🇺🇸BREAKING: White House blames big banks for killing the CLARITY Act over fears stablecoins would drain their deposits.
White House crypto adviser Patrick Witt says opposition to the bill was "a wildfire that was started by larger banks that ultimately spread to community banks."
He says Trump was willing to divest his crypto or place it in a blind trust, calling it the most restrictive ethics provision "that has ever been agreed to by any president."
Witt called the attacks on Trump "somewhat ironic," given that "a lot of senators on banking committees" actively trade stocks in the financial companies they regulate.
🇺🇸 JUST IN: The US is reportedly exploring a plan to push dollar-backed stablecoins abroad to strengthen the greenback's grip as the world's reserve currency.
It’s GO TIME. The @CFTC is utilizing its existing statutory authorities to establish a crypto asset regulatory market structure. @POTUS promised clear rules of the road for crypto and we are shipping them.
There is nothing more American than discussing the strength and future of American markets on the floor of the New York Stock Exchange as the Opening Bell rings.
Thank you, @lynnmartin, President of the @NYSE, for hosting us this morning and upholding the legacy of US financial leadership in the heart of Wall Street.
The new frontier of finance isn't on the horizon. It's here.
As our markets evolve at warp speed, the @CFTC is upgrading its rules and regulations to prepare for the era of onchain systems, mass tokenization, 24/7 trading, and agentic finance.
Democrats wanted digital asset platforms to be formally classified as financial institutions under the Bank Secrecy Act. The Clarity Act does it.
Democrats voted no.
We don’t permit contracts that are readily susceptible to manipulation to be listed on @CFTC registered exchanges.
Just yesterday, CFTC staff clarified their views on the listing of mention markets, which raise unique manipulation risks. We’ll continue to hold offerings on our exchanges to the highest standard.
FedNow just cracked the door for @Ripple 🚨
Cross border support is coming to the U.S. instant rail.
Domestic leg settles in seconds.
International leg rides correspondent rails.
Early adopters are already testing the new message formats.
This is the setup Ripple has been waiting on. ☺️
A Fed master account is the missing piece.
Direct access.
Cleaner settlement.
RLUSD reserves sitting at the source instead of nested through banks.
That application is live.
The timing is not a coincidence.
The Fed just told the market the U.S. dollar instant rail is going global.
Ripple’s turn is next.
Expect the unexpected ;)