If people want to understand what synthetics mean to me in this context, see the staff statement on tokenization, which distinguishes tokenized versions of issuer-sponsored stocks and of stocks that SEC-registered firms hold for their customers from synthetic instruments that provide exposure to stocks. https://t.co/XvVmjndGR5
The internet made information global. Crypto is doing the same for money.
I discuss how stablecoins bring the internet's original vision to finance, and this important “WhatsApp moment” in the @FT.
https://t.co/PQpFoYvlp8
Today, President Trump signed the GENIUS Act into law, a historic piece of legislation that will pave the way for the U.S. to lead the global digital currency revolution.
Today brings us one step closer to becoming a welcoming home for digital asset companies. Now, let’s finish the job & pass market structure legislation to fulfill @POTUS' vision of becoming the crypto capital of the world.
Shopify will enable USDC (Stablecoins on @Base) in Checkout via Shopify Payments and Shop Pay. Early access starts today, roll out throughout the year.
We think that stablecoins are a natural way to transact on the Internet and worked with coinbase to develop the commerce payment protocol smart contract that powers this work
Emmer says at Bitcoin 2025 that he expects Hill to move the Senate stablecoin's bill through House Financial Services Committee with some changes.
The plan is still to pass that proposal "before the end of the July" alongside market structure legislation, he says. He adds that he wants a vote on a CBDC ban at the same time.
BRCA has always been such a solid, common sense bill that would bring regulatory stability. To argue otherwise and claim that noncustodial applications qualify as money transmitters would open the floodgates to all kinds of absurd arguments down the road.
It would be akin to arguing that internet service providers are money transmitters simply because they connect individuals to their bank's website. Where would it end?
🇺🇸 The Senate passed the motion to proceed with the GENIUS Act, S. 1582, regulating stablecoins.
Now set for full Senate debate, amendments, and a final vote. 🗳️
Standing room only at Gracie Mansion for @NYCMayor:
🤝 “We want to ensure this city remains the center of innovation”
💬 “If the mayor of the greatest city in the world is willing to talk about blockchain and digital assets…”
🌎 “making NYC the crypto capital of the globe”
Bipartisanship is alive and well.
We called for stablecoin legislation to pass now. We're on the cusp. 17!!!! Democrats joining *nearly* all Republicans to move the GENIUS Act forward.
Thank you @SenatorHagerty@SenLummis@SenGillibrand@SenatorTimScott for your leadership.
News in PM: Senate Majority Leader Thune is committed to an open amendment process around the GENIUS Act. Seriously.
He's been talking about regular order for months. But lobbyists didn't expect the process to be freewheeling. That could lead to a nightmare vote for banks.
For my non-US frens, a "cloture" vote in the Senate is a procedure invented in 1917 used to end debate - incl. filibuster - on a piece of legislation. If a cloture vote fails, the debate continues, which means the bill could come up for vote again shortly. #GENIUS#stablecoins