Seeds of Wisdom RV and Economic Updates Tuesday Evening 3-11-25
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MOMENTUM BUILDS IN WASHINGTON TO PASS STABLECOIN LEGISLATION, MARKING A 'MOMENT FOR US HERE IN CONGRESS NOW TO ACT'
▪“There is a moment for us here in Congress now to act,” said Rep. Bill Huizenga, R-Mich., during a House committee hearing on Tuesday.
▪A stablecoin bill is set to be marked up in the Senate Banking Committee on Thursday.
Movement on legislation to regulate stablecoins is underway this week as lawmakers in the House debated necessary provisions in the bill on Tuesday. The Senate committee will also assemble in the coming days to take a vote on proposed stablecoin rules.
This is the moment for Congress to act, said Rep. Bill Huizenga, R-Mich., on Tuesday during a House Financial Services Committee hearing focused on stablecoins and central bank digital currencies. Huizenga cited the Trump administration's actions over the past few weeks, including a White House crypto summit last week.
"There is a moment for us here in Congress now to act, and as legislators, it's ultimately up to us to provide the regulatory clarity needed to ensure that the U.S. dollar remains the dominant reserve currency, and I believe stablecoins can do that," Huizenga said.
Lawmakers have legislation teed up in both the Senate and House to tackle stablecoin regulation. A handful of bipartisan legislators have been working to pass a stablecoin bill for years.
However, like all previous congressional acts to advance crypto regulation, these various attempts had stalled out. Fifty days into Donald Trump's presidency, however, Congress is seemingly making crypto a priority — including by investigating claims of industry-wide debanking and repealing the controversial "DeFi Broker rule."
In February, House Financial Services Committee Republican Chair French Hill, R-Ark., alongside Rep. Bryan Steil, R-Wis., released draft legislation to regulate stablecoins. That draft, called the STABLE Act, builds on work done over the years in the committee beginning in 2022.
A sticking point for a previous draft was a provision that would have allowed state regulators to approve stablecoin issuances without Federal Reserve input.
The new bill differs slightly from the previous stablecoin bill. For example, it gives the Office of the Comptroller of the Currency the authority to "approve and supervise federally qualified nonbank payment stablecoin issuers " instead of including a federal path through the Federal Reserve for "payment stablecoin issuers."
Work is also underway in the Senate. Sen. Bill Hagerty, R-Tenn., introduced a bill to regulate stablecoins called the "Guiding and Establishing National Innovation for US Stablecoins," dubbed the GENIUS Act. Though it is not a companion to the House's version, lawmakers say it shows an effort among Republicans to work on key issues.
That bill is set to be marked up in the Senate Banking Committee on Thursday.
Ron Hammond, senior director of government relations at the Blockchain Association, called all the action "Stablecoin Spring" and said Congress is set on getting a stablecoin bill across the finish line.
"The House hearing today showed most of the Democrats and all the Republicans largely supporting the measures in the STABLE Act," Hammond said in a statement to The Block.
"That same bipartisan spirit will likely be reflected in Thursday’s Senate Banking markup of the GENIUS Act. This will be set the stage for a comprehensive vote on the combined product, the STABLE GENIUS Act, sometime in the next two-to-three months.”
House hearing unfolds
In the House, lawmakers also heard from experts, including Paxos CEO Charles Cascarilla, Global Head of Digital Assets at The Bank of New York Mellon Corporation, among others, on Tuesday.
Rep. Ritchie Torres, D-N.Y., who has shown support toward crypto, compared digital assets to cars.
"The proper legislative response to the automobile is not to ban it, it's not to sabotage it, it's to regulate it," Torres said. "It's to make it safer. And as far as I'm concerned, the proper role of Congress is not to sabotage digital asset transactions, but to make them safer, to strike a careful balance between financial stability and innovation."
Some Democrats revealed hesitancy toward Republican-led stablecoin bills.
Top Democrat Rep. Waters of California criticized Trump over the launch of his memecoin and his executive order creating a strategic bitcoin reserve.
"Despite my belief that the Trump administration only wants crypto legislation that personally benefits them and protects their crypto financiers — I still hope we can work together on a bill that requires stablecoins be robustly and fairly regulated," Waters said.
The current Republican-led bill at play "strips away critical protections to shield investors from criminals," she added.
Rep. Stephen Lynch, D-Mass., criticized the GENIUS Act during Tuesday's hearing and said it needed to be amended "vigorously."
"I read the GENIUS Act over in the Senate — I'm a little weary about anything called genius coming out of the United States Senate — but there were so many problems with that and I'm hopeful, hopefully my colleagues, Mr. Hill, and others will amend that vigorously because it had huge, huge problems," Lynch said.
@ Newshounds News™
Source: The Block
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BRICS TRADE AGREEMENT LOOKS TO END THE PETRODOLLAR’S DOMINANCE
There is no denying that 2025 has seen tension between the West and the Global South reach a fever pitch. That is only expected to continue throughout this year, as a plethora of BRICS trade agreements look to end the petrodollar’s dominance.
The economic alliance has spearheaded efforts to increase trade settlements in local currencies. Moreover, that should continue to extend into the oil industry, which may only increase the growing geopolitical uncertainty between the United States and the bloc.
BRICS Eye an End to the Petrodollar: How Will Donald Trump Respond?
Since his 2024 presidential election win, Donald Trump has placed a clear target on the BRICS alliance. Their previous efforts to de-dollarize global markets led the President to threaten 150% tariffs on membership nations. Yet, that has not deterred its continued pursuit of US dollar alternatives in a host of sectors.
Moreover, that hasn’t limited the attractiveness of the BRICS bloc for developing nations.
Three new nations have been invited to the bloc’s annual summit, all of which are eyeing a position in the collective. Moreover, their presence could only further efforts for BRICS to use new trade agreements to end the petrodollar’s dominance.
Due to the presence of sanctions, Russia pivoted into oil trade settlement currencies in 2022. Specifically, 78% of oil exports to fellow BRICS members China and India were in local currencies over the two years that followed. Comparatively, just 32% were settled in local currencies in 2021.
The alliance’s hopes of de-dollarizing the oil market can be clearly seen in the allies it has embraced. Since the arrival of BRICS+, it has welcomed Saudi Arabia, the United Arab Emirates (UAE), Egypt, and Iran. Those nations are some of the top oil producers in the world. Moreover, many stand to also see the petrodollar cease to hold as much dominance as it does.
If it were successful, it would be a monumental blow to the United States. The BRICS bloc holds more than 40% of the world’s oil and gas reserves Although 58% of currency reserves are still held in the greenback, it presents a key point of conflict that is building on already concerning relations between BRICS and the US.
@ Newshounds News™
Source: Watcher Guru
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