A Kansas bill that aimed to limit and prohibit cryptocurrency donations in political campaigns has been adjourned to January 2024.
Lawmakers in the Kansas House of Representatives introduced the bill — HB 2167 — on Jan. 25, 2023. As previously reported by Cointelegraph, the bill sought to enforce a $100 limit on all political donations in the state’s primary or general election. The bill also required politicians to “immediately convert” the crypto donations to U.S. dollars — with no scope of expenditures or HODLing the funds.
Soon after the bill was introduced and referred to the House Committee on Elections, a committee report was shared on Feb. 22, 2023 “recommending bill be passed” accompanied by certain amendments.
However, the bill was stricken from the calendar after failure to comply with the state’s Rule 1507 (Disposition of Bills Subject to Certain Deadlines), which subjects certain bills to strict deadlines. The title of the bill HB 2167 read:
“Amending the campaign finance act to regulate and limit the use of cryptocurrency and to prohibit the use of any political funds collected by a candidate or candidate committee for a candidate for federal office.”
Targeting Bitcoin (BTC) political donations in particular, the Kansas Governmental Ethics Commission said in 2017 that cryptocurrency contributions were “too secretive.” Californian authorities too had banned crypto political donations back in 2018, but later backtracked on the decision in July 2022.
Related: KC Fed tracks healthy growth of crypto ATM industry despite predatory operators
Nine United States Senators joined in to support Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act.
Senator Warren’s official senate webpage named Democratic Party Senators Gary Peters, Dick Durbin, Tina Smith, Jeanne Shaheen, Bob Casey, Richard Blumenthal, Michael Bennet and Catherine Cortez Masto, along with independent Senator Angus King, as those who joined the bipartisan coalition supporting the bill.
“Our expanding coalition shows that Congress is ready to take action – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox,” Warren added while welcoming the new bill supporters.
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Italy’s minister of economy and finance warned that US stablecoin policies are more concerning than President Donald Trump’s tariffs, citing the potential for these crypto assets to undermine the euro’s dominance in cross-border payments. Speaking at an event in Milan, Giancarlo Giorgetti said that while trade tariffs dominate headlines, new US policies on dollar-backed stablecoins present an “even more dangerous” threat to European financial stability, according to a Reuters report. US stablecoins allow users to invest in a widely accepted method for cross-border payments without opening a US bank account, Giorgetti said. He warned that the growing appeal of US stablecoins to Europeans should not be underestimated. Giorgetti urged European Union lawmakers to take more steps to boost the euro’s position as an international currency. He added that the digital euro under development by the European Central Bank (ECB) will be essential to minimize the need for Europeans to resort to foreign solutions. Presently, stablecoin regulation in the US remains fragmented. Instead of a unified framework, multiple agencies apply existing laws to regulate stablecoins. However, lawmakers are working to implement changes, with several pieces of stablecoin legislation progressing. On April 2, the US House Financial Services Committee passed the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. The bill is now headed to the House floor for a full vote. The bill was introduced on Feb. 6 by Committee Chair French Hill and the Digital Assets Subcommittee Chair Bryan Steil. It would ensure that stablecoin issuers provide information on their businesses, including how their tokens are backed. In addition, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act establishes rules that require issuers to maintain reserves backed one-to-one, comply with Anti-Money Laundering (AML) laws, protect consumers and boost dollar dominance in the global economy. The GENIUS Act still requires approval by both chambers of Congress and a presidential signature before becoming law. Related: Stablecoins are the best way to ensure US dollar dominance — Web3 CEO Apart from Giorgetti, ECB Executive Board member Piero Cipollone also urged European lawmakers to intensify their efforts to combat dollar-backed stablecoin dominance in Europe. On April 8, Cipollone wrote an article expressing concerns about the growing popularity of US stablecoins. The official suggested launching a central bank digital currency to combat this threat to the euro. He said this would aid in preserving the monetary sovereignty of the eurozone. Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
Seychelles-based cryptocurrency exchange OKX announced that it is reentering the US market. According to an April 16 blog post, OKX will return to the United States market along with the appointment of former Barclays director Roshan Robert as its US CEO. Robert said in the post: “Today, I’m thrilled to announce the launch of OKX’s centralized crypto exchange and OKX Wallet in the United States, alongside the establishment of our regional headquarters in San Jose, California.“ All existing Okcoin users will be migrated to the new platform, which Robert said will lead to a better overall experience. The promised improvements include deeper liquidity, lower fees and advanced trading tools. Source: OKX Related: Standard Chartered and OKX pilot crypto, tokenized fund collaterals OKX will not roll out the upgrade in one shot. Instead, the new platform will take a phased approach to onboard new customers. The exchange plans to follow the cautious approach with a nationwide launch later in 2025. “We’re beginning with a phased rollout for new customers to ensure a smooth and secure onboarding process, with a broader nationwide launch planned later this year,“ Robert said. OKX also promised integrations with local banks and support for major assets, including Bitcoin (BTC), Ether (ETH), USDt (USDT) and USDC (USDC). Robert noted that the company maintains a global proof of reserves for all its assets, which is published monthly by cybersecurity firm Hacken. Hacken had not responded to Cointelegraph’s request for comment by publication time. In addition to its trading platform, the firm is also rolling out OKX Wallet to its US-based customers. The wallet supports 130 blockchains and features a decentralized exchange (DEX) aggregator, allowing access to over 10 million tokens on platforms including Ethereum, Solana and Base. Related: Malta regulator fines OKX crypto exchange $1.2M for past AML breaches The report follows OKX hiring former New York Governor Andrew Cuomo to advise it over a federal probe that resulted in the firm pleading guilty to several violations and agreeing to pay $505 million in fines and penalties. The exchange admitted on Feb. 24 to operating an unlicensed money-transmitting business in violation of US Anti-Money Laundering laws. As a consequence, OKX agreed to pay $84 million worth of penalties while forfeiting $421 million worth of fees earned from primarily institutional clients. After the investigation concluded, OKX said it would seek out a compliance consultant to remedy the problems revealed by the federal probe and improve its compliance efforts. OKX’s CEO Star Xu wrote in a Feb. 24 X post: “Our vision is to make OKX the gold standard of global compliance at scale across different markets and their respective regulatory bodies.” OKX had not responded to Cointelegraph’s request for comment by publication time Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set
Hitting potholes is “all too common”, a minister has insisted amid scrutiny of the government’s claim that new road measures will save drivers £500 a year. Lillian Greenwood told Sky News Breakfast with Anna Jones that people face “eyewatering” costs if a pothole causes more damage to their car than a puncture, with the average repair job setting them back by £460, according to the RAC. Politics Live: UK in ‘discussions’ with France over migrant returns deal This, along with the continued freeze on fuel duty, will save drivers over £500 a year, the government has said, claiming its interventions are easing the cost-of-living crisis for drivers. It was put to Ms Greenwood that the savings only apply if you hit a pothole in the first place. Asked if she thinks it’s a common occurrence, she said: “Unfortunately, it’s all too common. And because we’ve had more than 10 years of the Conservatives under investing in our road network, that’s left it absolutely cratered with potholes.” She said potholes are “probably the biggest issue” when she doorsteps constituents, adding: “They’re really angry about the state of their local roads. “Far too many people are hitting a pothole and finding they’re having to fork out to get their car fixed.” Earlier this year, an annual industry report estimated that 17% of the local road network in England and Wales are in poor condition. It predicted that the one-time catch-up cost to clear the backlog of maintenance issues would cost £16.81bn and take 12 years to complete. Chancellor Rachel Reeves’s autumn budget contained a £1.6bn investment to maintain roads and fix potholes, which it said was an increase of £500m on the 2024-25 budget. Local authorities will get the first tranche of that money this month. It comes ahead of the local elections in May, when support for drivers could become a dividing line. Read More: It was put to Ms Greenwood that while trumpeting its motorist-friendly credentials, Labour has also introduced a £1.7bn car tax raid and backed more 20mph low tariff neighbourhoods. She said the government has left decisions on Low Traffic Neighbourhoods to local authorities and many people “want to see drivers going slower”. The government’s announcement on savings today came alongside a pledge to remove 1,000 miles of roadworks over the Easter weekend in a bid to cut journey times. Keep up with all the latest news from the UK and around the world by following Sky News The works will be reinstated after Easter Monday. However, bank holiday engineering works on the railway lines will not be halted, meaning there will be disruption for people who don’t have a car. No trains are running from London Euston, affecting most of the Avanti West Coast line. ‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series Story injured on diving stop, exits Red Sox game Game 1 of WS least-watched in recorded history MLB Rank 2023: Ranking baseball’s top 100 players Team Europe easily wins 4th straight Laver Cup Japan and South Korea have a lot at stake in a free and open South China Sea Game-changing Lectric XPedition launched as affordable electric cargo bike Bank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway
US lawmakers advance stablecoin bills
ECB exec renews digital euro push
Step by step
OKX gets out of US troubles
Pic: iStock
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