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REP. WATERS PROPOSES STABLECOIN RULES, FEDERAL OVERSIGHT
Both House Republicans and Democrats have introduced proposals to regulate U.S. stablecoins, signaling that the sector is a legislative priority under President Donald Trump.
Maxine Waters, the ranking Democrat on the House Financial Services Committee, published a proposal for stablecoin oversight through federal watchdogs such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve, according to Punchbowl News.
Waters’ discussion draft also outlines regulatory frameworks for state regulators. Back in 2022, Rep. Waters criticized a Republican-led House Committee bill, calling it “deeply problematic” due to concerns over allowing state regulators to approve stablecoins without Federal Reserve oversight.
At the time, she argued before former Committee Chair Patrick McHenry that this approach could introduce unforeseen risks.
Rep. Waters’ proposal means that both Republican and Democratic lawmakers have now introduced stablecoin regulations since President Trump took office.
Last week, Rep. French Hill, the new Republican Chair of the House Financial Services Committee, submitted a draft bill for stablecoin regulation, co-sponsored by Rep. Bryan Steil. The bill would grant the OCC authority to approve and supervise payment stablecoin issuers.
Specifically, the OCC can license and oversee nonbank stablecoin operators with federal permits. The rules could allow firms like Ripple to enter the $220 billion market.
Rep. Hill’s bill contrasts with Rep. Waters’ proposal, as it assigns stablecoin oversight to the OCC rather than the Federal Reserve, which Waters had advocated. Waters previously stated that House lawmakers needed a “grand bargain on stablecoins” to move forward with regulation.
In the Senate, GOP Senator Bill Hagerty also introduced the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act. Policymakers also unveiled a bi-cameral working group focused on passing crypto regulation at a press conference hosted by White House AI and crypto czar David Sacks.
@ Newshounds News™
Source: CryptoNews
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BRICS: NEW NATION REJECTS DE-DOLLARIZATION AMID TRUMP TARIFFS
The last several weeks have seen geopolitical tensions growing. With both sides reaching a fever pitch, the BRICS has seen yet another nation reject de-dollarization amid the implementation of US President Donald Trump’s new tariffs. Indeed, the president is set to introduce new 25% import taxes Monday as his aggressive economic policy continues.
The move has propelled the US dollar upward, as it seems to reinforce faith in the greenback. However, its potential impact on the United States and the world economy remains to be seen.
All that is certain is that the country is setting the planet on course for a trade war that is wide in its scope and impact.
BRICS Sees Yet Another Country Reject De-Dollarization as Trump Tariffs Take Effect
En route to his campaign victory in November, Trump had championed the importance of the US dollar. Indeed, he noted that the greenback losing its status as the world’s currency would be akin to the nation losing a war.
This has driven his economic policy, as he looks to defend the nation’s currency against lessened international usage and thwart potential expansion of the idea.
To this point, it appears the aggressive stance is working. Indeed, a new BRICS nation has spoken out rejecting de-dollarization as Trump’s tariff plan begins to take effect. It joins nations like India in reassuring that the bloc’s operations are not directly tied to harming the US dollar.
Specifically, Indonesia’s chief economist, Josua Parde, recently confirmed it has no interest in targeting the greenback. Alternatively, its BRICS participation is merely tied to its own economic growth. Indeed, Pardede notes that the distinction between the two is of the utmost importance to the nation.
“We are entering BRICS not to support the de-dollarization of China and Russia but rather to expand trading partners,” Pardede said. “This de-dollarization that we are encouraging is to provide an option for the business world not to always depend on the dollar,” they added.
It will be interesting to observe how Trump responds. With his targeting of Mexico and Canada, things may have changed. Indeed, it appears that his economic policy may be less tied to the US dollar’s status than originally perceived. However, he could redirect his approach to BRICS. Instead, targeting nations actively seeking to decrease the value of the dollar in the coming weeks.
@ Newshounds News™
Source: Watcher Guru
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PRO: NORTH CAROLINA’S STRATEGIC BITCOIN RESERVE BILL A ‘BIG DEAL’
Introduced by Rep. Destin Hall, Speaker of the NC House of Representatives, the bill would allow state lawmakers to invest up to 10% of the state’s funds into exchange-traded products tied to digital assets with a market capitalization exceeding $750 billion.
It also authorizes Bitcoin investments for state-managed funds, including teachers’ and state employees’ pensions, insurance funds, and veterans’ home trust funds.
@ Newshounds News™
Read more: Crypto News
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