation.

“I'm hoping that once they take a look at what they've done, they'll come to the decision that it’s worth coming back to the drawing board and getting it done.”

ICYMI: The Friday edition of the @CryptoAmerica_ newsletter.

Senate Republicans plan to take the weekend to cool off before restarting negotiations on the GENIUS Act.

PLUS, @SECGov announces @Ripple settlement & more.

https://www.cryptoinamerica.com/p/stablecoin-showdown-senate-vote-fails

🚨JUST IN: The @SECGov has announced a settlement with @Ripple, @bgarlinghouse and @chrislarsensf.

The parties have agreed that Ripple will pay $50M of the original $125M penalty, with the rest being returned to them.

Both sides will drop appeals if the court agrees to lift the injunction placed on Ripple.

🚨NEW from Rep. @RitchieTorres (D-NY) — he’s introducing a bill that would prevent federal officials and their immediate family members from profiting off of meme coins and stablecoins.

One of my first articles with @CGasparino, exploring how @SECGov enforcement staff were frustrated with former chair Gary Gensler’s self-promotional approach to the @KimKardashian case.

This is referenced in an internal staff email included in the new @coinbase FOIA docs with the reaction: “Oh my. Have you ever seen enforcement staff publicly criticize before?” 😅

🚨NEW: In 2023, the @NewYorkStateAG urged @SECGov to file an amicus brief in its case against @kucoincom, arguing that $ETH is a security.

The email, sent to Gensler’s Chief of Staff @amandalfischer, called a court ruling labeling Ether a security “beneficial to investor protection,” and said it “wouldn't be great” if the court declined to do so.

The SEC never filed the brief. The message is part of a new trove of documents released by @coinbase via FOIA, now posted on their website.

🚨SCOOP: @cryptocom Expands U.S. Footprint with New D.C. Office

The move reflects a broader industry trend of global crypto companies either returning to or doubling down on operations in America to take advantage of a friendlier regulatory environment.

https://www.cryptoinamerica.com/p/cryptocom-expands-us-footprint-with

🚨NEW: The @BankingGOP is touting stakeholders who have come out in support of the GENIUS Act ahead of its upcoming vote in the Senate.

Crypto industry supporters include @cdixon, @KMSmithDC, @JonathanJachym, @ddisparte @KyleSamani, @matthew_pines and @stripe.

There are supporters from outside the industry as well — notably Doug Kantor, General Counsel, National Association of Convenience Stores weighs in saying stablecoins will make payments on Main Street far more efficient than they are today and legislation is the only way to make that happen.

“Main Street needs to know stablecoin has responsible regulation behind it and we need a competitive market,” he said. “We urge passage of the GENIUS Act and additional reforms so that the American economy benefits.”

🚨NEW: The @BankingGOP has voted 13-11 to advance the nomination of Michelle Bowman to be the next @federalreserve vice chair for supervision. Her nomination now goes on to the full Senate.

PLUS, happening now: A SPICY joint hearing between the @HouseAgGOP and @FinancialCmte on market structure legislation following yesterday’s market structure discussion draft drop. @RepMaxineWaters is objecting to the hearing and encouraging members to walk out with her over President Trump’s “crypto corruption.”

🚨SCOOP: Acting @CFTC chair @CarolineDPham just told me on stage at the @NetworkMedici conference that the CFTC plans to be an observer on a handful of industry tokenization pilot programs in order for the agency to learn first hand how well tokenized assets can function in the real world and gain experience with the technology.

🚨NEW: Page 49 of the House’s new market structure discussion draft aims to clarify that transactions involving the sale of digital commodities do not constitute securities as long as those transactions do not involve the purchaser acquiring an ownership interest in the issuer's business, profits, or assets.

In other words, if you're buying or selling digital commodities on the secondary market, and not directly from the issuer itself, it won’t automatically trigger U.S. securities laws unless the sale gives you some kind of ownership or a claim on the company’s profits or assets.

🚨NEW: The @SECGov has announced deets for its fourth industry roundtable on tokenization.

The May 12 event will feature two panels with participants from @BlackRock, @FTI_US, @Fidelity @apolloglobal, @Securitize, @RobinhoodApp and more.

🚨NEW from me: Democrat Opposition to Stablecoin Bill Could Stall Momentum on Market Structure

Industry proponents worry the hold up might hurt other key crypto legislation.

PLUS, there’s renewed hope for Bitcoin legislation in Arizona. ⬇️

https://open.substack.com/pub/cryptoinamerica/p/democrat-opposition-to-stablecoin?r=5e5n42&utm_medium=ios

🚨NEW: Witnesses for Tuesday's @FinancialCmte market structure hearing will include former @CFTC chair Rostin Behnam, plus:

📌@jamesrathmell, GC at @HaunVentures
📌@alexlmiller, CEO of @hirosystems
📌Dan Davis, former CFTC GC
📌@GregTusar, @coinbase Institutional Product VP

If you’re not subscribed to the @CryptoAmerica_ newsletter yet — this is your sign! 🪧

https://www.cryptoinamerica.com

🚨NEW: Senator @RubenGallego and nine other senators just issued a joint statement regarding the updated text of the GENIUS Act that was released last week, saying they cannot support the bill in its current form. The group notes several concerns, including insufficient provisions on anti-money laundering, national security, and financial system safety.

Notably, four Dems on the list supported the bill in its original form during the @BankingGOP markup in March: Gallego, Warner, Kim and Blunt Rochester. Democrat Angela Alsobrooks, a co-sponsor of the bill, did not sign the letter.

“This is all about the political dynamics of President Trump,” one Republican Senate aide tells me.

The letter comes following major media scrutiny of Trump’s various crypto ventures, including a New York Times story that stated Trump's family members could profit heavily from $2 billion worth of @worldlibertyfi USD1 stablecoins being used for an investment by a foreign fund.

It also comes just two days after @LeaderJohnThune initiated a process that would expedite a full floor vote on the GENIUS Act.