Speaking at a hearing, American Treasury Secretary Scott Besant to toddling the party line in suggesting support for two crypto-related bills while walking through Congress.
Settling Addressed In the 7 May hearing of the House Financial Services Committee, MPs said that the United States should be “the major destination for digital assets” in response to a question about American dominance over China in crypto-related innovation. The Treasury Secretary said that “good market structure” and “Stabecoin law” can help ensure this result.
Besant’s remarks echoed other Republican MPs and President Donald Trump, who initially claimed that he wanted to make America a “Crypto Rajdhani of the world” during his 2024 campaign. The possibility of the Treasury Secretary was referring to the draft of a digital asset market structure bill issued by House Republican on 6 May, referring to the draft of the Genius Bill, was expected to be lifted for a vote in the Senate on 8 May.
The Treasury Secretary, a Trump candidate, stands by the President for important announcements in the Crypto-Non-Knowledge Policy, which includes an executive order to establish a sovereign money fund and as a member of a working group to detect federal rules for Stabecrim and a national crypto stockpile. He suggested during a confirmation hearing that he would oppose the construction of any US-Zari bank digital currency while in the office.
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Democrats pushed back to the crypto bill amidst the memecoin dinner controversy
Before making an announcement that he intends to hold a special dinner and VIP tour for some of his top MEMCEN holders, Trump faced investigation from several MPs on allegations of conflict of interests around his crypto undertakings. However, the declaration of dinner seemed to gauge some democrats against any crypto-related law.
Representative of House Financial Services Committee, Representative Maxin Waters on May 6 led a hearing, addressing the Republican-Draft Crypto Market Structure Bill, which cited the need to detect “Trump’s Crypto Corruption”. A group of nine Democrats in the Senate said in a similar way that they would not support the Pratibha Stabelcoin bill in their current form, suggesting strong money-laundering, foreign issuer and national security security measures.
It is not clear at the time of publication whether the Republicans, which control both chambers, will still have votes to pass the bill.
https://www.youtube.com/watch?v=VKCCRVDC0
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