Zürcher Nachrichten - US House passes landmark crypto measures in win for Trump

EUR -
AED 4.313975
AFN 80.547545
ALL 97.434934
AMD 449.73046
ANG 2.102303
AOA 1077.171324
ARS 1492.791377
AUD 1.764031
AWG 2.116752
AZN 2.0016
BAM 1.955498
BBD 2.367734
BDT 143.357833
BGN 1.958424
BHD 0.442932
BIF 3495.35953
BMD 1.174668
BND 1.502568
BOB 8.102747
BRL 6.532923
BSD 1.172619
BTN 101.493307
BWP 15.744565
BYN 3.837607
BYR 23023.499991
BZD 2.355536
CAD 1.60865
CDF 3393.617337
CHF 0.926897
CLF 0.028411
CLP 1114.547663
CNY 8.403625
CNH 8.419418
COP 4775.561579
CRC 592.408399
CUC 1.174668
CUP 31.128712
CVE 110.247953
CZK 24.57048
DJF 208.817712
DKK 7.463496
DOP 71.148999
DZD 152.157473
EGP 57.684081
ERN 17.620026
ETB 163.190867
FJD 2.634488
FKP 0.874805
GBP 0.867394
GEL 3.18381
GGP 0.874805
GHS 12.254105
GIP 0.874805
GMD 84.57654
GNF 10176.42647
GTQ 9.000608
GYD 245.342064
HKD 9.220682
HNL 30.706252
HRK 7.537617
HTG 153.886205
HUF 396.850416
IDR 19217.339549
ILS 3.939608
IMP 0.874805
INR 101.616219
IQD 1536.162471
IRR 49468.226083
ISK 142.276286
JEP 0.874805
JMD 187.051077
JOD 0.832886
JPY 173.446879
KES 151.506573
KGS 102.553011
KHR 4697.273684
KMF 491.603168
KPW 1057.221015
KRW 1624.959912
KWD 0.358662
KYD 0.977249
KZT 639.001194
LAK 25279.09122
LBP 105069.953557
LKR 353.815291
LRD 235.113646
LSL 20.812382
LTL 3.468491
LVL 0.710546
LYD 6.330021
MAD 10.545169
MDL 19.72395
MGA 5179.199166
MKD 61.550483
MMK 2465.733848
MNT 4216.363074
MOP 9.481134
MRU 46.800763
MUR 53.342135
MVR 18.094285
MWK 2033.385588
MXN 21.791567
MYR 4.958867
MZN 75.131746
NAD 20.812382
NGN 1799.510154
NIO 43.153327
NOK 11.939518
NPR 162.388891
NZD 1.952022
OMR 0.45182
PAB 1.172619
PEN 4.153358
PGK 4.860248
PHP 67.132737
PKR 332.301418
PLN 4.249143
PYG 8783.641829
QAR 4.274539
RON 5.067641
RSD 117.131888
RUB 93.035614
RWF 1695.037905
SAR 4.407599
SBD 9.732239
SCR 16.61843
SDG 705.392672
SEK 11.182226
SGD 1.503815
SHP 0.923105
SLE 26.959075
SLL 24632.212956
SOS 670.196371
SRD 43.067458
STD 24313.263549
STN 24.496212
SVC 10.260413
SYP 15272.941179
SZL 20.804783
THB 38.024448
TJS 11.198868
TMT 4.123086
TND 3.423471
TOP 2.751195
TRY 47.660213
TTD 7.973767
TWD 34.632517
TZS 3004.935362
UAH 49.031718
UGX 4204.349902
USD 1.174668
UYU 46.972737
UZS 14837.70572
VES 141.281363
VND 30711.704452
VUV 140.295141
WST 3.217414
XAF 655.855588
XAG 0.030777
XAU 0.000352
XCD 3.1746
XCG 2.113373
XDR 0.815674
XOF 655.855588
XPF 119.331742
YER 283.036769
ZAR 20.886665
ZMK 10573.429114
ZMW 27.351771
ZWL 378.242735
  • RBGPF

    -1.1200

    73.88

    -1.52%

  • CMSD

    0.0400

    22.89

    +0.17%

  • CMSC

    0.0550

    22.485

    +0.24%

  • RIO

    -0.7300

    63.1

    -1.16%

  • NGG

    -0.0800

    72.15

    -0.11%

  • SCU

    0.0000

    12.72

    0%

  • RELX

    -0.9800

    52.73

    -1.86%

  • VOD

    -0.0900

    11.43

    -0.79%

  • RYCEF

    -0.0400

    13.2

    -0.3%

  • GSK

    -0.2600

    37.97

    -0.68%

  • SCS

    0.0700

    10.58

    +0.66%

  • BCC

    1.7100

    88.14

    +1.94%

  • AZN

    -1.0200

    72.66

    -1.4%

  • BP

    0.0700

    32.2

    +0.22%

  • BCE

    -0.2300

    24.2

    -0.95%

  • JRI

    -0.0600

    13.09

    -0.46%

  • BTI

    -0.3700

    52.25

    -0.71%

US House passes landmark crypto measures in win for Trump
US House passes landmark crypto measures in win for Trump / Photo: Ian Maule - AFP/File

US House passes landmark crypto measures in win for Trump

The US House of Representatives on Thursday passed three landmark cryptocurrency bills, fulfilling the Trump administration's commitment to the once-controversial industry.

Text size:

Lawmakers easily approved the CLARITY Act, which aims to establish a clearer regulatory framework for cryptocurrencies and other digital assets.

The bill is designed to clarify industry rules and divide regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

It will now advance to the Senate, where Republicans hold a slim majority.

House legislators also readily passed the GENIUS Act, which codifies the use of stablecoins -- cryptocurrencies pegged to stable assets like the US dollar or US bonds.

This bill is expected to go directly to President Trump for his signature to become law.

The Senate passed the GENIUS Act last month, and it sets requirements such as mandating that issuers hold reserves of assets equal in value to their outstanding cryptocurrency.

"This historic legislation will bring our payment system into the 21st century. It will ensure the dominance of the US dollar. It will increase demand for US Treasuries," said Senator Bill Hagerty, the measure's sponsor in the Senate.

This wave of legislation follows years of skepticism towards crypto, driven by the belief that the sector, born from bitcoin's success, should be tightly controlled and kept separate from mainstream investors.

However, after crypto investors contributed millions of dollars to his presidential campaign last year, Trump reversed his previous doubts about the industry.

He even launched a Trump meme coin and other ventures as he prepared for his return to the White House and hosted a gala dinner for the coin's top buyers once he was in office.

And according to the Financial Times, Trump is now preparing to open the $9 trillion US retirement market to cryptocurrency investments as well as gold, and private equity.

Notably, both the CLARITY Act and the GENIUS Act garnered significant bipartisan support, with Democrats also having seen an increase in lobbying and contributions from the crypto industry.

"It's critically important we bring more certainty to the marketplace with clear rules of the road," said congressman Josh Gottheimer, a Democrat who supported the bills.

Since taking office, Trump has made several moves to support the crypto sector, including appointing crypto advocate Paul Atkins to lead the SEC.

He also established a federal "Strategic Bitcoin Reserve" to audit the government's bitcoin holdings, primarily accumulated through law enforcement's judicial seizures.

Forbes magazine estimates that the president's foray into the crypto business has doubled his wealth to $5.3 billion in just one year.

In a largely partisan vote, the Republican-led House also passed the Anti-CBDC Surveillance State Act.

It aims to block the issuance of a central bank digital currency (CBDC) -- a digital dollar issued by the US Federal Reserve -- even if there currently are no plans for such an endeavor.

Republicans argue that a CBDC could enable the federal government to monitor, track, and potentially control private citizens' financial transactions, thereby undermining privacy and civil liberties.

Passage of this measure in the Senate is far from guaranteed before it can go to the president's desk.

An earlier attempt to set aside the anti-CBDC bill caused a significant stir among a small group of Republicans and delayed passage of the other two bills until eleventh-hour lobbying by Trump helped resolve the issue.

A.Wyss--NZN