Connect with us

Published

on

US stablecoin bill gets update ahead of Senate banking group vote

US Senate Banking Committee is set to vote on a Republican-led stablecoin framework bill on March 13, after it was updated following consultation with committee Democrats.

GOP Senator Bill Hagerty, one of the bill’s co-sponsors, said on March 10 that he introduced an update of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which would go to a Banking Committee vote on March 13.

He added that the updated bill saw bipartisan consultation. The bill is co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, who is also chair of the Banking Committee chair, along with Democrats Kirsten Gillibrand and Angela Alsobrooks.

“The updated version of the GENIUS Act makes significant improvements to a number of important provisions, including consumer protections, authorized stablecoin issuers, risk mitigation, state pathways, insolvency, transparency, and more,” Gillibrand said in a statement.

Hagerty first introduced the bill in early February. It aims to bring issuers of US dollar stablecoins with market caps over $10 billion — currently only Tether (USDT) and Circle’s USDC (USDC) — under Federal Reserve regulations. Those under $10 billion could opt into state-level regulation.

Web3 learning app EasyA co-founder Dom Kwok said on X that the latest version of the GENIUS Act, shared by FOX Business reporter Eleanor Terrett, gives “US-issued stablecoins a competitive advantage.”

He added that the bill now holds foreign stablecoin issuers to “extra high standards” in areas such as reserve and liquidity requirements, money laundering checks and sanctions checks.

US stablecoin bill gets update ahead of Senate banking group vote

Source: Dom Kwok

“Most foreign issuers will find these standards hard to meet,” which gives Circle’s USDC and Ripple Labs’ Ripple USD (RLUSD) “an upper hand,” he said.

Related: Crypto needs policy change more than Bitcoin reserve — Execs

Crypto lawyer and Hogan & Hogan partner Jeremy Hogan came to the same conclusion in a separate X post, saying the bill’s requirements, particularly around reserves and Anti-Money Laundering checks, “all fall neatly for RLSUD and USDC.”

The GENIUS Act still has a way to go before becoming law. The Senate Banking Committee will have to vote to pass the bill and it will then be put to a full Senate floor vote where it could be debated.

If it passes the Senate, it will head to the House. If the House doesn’t change the bill, then it will be sent to President Donald Trump to sign into law or veto.

Magazine: How crypto laws are changing across the world in 2025 

Continue Reading

Politics

MP recalls childhood abuse as he calls for law change to make domestic abuse a specific criminal offence

Published

on

By

MP recalls childhood abuse as he calls for law change to make domestic abuse a specific criminal offence

An MP who decided until recently to “never speak” about the abuse he suffered as a child has shared his harrowing story so that “no kid has to go through” what he did.

Josh Babarinde describes being physically abused by his mother’s former partner from the age of four, and remembers crying himself to sleep under the covers “hearing shouts, hearing screams and things smash”.

He says he became hypervigilant growing up and felt safe at school but “like he was treading on eggshells” in his own home.

The Eastbourne MP, who is also the Liberal Democrats’ justice spokesperson, says his experience has driven his politics. He is calling on the government to stop abusers “slipping through the net” and being released from prison early.

Opening up about his story in his twenties was “difficult” but looking back, Mr Babarinde says, he is “so proud of the resilience of that kid”.

The MP recently found his childhood diary containing Star Wars drawings alongside an entry he wrote from the bathroom. The diary, he recalls, wrote: “I’m really going to try to go (to the toilet) but I can’t. Oh my goodness, I’m gonna be in so much trouble, I’m going to get smacked so hard.”

Then an entry five minutes later: “I still haven’t done anything, I’m going to be in so much trouble.”

More from Politics

He says reading the entry reminded him of how “helpless” he felt.

“It was mortifying,” he says. “An abuser takes away your sense of self-worth.”

Josh Babarinde speaking to Sky's Ali Fortescue.
Image:
Mr Babarinde says he wants the government to ‘properly recognise domestic abuse crimes in the law’

The 32-year-old is calling on the government to change the law to make domestic abuse a specific criminal offence. The change would mean, he argues, abusers can no longer effectively disguise their history under other offences like assault.

He says the Ministry of Justice’s early release scheme, which has seen thousands of prisoners released early to ease overcrowding, has failed to exclude domestic abusers despite government promises because there is no formal categorisation for offenders.

It is impossible, he argues, to know exactly how many domestic abusers are in prison currently so perpetrators are “slipping through the net” on early release.

Read more from Sky News:
Remembering the bravery of 7/7 victims and responders 20 years on
Met Police chief calls for ‘mega’ forces in push for shake-up

Please use Chrome browser for a more accessible video player

January: Rising violence against women and girls

Mr Babarinde says the uncertainty means victims and survivors are not able to prepare for their abuser’s release.

He said: “They might need to move house or move their kids to a new school, shop in different places. All of these kind of things are so important, and so that’s why that commitment the government made was so important.”

A spokesperson for the Ministry of Justice said: “Our thoughts are with all victims of domestic abuse – it takes immense courage to speak out.

“We are building a justice system that puts victims first – strengthening support, increasing transparency, and giving people the confidence to come forward and be heard.”

Continue Reading

Politics

Another tantrum from the Labour backbenches is inevitable

Published

on

By

Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

In common with many parents across the country, here’s a conversation that I have with my young daughter on a semi-regular basis (bear with me, this will take on some political relevance eventually).

Me: “So it’s 15 minutes until your bedtime, you can either have a little bit of TV or do a jigsaw, not both.”

Daughter: “Ummmm, I want to watch TV.”

Me: “That’s fine, but it’s bed after that, you can’t do a jigsaw as well.”

Fast-forward 15 minutes.

Me: “Right, TV off now please, bedtime.”

(Pause)

Daughter: “I want to do a jigsaw.”

Now replace me with the government, the TV and jigsaw options with axing welfare cuts and scrapping the two-child cap, and my daughter with rebellious backbenchers.

Politics latest: Former Labour leader calls for wealth tax on assets above £10m

Please use Chrome browser for a more accessible video player

Rachel Reeves’s fiscal dilemma

That is the tension currently present between Downing Street and Labour MPs. And my initial ultimatum is the messaging being pumped out from the government this weekend.

In essence: you’ve had your welfare U-turn, so there’s no money left for the two-child cap to go as well.

As an aside – and before my inbox fills with angry emails lambasting me for using such a crude metaphor for policies that fundamentally alter the lives of some of the most vulnerable in society – yes, I hear you, and that’s part of my point.

Please use Chrome browser for a more accessible video player

Welfare U-turn ‘has come at cost’

For many in Labour, this approach feels like the lives of their constituents are being used in a childish game of horse-trading.

So what can be done?

Well, the government could change the rules.

Altering the fiscal rules is – and will likely remain – an extremely unlikely solution. But as it happens, one of Labour’s proverbial grandparents has just popped round with a different suggestion.

Please use Chrome browser for a more accessible video player

Welfare: ‘Didn’t get process right’ – PM

A wealth tax, Lord Neil Kinnock says, is the necessary outcome of the economic restrictions the party has placed on itself.

Ever the Labour storyteller, Lord Kinnock believes this would allow the government to craft a more compelling narrative about whose side this administration is on.

That could be valuable, given one of the big gripes from many backbench critics is that they still don’t really understand what this prime minister stands for – and by extension, what all these “difficult decisions” are in aid of.

The downside is whether it will actually raise much money.

Please use Chrome browser for a more accessible video player

Is Corbyn an existential risk to Labour?

The super-rich may have lots of assets to take a slice from, but they also have expensive lawyers ready to find novel ways to keep their client’s cash away from the prying eyes of the state.

Or, of course, they could just leave – as many are doing already.

In the short term, the future is a bit easier to predict.

If Downing Street is indeed now saying there is no money to scrap the two-child cap (after heavy briefing in the opposite direction just weeks ago), an almighty tantrum from the backbenches is inevitable.

And as every parent knows, the more you give in, the harder it becomes to hold the line.

Continue Reading

Politics

UK restores diplomatic ties with Syria

Published

on

By

UK restores diplomatic ties with Syria

The UK has re-established diplomatic ties with Syria, David Lammy has said, as he made the first visit to the country by a British minister for 14 years.

The foreign secretary visited Damascus and met with interim president Ahmed al Sharaa, also the leader of the rebel group Hayat Tahrir al-Sham (HTS), and foreign minister Asaad al Shaibani.

It marks the latest diplomatic move since Bashar al Assad’s regime was toppled by rebel groups led by HTS in December.

In a statement, Mr Lammy said a “stable Syria is in the UK’s interests” and added: “I’ve seen first-hand the remarkable progress Syrians have made in rebuilding their lives and their country.

“After over a decade of conflict, there is renewed hope for the Syrian people.

“The UK is re-establishing diplomatic relations because it is in our interests to support the new government to deliver their commitment to build a stable, more secure and prosperous future for all Syrians.”

Foreign Secretary David Lammy shakes hands with Syrian interim president Ahmed al-Sharaa in Damascus. Pic: X / @DavidLammy
Image:
Foreign Secretary David Lammy with Syria’s interim president Ahmed al Sharaa in Damascus. Pic: X / @DavidLammy

The Foreign, Commonwealth and Development Office has also announced a £94.5m support package for urgent humanitarian aid and to support the country’s long-term recovery, after a number of British sanctions against the country were lifted in April.

While HTS is still classified as a proscribed terror group, Sir Keir Starmer said last year that it could be removed from the list.

The Syrian president’s office also said on Saturday that the president and Mr Lammy discussed co-operation, as well as the latest developments in the Middle East.

Read more:
Wildfires break out in Greece, Turkey and Syria
Putin ‘mocking Trump’s peace efforts’, Poland says
Hamas gives ‘positive’ response to ceasefire proposal

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

Since Assad fled Syria in December, a transitional government headed by Mr al Sharaa was announced in March and a number of western countries have restored ties.

In May, US President Donald Trump said the United States would lift long-standing sanctions on Syria and normalise relations during a speech at the US-Saudi investment conference.

Please use Chrome browser for a more accessible video player

From May: Trump says US will end sanctions for Syria

He said he wanted to give the country “a chance at peace” and added: “There is a new government that will hopefully succeed.

“I say good luck, Syria. Show us something special.”

Continue Reading

Trending