United States Sens. Cynthia Lummis and Kirsten Gillibrand will reintroduce legislation aimed at establishing a comprehensive regulatory framework for digital assets.
The U.S. lawmakers said they would reintroduce the Responsible Financial Innovation Act to the Senate on July 12 after roughly a year of being tabled in the previous session of Congress. The bipartisan piece of legislation — Lummis is a member of the Republican Party, and Gillibrand is a Democrat — was aimed at clarifying the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission in regulating digital assets, as well as providing consumer protection.
The crypto asset industry is here to stay.
Today, @SenGillibrand and I are reintroducing landmark legislation to create a federal regulatory framework that allows crypto businesses and investors to prosper here in America while protecting consumers from bad actors. pic.twitter.com/z2pr0evWt2
The Lummis-Gillibrand bill was first introduced in June 2022 amid the crypto market crash that resulted in the bankruptcies of several high-profile firms and the price of many tokens plummeting. According to the fact sheet provided by Lummis, the updated legislation will include updates to the U.S. tax code allowing the industry “to fund its own oversight,” as well as guardrails “to prevent another FTX-style event from occurring” — the crypto exchange collapsed in November 2022 after the bill was introduced.
Lummis’ and Gillibrand’s bill was drafted after the collapse of Terraform Labs, the South Korea-based firm that saw its algorithmic stablecoin depeg from the U.S. dollar. As a result, the legislation will also require payment stablecoins to be issued only by depository institutions.
Some lawmakers and industry leaders have criticized U.S. regulators for a lack of clarity that would allow firms to operate without risk of enforcement actions or other crackdowns. Many in the space have praised the Lummis-Gillibrand bill for taking bipartisan action at a time when some elected officials have politicized aspects of the crypto space — from Sen. Elizabeth Warren highlighting illicit uses of digital assets to Florida governor and 2024 presidential candidate Ron DeSantis calling for a ban on central bank digital currencies.
While the Responsible Financial Innovation Act is one option, members of the House of Representatives have proposed other legislation aimed at addressing a framework for cryptocurrencies. A discussion draft released in June in the House would largely limit the SEC’s authority over crypto firms, while the House Financial Services Committee has also drafted legislation proposing the Federal Reserve become the main regulator behind establishing requirements for stablecoins.
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Along the thin strip of beach and woodland known as the Vistula Spit which marks the northernmost demarcation between Poland and the Russian exclave of Kaliningrad, there is not much in the way of a border.
Just some torn wire fencing and a few rotten posts which seem to stagger drunkenly into the shallows of the Baltic Sea.
Beneath a sign barring entry, we find a couple of empty bottles of Russian cognac and vodka.
Image: This doesn’t feel like the edge of NATO territory
“I don’t see much protection. It’s not good,” says Krzysztof from Katowice, who has come to inspect the border himself.
“We have to have some kind of scare tactic, something to show that we are trying to strengthen our army,” says Grzegorz, who lives nearby.
“At the same time I think I would not base the defence of our country solely on our army. I am convinced that Europe or America, if anything were to happen, will help us 100%.”
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Poland is investing massively in its defence, with military spending set to hit 4.7% of GDP in 2025, more than any other NATO country.
Polish Prime Minister Donald Tusk has said he will introduce voluntary military training for men of any age, and women too should they wish, so the army has a competent reserve force in the event of war.
Image: Border between EU and the Russian Federation
He is investing $2.5bn in stronger border fortifications between Russia and Belarus, a project called East Shield which will include anti-tank obstacles, bunkers and potentially minefields too.
Along with its Baltic neighbours, Poland is withdrawing from the Ottawa convention against the use of land mines. It hasn’t committed to using them, but it wants to have that option.
We’ve been granted access to one of the cornerstones of Polish, and European defence, which is a couple of hours drive from the Vistula spit at the Redowicze military base.
Image: Aegis Ashore Poland
Aegis Ashore Poland, together with its sister site in Romania, are the land-based arms of NATO’s missile defence shield over Europe, which is run by the US navy.
They are symbols of the US commitment to NATO and to the protection of Europe.
Image: The control room at Aegis Ashore Poland
And despite changes at the top of the Pentagon it is “business as usual”, says Captain Michael Dwan who oversees air and missile defence within the US Sixth Fleet.
“Our mission to work with NATO forces has been unchanged. And so our commitment from the United States perspective and what capability we bring to ballistic missile defence and the defence of NATO is championed here in Poland.”
Image: The control room at Aegis Ashore Poland
As far as Russia is concerned, NATO’s two missile defence bases in Romania and Poland represent a NATO threat on their doorstep and are therefore a “priority target for potential neutralisation”, per Russia’s foreign ministry.
NATO says the installations are purely defensive and their SM-3 interceptor missiles are not armed and are not intended to carry warheads. Russia counters they could easily be adapted to threaten Russia.
“It’s not a matter of moving offensive weapons here into the facility, the hardware and the infrastructure is simply not installed.
“It would take months or years to change the mission of this site and a significant amount of money and capability and design.”
With so much marked “secret” on the site, it seems amazing to be granted the access.
But for NATO, transparency is part of deterrence. They want potential adversaries to know how sophisticated their radar and interception systems are.
They know that if they carried warheads on site, that would make them a target so they don’t.
Deterrence also depends on whether potential adversaries believe in the US’s commitment to NATO and to Europe’s defence.
On an operational level, as far as the troops are concerned, that commitment may still be iron-clad.
But as far as its commander-in-chief goes, there is still – as with so much around Donald Trump’s presidency – a great deal of uncertainty.
In the Oval Office on Wednesday afternoon President Trump suggested he might bundle a potential US troop drawdown in Europe together with the issue of EU trade and tariffs.
“Nice to wrap it up in one package,” he said, “it’s nice and clean”.
Probably not the way Europe sees it, not with a resurgent Russia on their doorstep, economic tailwinds breeding animosity and the notion of Pax Americana crumbling at their feet.
Asian markets have reacted positively after Donald Trump paused his so-called “reciprocal” tariffs on most of America’s trading partners for 90 days, despite the US president increasing those on China to 125%.
However, Japan’s Nikkei share average was up 8.2% by 3.50am BST, while the broader Topix had risen 7.5%.
Similarly, the S&P 500 stock index had jumped 9.5% and global markets bounced back following Mr Trump’s announcement on Wednesday that the increased tariffs on nearly all trading partners would now be paused.
In a post on his Truth Social platform, Mr Trump said the “90-day pause” was for the “more than 75 countries” who had not retaliated against his tariffs “in any way”.
He added that during this period they would still have to pay a “substantially lowered” 10% tariff, which is “effective immediately”.
It is lower than the 20% tariff that Mr Trump had set for goods from the European Union, 24% on imports from Japan and 25% on products from South Korea.
The UK was already going to face a blanket 10% tariff under the new system.
Mr Trump said the increased 125% tariff on imported goods from China was “effective immediately”.
He added: “At some point, hopefully in the near future, China will realise that the days of ripping off the USA, and other countries, is no longer sustainable or acceptable.”
What’s in Trump’s tariff pause?
Here’s what Donald Trump’s tariff pause entails:
‘Reciprocal’ tariffs on hold
• Higher tariffs that took effect today on 57 trading partners will be paused for 90 days
• These include the EU, Japan and South Korea, all of which will face a baseline 10% duty instead
• Countries that already had a 10% levy imposed since last week – such as the UK – aren’t affected by the pause
China tariffs increased
• Trump imposed a higher 125% tariff on China
• That’s in addition to levies he imposed during his first term
• China had hit the US with 84% tariff earlier today, following tit-for-tat escalations
No change for Canada or Mexico
• Canadian and Mexican goods will remain subject to 25% fentanyl-related tariffs if they don’t comply with the US-Mexico-Canada trade agreement’s rules of origin
• Compliant goods are exempt
Car and metal tariffs remain
• Trump’s pause doesn’t apply to the 25% tariffs he levied on steel and aluminium in March and on cars (autos) on 3 April
• This 25% tariff on car parts does not come into effect until 3 May
Sectors at risk
• Copper, lumber, semiconductors, pharmaceuticals and critical minerals are expected to be subject to separate tariffs, in the same way autos are
Hours after Mr Trump announced the pause on tariffs for most countries, a White House official clarified that this did not apply to the 25% duties imposed on some US imports from Mexico and Canada.
The tariffs were first announced in February and Mexico and Canada were not included in the “Liberation Day” announcements.
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It meant tariffs of 84% would be enforced on US goods – up from the 34% China had previously planned.
Image: Mr Trump spoke to reporters in the Oval Office. Pic: Reuters
China ‘want to make a deal’
Asked why he posted “BE COOL” on Truth Social hours before announcing his tariff pause, Mr Trump told reporters at the White House: “I thought that people were jumping a little bit out of line.”
“They were getting yippy, you know, were getting a little bit yippy, a little bit afraid,” he added.
Mr Trump continued: “China wants to make a deal, they just don’t know how to go about it.
“[They’re] quite the proud people, and President Xi is a proud man. I know him very well, and they don’t know quite how to go about it, but they’ll figure it out.
“They’re in the process of figuring out, but they want to make a deal.”
White House press secretary Karoline Leavitt said the walk back was part of a grand negotiating strategy by Mr Trump.
“President Trump created maximum negotiating leverage for himself,” she said, adding that the news media “clearly failed to see what President Trump is doing here”.
US Treasury Secretary Scott Bessent also insisted Mr Trump had strengthened his hand through his tariffs.
“President Trump created maximum negotiating leverage for himself,” he said.
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Mr Bessent said Mr Trump decided to raise tariffs on China because Beijing hadn’t reached out to the US and instead increased its own levies on US goods.
Downing Street said that the UK will “coolly and calmly” continue its negotiations with the US.
A Number 10 spokeswoman said: “A trade war is in nobody’s interests. We don’t want any tariffs at all, so for jobs and livelihoods across the UK, we will coolly and calmly continue to negotiate in Britain’s interests.”
Along the thin strip of beach and woodland known as the Vistula Spit which marks the northernmost demarcation between Poland and the Russian exclave of Kaliningrad, there is not much in the way of a border.
Just some torn wire fencing and a few rotten posts which seem to stagger drunkenly into the shallows of the Baltic Sea.
Beneath a sign barring entry, we find a couple of empty bottles of Russian cognac and vodka.
Image: This doesn’t feel like the edge of NATO territory
“I don’t see much protection. It’s not good,” says Krzysztof from Katowice, who has come to inspect the border himself.
“We have to have some kind of scare tactic, something to show that we are trying to strengthen our army,” says Grzegorz, who lives nearby.
“At the same time I think I would not base the defence of our country solely on our army. I am convinced that Europe or America, if anything were to happen, will help us 100%.”
More on Nato
Related Topics:
Poland is investing massively in its defence, with military spending set to hit 4.7% of GDP in 2025, more than any other NATO country.
Polish Prime Minister Donald Tusk has said he will introduce voluntary military training for men of any age, and women too should they wish, so the army has a competent reserve force in the event of war.
Image: Border between EU and the Russian Federation
He is investing $2.5bn in stronger border fortifications between Russia and Belarus, a project called East Shield which will include anti-tank obstacles, bunkers and potentially minefields too.
Along with its Baltic neighbours, Poland is withdrawing from the Ottawa convention against the use of land mines. It hasn’t committed to using them, but it wants to have that option.
We’ve been granted access to one of the cornerstones of Polish, and European defence, which is a couple of hours drive from the Vistula spit at the Redowicze military base.
Image: Aegis Ashore Poland
Aegis Ashore Poland, together with its sister site in Romania, are the land-based arms of NATO’s missile defence shield over Europe, which is run by the US navy.
They are symbols of the US commitment to NATO and to the protection of Europe.
Image: The control room at Aegis Ashore Poland
And despite changes at the top of the Pentagon it is “business as usual”, says Captain Michael Dwan who oversees air and missile defence within the US Sixth Fleet.
“Our mission to work with NATO forces has been unchanged. And so our commitment from the United States perspective and what capability we bring to ballistic missile defence and the defence of NATO is championed here in Poland.”
Image: The control room at Aegis Ashore Poland
As far as Russia is concerned, NATO’s two missile defence bases in Romania and Poland represent a NATO threat on their doorstep and are therefore a “priority target for potential neutralisation”, per Russia’s foreign ministry.
NATO says the installations are purely defensive and their SM-3 interceptor missiles are not armed and are not intended to carry warheads. Russia counters they could easily be adapted to threaten Russia.
“It’s not a matter of moving offensive weapons here into the facility, the hardware and the infrastructure is simply not installed.
“It would take months or years to change the mission of this site and a significant amount of money and capability and design.”
With so much marked “secret” on the site, it seems amazing to be granted the access.
But for NATO, transparency is part of deterrence. They want potential adversaries to know how sophisticated their radar and interception systems are.
They know that if they carried warheads on site, that would make them a target so they don’t.
Deterrence also depends on whether potential adversaries believe in the US’s commitment to NATO and to Europe’s defence.
On an operational level, as far as the troops are concerned, that commitment may still be iron-clad.
But as far as its commander-in-chief goes, there is still – as with so much around Donald Trump’s presidency – a great deal of uncertainty.
In the Oval Office on Wednesday afternoon President Trump suggested he might bundle a potential US troop drawdown in Europe together with the issue of EU trade and tariffs.
“Nice to wrap it up in one package,” he said, “it’s nice and clean”.
Probably not the way Europe sees it, not with a resurgent Russia on their doorstep, economic tailwinds breeding animosity and the notion of Pax Americana crumbling at their feet.