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REPUBLICAN LAWMAKERS LAUNCH BICAMERAL WORKING GROUP TO BRING CLARITY TO CRYPTO
Republican lawmakers announce a bicameral working group to fast-track crypto regulations, focusing on stablecoins and digital asset market rules in a major push for long-awaited industry clarity.
Republican lawmakers are stepping up their efforts to bring clear rules to the crypto industry, forming a bicameral* working group to push legislation on stablecoins and digital asset market structures.
The move, announced on Feb. 4 at a Capitol Hill press conference, marks a coordinated effort between key House and Senate leaders to create a structured framework for crypto regulation, an issue that has remained in legal limbo for years.
The working group includes members from four major committees—the House Financial Services Committee, the House Agriculture Committee, the Senate Banking Committee, and the Senate Agriculture Committee—showing that lawmakers see crypto regulation as an issue that spans multiple sectors of financial oversight.
Representative French Hill of Arkansas, along with Senators Tim Scott and John Boozman and Representative Glenn Thompson, will play leading roles in shaping these policies, drawing from existing legislative efforts while introducing new proposals.
Lawmakers plan to build on the Financial
Innovation and Technology for the 21st Century Act (FIT21), which passed a House committee in 2024, while also using a new stablecoin bill introduced by Senator Bill Hagerty on Feb. 4 as a starting point for further discussions.
Senate Banking Chair Tim Scott has made it clear that speed is a priority, saying he wants to push the crypto bills through the Senate within the first 100 days of the congressional session.
Conversations with Democratic colleagues are already underway, raising the possibility that some elements of these bills could gain bipartisan support.
At the press conference, David Sacks, Trump’s crypto and artificial intelligence czar, spoke about the broader vision for digital assets, calling this a key moment to create a “golden age” for crypto in the U.S.
His role extends beyond Congress, as he is also overseeing a separate initiative within the White House to assess the possibility of a government-held Bitcoin reserve.
Trump’s executive order on Jan. 23 laid the foundation for that discussion, along with directives to prevent the creation of a central bank digital currency.
For years, the lack of clear rules has driven many crypto firms to set up operations overseas, where regulations have been more clearly defined. If successful, this working group could finally give the crypto industry the clarity it has long been waiting for.
*Bicameral legislature is a lawmaking body that’s divided into two separate chambers. The two chambers work together to pass laws. A bicameral legislature in the United States Congress: The House of Representatives and the Senate are the two chambers of the U.S. Congress.
@ Newshounds News™
Source: Crypto News
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ROBINHOOD HALTS SUPER BOWL BETS A DAY AFTER LAUNCH ON CFTC REQUEST
Robinhood Markets has suspended Super Bowl betting after receiving a request from the Commodities and Futures Trading Commission to nix its customers’ access to the event contracts.
The halt comes just a day after Robinhood launched the product in partnership with prediction market Kalishi, allowing wagers on the outcome of the Philadelphia Eagles versus Kansas City Chiefs Feb. 9 game in the National Football League’s championship Super Bowl.
In a Feb. 4 announcement, Robinhood said it would suspend the rollout of the Pro Football Championship market as it continues to work with the CFTC to understand its concerns.
The firm said it had rolled out the product to around 1% of its customers, some of who had already placed trades.
“We are disappointed by this outcome, especially given that we had been in regular communication with the CFTC about our intent and plans to offer this product,” Robinhood said.
It comes just a day after reports that the CFTC was probing Crypto.com and Kalshi over their offerings of Super Bowl event contracts and whether they comply with derivatives regulations.
Event contracts differ from traditional betting in that the odds come from a pool of users betting on the likely winner rather than a bookmaker creating the odds.
Crypto.com told Cointelegraph it would continue to offer the wagers despite the probe.
Robinhood made its first foray into event contracts in October, offering trades based on the outcome of the US presidential election.
The announcement followed a court win by prediction platform Kalshi against the CFTC, allowing the platform to offer US-based users contracts for betting on election outcomes.
@ Newshounds News™
Source: CoinTelegraph
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