House Approves GENIUS Act, Sends to White House

Crypto Industry Reaches Milestone With Passage of Genius Act

The cryptocurrency industry reached a major milestone in Washington on Thursday, as Congress cleared legislation outlining the first federal rules for stablecoins, a popular form of digital currency.

A bipartisan vote in the House to approve the bill, known as the Genius Act, sent it to the White House for President Trump’s signature, now expected on Friday. He has promised to make it the first major piece of crypto legislation signed into law in the United States.

But even as the industry and its backers notched their first big policy victory, the fate of a potentially more consequential digital currency regulation bill still working its way through Congress was in doubt.

The House on Thursday also passed the Clarity Act, sending the Senate legislation that would establish cryptocurrency market regulations that industry executives have championed for months.

At the heart of that measure are provisions that would weaken the power of the Securities and Exchange Commission to police crypto and instead hand more control to the Commodity Futures Trading Commission. That could shield the industry against the kind of aggressive enforcement the S.E.C. undertook in the Biden administration, when regulators filed lawsuits against a procession of major crypto firms, and instead empower a commission that is seen as much more friendly to it.

Donald Trump set to open US retirement market to crypto investments

Donald Trump is preparing to open the $9tn US retirement market to cryptocurrency investments, gold, and private equity in a move that would spur a radical shift in the way Americans’ savings are managed.

Trump is expected to sign an executive order as soon as this week that would open up 401k plans to alternative investments beyond traditional stocks and bonds, according to three people who have been briefed on the president’s plans.

These investments would run a broad spectrum of asset classes, from digital assets to metals and funds focused on corporate takeovers, private loans and infrastructure deals.

University of California divests from hedge funds with scathing criticism

The $190bn manager of the University of California’s endowment and pension has divested from hedge funds as its chief investment officer lambasted the asset class for failing to provide adequate risk protection.

UC Investments in a meeting on Tuesday approved a plan to reallocate its 10 per cent absolute return portfolio — or its investments in hedge funds — to public equities, finalising a wind-down that began five years ago.

SEC to Weigh ‘Innovation Exception’ Tied to Crypto, Atkins Says

The Securities and Exchange Commission is weighing an innovation exemption from regulations to incentivize tokenization, Chairman Paul Atkins said, after the US House passed a landmark stablecoin bill earlier Thursday. “Staff is considering what other changes may be appropriate to incentivize tokenization within our regulatory framework, including an innovation exception that would permit novel ways of trading and more narrowly tailored forms of relief to facilitate the building of other components of a tokenized securities ecosystem,” he said at a press event.

SEC chief praises American markets while sounding the alarm on regulatory overreach

SEC Chairman Paul Atkins discusses a trio of crypto bills, the GENIUS Act, and the overall regulatory environment on ‘Mornings with Maria.’