Can Rachel Reeves come up trumps in Washington?
The US Senate could pass a key bipartisan stablecoin bill as soon as next week after removing language targeting President Donald Trump and his familyâs sprawling crypto interests.
Republican Senator Cynthia Lummis said onstage at an event by Coinbaseâs lobbying arm, Stand With Crypto, that she thinks it’s a âfair targetâ to have the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed by May 26 â Memorial Day in the US.
Joining her onstage was Democratic Senator Kirsten Gillibrand, who hinted that the billâs language was changed to scrap provisions that targeted Trump’s various crypto projects, which include memecoins, a crypto platform, a stablecoin, and a crypto mining company that plans to go public, among others.
âWhen this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, and bankruptcy protection, and ethics,â Gillibrand said. âThings beyond just âwhatâs the structure?â and âwhatâs required for an issuer?ââ
Senate Democrats pulled support for the bill on May 8 and stalled its momentum, airing concerns that it wouldnât help address multiple crypto-tied deals that will personally enrich Trump.
âA lot of what President Trump is engaged in is already illegal,â Gillibrand said. âI also think his issuance of a memecoin is illegal based on current law.â
âItâs literally offering anyone who wants to curry favor with the administration to just send him money â thatâs about as illegal as it gets.â
âIâm not so worried about this bill having to deal with all President Trumpâs ethics problems. What this bill is really intended to do is regulate the entire space of stablecoins,â she added.
Gillibrand said the revised bill includes âsome ethics requirements,â but it was ânot an ethics bill.â
âIf we were dealing with all President Trumpâs ethics problems, it would be a very long and detailed bill,â she added.
Coinbase CEO Brian Armstrong, also on stage, was hopeful the Senate would vote on the stablecoin bill âearly next week.â
Armstrong, whose company cozied up to Trump by donating $1 million to his inauguration fund, declined to comment when asked if the Presidentâs memecoin could impact the passage of bipartisan crypto bills.
âItâs not my place to really comment on President Trumpâs activity,â he said. âWhat I do think is important is that this bill remains focused on stablecoins.â
Crypto bills âabsolutely criticalâ to pass before midterms
The crypto industry is pushing for Congress to pass the GENIUS Act and a Republican-drafted crypto market structure bill before the midterm elections on Nov. 3, 2026, where all 435 House seats and a third of the 100 Senate seats are up for election.
âWe have a very narrow window to get legislation through between now and the midterms,â Marta Belcher, the president of the crypto lobby group the Blockchain Association, told Cointelegraph at the Consensus conference in Toronto.
âI strongly suspect that window is going to close very quickly. I don’t know if we’re going to get another window like this to get legislation through,â she added.
âIt’s absolutely critical that we get it through now, especially because there really is a real possibility that in the future we end up with an administration that is hostile to crypto.â
The Associationâs communications director, Chris Jonas, added that itâs critical the bills pass before Congress takes a recess for the month of August.
Related: Crypto execs flock to DC to support Senate stablecoin billÂ
âOnce you get into the calendar year of the midterms, historically not a lot of legislation moves, so that’s why it’s so critical,â he explained.
Trump should be on track to sign both crypto bills before the August break, according to Bo Hines, the executive director of the Presidential Council of Advisers for Digital Assets.
Hines noted on stage at Consensus on May 13 that negotiations on both bills are still ongoing, but it was âthe President’s desireâ to sign both âstablecoin legislation and market structure legislation before the August recess.”
Legal Panel: Crypto wanted to overthrow banks, now itâs becoming them in stablecoin fightÂ
US Democrat lawmakers have sent a letter to the US Treasury demanding access to suspicious activity reports (SARs) on several Trump-backed crypto projects as part of the latest probe into the presidentâs digital ventures.Â
Penned by representatives Gerald Connolly, Joseph Morelle, and Jamie Raskin, the May 14 letter asks Treasury Secretary Scott Bessent for all SARS filed since 2023 related to World Liberty Financial (WLF) and the Official Trump (TRUMP) token.Â
Financial institutions in the US must file SARs with the Financial Crimes Enforcement Network, a bureau within the Department of the Treasury, when they detect suspicious activity, including potential money laundering or fraud.Â
The sweeping probe asks for any SARs mentioning WinRed, America PAC, Elon Musk, political action committee, PAC, Trump, World Liberty Financial, WLF, TRUMP, MELANIA and Justin Sun, no later than May 30.Â
The Democratic lawmakers say their probe is to âdetermine whether legislation is necessary to prevent violations of campaign finance, consumer protection, bribery, securities fraud, and other anti-corruption lawsâ and to guard against âfinancial misconduct connected to prospective or current federal officials.âÂ
Democrats argue WLF and Trump coin could be misused
As part of the letter, the lawmakers argue WLF could be misused as a âvehicle for foreign influence peddlingâ because it served part of its token sale for foreign investors, who are âgenerally subject to less stringent regulation than US investors.âÂ
Justin Sunâs investment in WLF and the subsequent pause of the SECâs lawsuit that alleged the crypto entrepreneur broke securities laws has also been flagged as a concern.Â
Trumpâs token has come under fire as well because the lawmakers argue in their letter that the identities of the coin purchasers are not publicly disclosed, which could open the door for bad actors to âcurry favor with Trumpâ by purchasing the coin.Â
At the same time, SARS related to Republican digital fundraising WinRed, Elon Muskâs super PAC, which poured $250 million into Trumpâs election campaign, and two other PACs are being sought.Â
Related: Trump-owned Truth Social denies it is launching a memecoin
This effort is the latest Democrat-led salvo against Trumpâs crypto ventures. Â
A group of Democratic senators reportedly sent a letter to leadership at the US Department of Justice and the Treasury Department expressing concerns about Trumpâs ties to crypto exchange Binance and potential conflicts of interest in regulating the industry, according to a May 9 Bloomberg report.Â
US Democratic lawmakers also launched a multi-angle attack on May 6, targeting Trumpâs ability to profit from his crypto initiatives with two bills and a subcommittee inquiry.Â
Magazine: Trumpâs crypto ventures raise conflict of interest, insider trading questions
One of Kemi Badenoch’s top team has admitted there were flaws in the plan to return illegal migrants after Brexit, Sky News can reveal.
Boris Johnson repeatedly told the public that Brexit would mean taking back control of Britain’s borders and migration system.
Plans unveiled to ease prisons crisis – politics latest
But in a leaked recording obtained by Sky News, Chris Philp, now shadow home secretary, said Britain’s exit from the EU – and end of UK participation in the Dublin agreement which governs EU-wide asylum claims – meant they realised they “can’t any longer rely on sending people back to the place where they first claimed asylum”.
Mr Philp appeared to suggest the scale of the problem surprised those in the Johnson government.
Chris Philp is the shadow home secretary. Pic: Reuters
“When we did check it out⊠(we) found that about half the people crossing the Channel had claimed asylum previously elsewhere in Europe.”
In response tonight, the Tories insisted that Mr Philp was not saying the Tories did not have a plan for how to handle asylum seekers post Brexit.
Mr Philp’s comments from last month are a very different tone to 2020 when as immigration minister he seemed to be suggesting EU membership and the Dublin rules hampered asylum removals.
In August that year, he said: “The Dublin regulations do have a number of constraints in them, which makes returning people who should be returned a little bit harder than we would like. Of course, come the 1st of January, we’ll be outside of those Dublin regulations and the United Kingdom can take a fresh approach.”
Mr Philp was also immigration minister in Mr Johnson’s government so would have been following the debate closely.
Philp was previously a close ally of Liz Truss. Pic: PA
In public, members of the Johnson administration were claiming this would not be an issue since asylum claims would be “inadmissible”, but gave no details on how they would actually deal with people physically arriving in the country.
A Home Office source told journalists once the UK is “no longer bound by Dublin after the transition”, then “we will be able to negotiate our own bilateral returns agreement from the end of this year”.
This did not happen immediately.
In the summer of 2020, Mr Johnson’s spokesman criticised the “inflexible and rigid” Dublin regulations, suggesting the exit from this agreement would be a welcome post-Brexit freedom. Mr Philp’s comments suggest a different view in private.
The remarks were made in a Zoom call, part of a regular series with all the shadow cabinet on 28 April, just before the local election.
Mr Philp was asked by a member why countries like France continued to allow migrants to come to the UK.
He replied: “The migrants should claim asylum in the first safe place and that under European Union regulations, which is called the Dublin 3 regulation, the first country where they are playing asylum is the one that should process their application.
“Now, because we’re out of the European Union now, we are out of the Dublin 3 regulations, and so we can’t any longer rely on sending people back to the place where they first claimed asylum. When we did check it out, just before we exited the EU transitional arrangements on December the 31st, 2020, we did run some checks and found that about half the people crossing the channel had claimed asylum previously elsewhere in Europe.
“In Germany, France, Italy, Spain, somewhere like that, and therefore could have been returned. But now we’re out of Dublin, we can’t do that, and that’s why we need to have somewhere like Rwanda that we can send these people to as a deterrent.”
Please use Chrome browser for a more accessible video player
Has Brexit saved the UK from tariffs?
Mr Johnson announced the Rwanda plan in April 2022 – which Mr Philp casts as the successor plan – 16 months after Britain left the legal and regulatory regime of the EU, but the plan was blocked by the European Court of Human Rights.
Successive Tory prime ministers failed to get any mandatory removals to Rwanda, and Sir Keir Starmer cancelled the programme on entering Downing Street last year, leaving the issue of asylum seekers from France unresolved.
Speaking on Sky News last weekend, Home Secretary Yvette Cooper said there has been a 20% increase in migrant returns since Labour came to power, along with a 40% increase in illegal working raids and a 40% increase in arrests for illegal working.
Read More:
Jenrick’s leaked plan for Tory-Reform pact
2020: Johnson promises change in migrant law
Britain’s membership of the EU did not stop all asylum arrivals. Under the EU’s Dublin regulation, under which people should be processed for asylum in the country at which they first entered the bloc.
However, many EU countries where people first arrive, such as Italy, do not apply the Dublin rules.
The UK is not going to be able to participate again in the Dublin agreement since that is only open to full members of the EU.
Ministers have confirmed the Labour government is discussing a returns agreement with the French that would involve both countries exchanging people seeking asylum.
Asked on Sky News about how returns might work in future, the transport minister Lilian Greenwood said on Wednesday there were “discussions ongoing with the French government”, but did not say what a future deal could look like.
She told Sky News: “It’s not a short-term issue. This is going to take really hard work to tackle those organised gangs that are preying on people, putting their lives in danger as they try to cross the Channel to the UK.
“Of course, that’s going to involve conversations with our counterparts on the European continent.”
Pressed on the returns agreement, Ms Greenwood said: “I can confirm that there are discussions ongoing with the French government about how we stop this appalling and dangerous trade in people that’s happening across the English Channel.”
đListen to Politics at Sam and Anne’s on your podcast appđ
A Conservative Party spokesman said: “The Conservative Party delivered on the democratic will of this country, and left the European Union.
“The last government did have a plan and no one – including Chris – has ever suggested otherwise.
“We created new deals with France to intercept migrants, signed returns agreements with many countries across Europe, including a landmark agreement with Albania that led to small boat crossings falling by a third in 2023, and developed the Rwanda deterrent – a deterrent that Labour scrapped, leading to 2025 so far being the worst year ever for illegal channel crossings.
“However, Kemi Badenoch and Chris Philp have been clear that the Conservatives must do a lot more to tackle illegal migration.
“It is why, under new leadership, we are developing g new policies that will put an end to this problem – including disapplying the Human Rights Act from immigration matters, establishing a removals deterrent and deporting all foreign criminals.”
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway