The Chamber Republicans presented a draft discussion of a bill of market structure, but all eyes this week were in the Senate, where a bipartisan effort to advance in the legislation of Stablecoin faced a wall.
PS: I will be in Toronto next week by consensus. In the city? Come say hello.
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The narrative
Stablecoin and the market structure bill are the two great things around cryptography that the Congress is expected to reach the desk of President Donald Trump this year. There was a press conference from Crypto and AI Czar David Sacks with the presidents of the Chamber and Senate committees. Everyone had this difficult deadline for “before the recess of August”.
Why does it matter
Of these two bills, Stablecoin’s legislation was supposed to be the easiest elevator. It focuses on a part of the cryptographic sector, while the market structure bill will define how a broader part of the industry operates and is supervised by federal regulators. And until just over a week ago, the Stablecoin bill was largely sailing with few problems. Now, although it is still expected to become law, the moment of its passage is much less safe.
Break down
The first thing is the first: no one with which this reporter has spoken this week believes that the Senate Stablcoin bill, the National Innovation Law for the United States (genius) of the Senate, is dead. According to several people familiar with the situation, legislators have already negotiated after the failed vote on Thursday, and legislators could vote again as soon as next week, potentially even on Monday.
Thursday’s vote failed after the Democrats gave an alarm last weekend that certain provisions on national security, the solidity of the financial system and responsibility, although the Republicans argued that the current use of Stablecoin requires a quick step. The president of the United States, Donald Trump, benefits from Stablecoins also raised the alarms for legislators, the senators who introduced multiple bills that would prevent the president from issuing financial assets, including the “Cryptocurrency Corruption Law”, which would block all members of Congress, the President, the Vice President, other officials of the Executive Branch of “that they support or alleged cryptographic assets.” “
On Wednesday, an individual told Coindesk that it seemed that there could be an agreement for Democrats to vote on the Cryptography Corruption Law, either as an amendment to the genius law or as an independent bill, before the vote of procedure on the genius law itself.
Ultimately, this did not happen, with the legislators who proceed directly to the so -called vote of the sewage on Thursday; 48-49 fell.
The vote also did not fail in the lines of the party: although no Democrat voted in favor of the bill, Republicans Josh Hawley and Rand Paul joined 46 Democrats to vote against the motion (the leader of the majority, John Thune, initially voted in favor of the bill, but turned a procedural movement that will allow him to return the bill for a vote for a vote later).
Among other topics was the fact that there was no invoice text available at the time the vote began.
The vote of the sewage, which would open 30 hours of debate, is likely that the main lead that Democrats have to try to obtain their priorities in the bill because it needs 60 senators to be approved. After the debate, there will be another vote of the sewage before the vote of the final approval, but it would be difficult for a legislator who voted to open the debate to remember later, one of the people told Coindesk.
Having your priorities ordered before reaching the final set of votes would also generally provide more comfort to legislators, said the individual.
None of the people who spoke with Coindesk expect that a real provision that blocks the president of the United States to issue or be linked to a stablecoin issuer will become part of the final bill.
One of the people said that the ongoing negotiations are more focused on how foreign issuers are treated and provisions against money laundering.
A broader concern was that a considerable delay in the approval of the Stablecoin legislation can slow down the process to advance the bill of market structure, which will rewrite the law on how the Commission of Commerce of Basic Products Futures and the Bag and Securities Commission supervise the digital assets, including the way in which cryptocurrencies could be defined as values. A discussion draft was introduced in the house this week.
If the Senate votes about the Stablecoin bill in the next week more or less, it should not delay the other bill, two people told Coindesk.
- USA. Structure of the United States market structure presented by the legislators of the House of Representatives: As the headline says. More about this in a few weeks.
- New Hampshire becomes the first state to approve the encryption reserve law: The holder explains for himself here.
- Samourai Wallet prosecutors say that Finn’s late dissemination was not a rapist by Brady: The defense lawyers of the Samourai wallet developers alleged the other day that the Department of Justice retained crucial evidence in the form of notes about a conversation with officials of the financial crime control network that told prosecutors that Samourai’s wallet was not a money transmission business. The prosecutors said Friday that they did not retain this evidence.
- SEC, $ 50 million settlement agreement Ripple, requests NY Judge the Green Light: Ripple and the SEC have asked a judge to be well the conciliation agreement they announced for the first time in March.
- The trainers lose millions that predict the new Pope while the edge of the polymercado strives: There is a new Pope, and Polymeket’s traigators gave him a 1% chance of happening to Pope Francis.
- The founder of Binance, CZ, confirms that he has requested Trump’s forgiveness after the prison period: Changpeng Zhao said he asked Donald Trump for a forgiveness after his guilt declaration of 2023 to a violation of the Banking Secretation Law.
- CFTC leaves appeal in the case of Kalshi electoral bets: The CFTC seems to have cleared the way for political event contracts to be officially launched in the United States, after abandoning its appeal of the 2024 court of Kalshi.
- The Senate Democrat says that Trump’s cryptographic businesses is investigating: Senator Richard Blumenthal, a member of classification of the Permanent Subcommittee of Investigations of the National Security Committee and Senate Government Affairs, wrote letters to executives in two entities affiliated with Trump who asked about their cryptography projects.
- Coinbase sec documents reveal that New York Attorney General wanted ETH to declare security: The New York Attorney General’s Office, Letitia James, asked the stock exchange and values commission to call ETH security during his case against Kucoin, in accordance with a set of documents that Coinbase received from the SEC in accordance with a request from the Law on Freedom of Information.
- Occ: banks can buy and sell the cryptographic assets of their customers held in custody: The Currency Comptroller’s Office published an interpretive letter that tells banks that they can buy and sell cryptography assets so that customers are arrested and use third -party administrators.
- As a goal he told Mull Tokens, Senator Warren asks to block the great technology stable: Goal (previously Facebook), who tried to enter cryptography in 2019 and caused a global mass reaction of its efforts, is considering the use of Stablingins again, fortunately. Senators Elizabeth Warren and Josh Hawley have expressed concern.
Tuesday
- 10:00 am et (14:00 UTC) The Financial Services and Agriculture Committees of the House of Representatives were scheduled to hold a joint audience on the structure of the digital asset market, but the FSC classification member Maxine Waters opposed and, instead, he celebrated his own hearing on Trump cryptographic links.
Thursday
- (404 media) It turns out that former national security advisor Michael Waltz was not using Signal, but an unofficial version called Telemassage, which was then pirate and then suspended temporarily services.
- (San Francisco’s standard) Jeffy Yu seemed to pretend his own death to pump a memory, or something. At the same time Yu is alive and kicking in his parents’ house, the San Francisco standard reported.
If you have thoughts or questions about what I should discuss next week or any other comments you want to share, do not hesitate to send me an email to [email protected] or find myself at bluesky @nikhileshde.bsky.social.
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Look, next week!
