Trump Asks Congress to Pass Crypto Bill Alongside Executives
Policy
“President Donald Trump pressed Congress to pass digital asset market structure legislation that is a top priority for the industry, as he hosted cryptocurrency executives at the White House on Wednesday. Trump cast the so-called Clarity Act as critical to keeping the US edge in emerging technologies and was joined at the event by executives including Coinbase Global Inc. Chief Executive Officer Brian Armstrong; Tyler and Cameron Winklevoss of Gemini Space Station Inc.; Arjun Sethi, the co-CEO of Payward Inc. which operates the Kraken exchange; and Robinhood Markets Inc. CEO Vlad Tenev. 'We need Congress to take the next step by passing the Clarity Act, a fair version of the Clarity Act,' Trump said. 'It’s a very, very powerful structured legislation which will keep us ahead of China, keep us ahead of everyone else.'”
Source: Bloomberg
Bitcoin Approaches $70,000 After Treasury Announces Buyback Expansion
Markets
“Bitcoin prices rallied sharply on Wednesday, approaching $70,000 after the U.S. Treasury announced an expansion of its existing program to purchase long-term bonds. The world’s most valuable digital currency climbed to $69,698.00 around 11:30 a.m. EDT, according to Coinbase data from TradingView. At this point, the cryptocurrency was up roughly 8.7% from its intraday low of $64,112.04, additional Coinbase figures from TradingView reveal. Past that, it had increased more than 8% in the space of only three hours, having traded near $64,400 around 8:30 a.m. EDT. When asked what caused these price movements, multiple analysts pointed to the U.S. Treasury announcement. 'The clearest catalyst was the U.S. Treasury announcing that it will at least double the size of certain long-term bond buybacks from $2 billion to $4 billion per operation,' Benjamin Sarquis Peillard, founder and CEO of credit marketplace Cap, said via email.”
Source: Forbes
OCC Races to Finalize GENIUS Act Stablecoin Rules by November
Stablecoins
“The Office of the Comptroller of the Currency is stepping on the gas to finalize rules by November to implement a stablecoin law signed by President Donald Trump, according to OCC Comptroller Jonathan Gould. On Wednesday in Wyoming at the annual SALT conference, Gould said the banking regulator received comments and made changes to its initial proposal. In February, the OCC asked for public feedback on its 376-page rule, which clarifies the agency's jurisdiction over stablecoin regulation, including capital and liquidity requirements for risk management. 'So we are very intent on moving quickly and getting a final rule out by November so that we will be able to start processing applications within the new year,' Gould said.”
Source: The Block
Trump Opens Door to Hyperliquid as US Pulls Crypto Trade Onshore
Regulation
“President Donald Trump said US regulators are working to bring Hyperliquid, a fast-growing crypto platform, into the country, offering one of the clearest signals yet that the White House wants to pull a major piece of the industry’s offshore market infrastructure onshore. 'I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion. Working very hard on that,' Trump said at a White House event, referring to Commodity Futures Trading Commission Chairman Michael Selig. Hyperliquid operates outside the US and isn’t officially open to American traders. Bringing it onshore would mean giving them a legal way to use the platform under US oversight. It was co-founded by Jeff Yan, a former trader at Hudson River Trading. The main developer of the platform, Hyperliquid Labs, is based in Singapore.”
Source: Bloomberg
HSBC, Standard Chartered Execute First Live Banking Transaction on Swift’s 24/7 Ledger
Tokenization
“HSBC Holdings (HSBA) and Standard Chartered (STAN) said they completed the first live interbank transaction during a pilot of Swift’s new blockchain ledger, using the network to issue, transfer and settle tokenized deposit obligations across borders in real time. The two banks exchanged payment messages through Swift's ledger, which matched and netted the resulting obligations before final settlement took place through existing systems. The transaction is part of a pilot announced by the bank-owned messaging network used by more than 11,500 financial institutions in July, when 17 lenders across six continents signed up to pioneer live transactions using tokenized deposits for 24/7 payments.”
Source: CoinDesk
