2025-07-17 21:05

July 17 (Reuters) - The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year's elections in order to promote pro-crypto candidates. Sign up here. Shares of crypto-related companies were mostly higher after passage of the bill, dubbed the Genius Act, that would expand the Commodity Futures Trading Commission's oversight of the industry. Bitcoin , the largest crypto currency, was down 0.54% at $119,298.87, trading near a record high reached earlier this week. Rival ethereum rose 1.42% to $3,429.47. COMMENTS STEVE SOSNICK, CHIEF STRATEGIST, INTERACTIVE BROKERS, CONNECTICUT: "We had already run up over the past week-plus in anticipation of “crypto week”, so a certain level of expectation was already built in. At least we’re not seeing a “sell the news” reaction, perhaps because traders remain hopeful about all the legislation gets passed." JAKE DOLLARHIDE, CHIEF EXECUTIVE OFFICER, LONGBOW ASSET MANAGEMENT, TULSA, OKLAHOMA: "The crypto stocks have been on a run leading up to this hopeful outcome, and they got exactly what they wanted. The Trump administration said they were going to be a champion for the crypto industry, and this is a huge step in that direction. I look for bitcoin to make new highs from here. I look for Ethereum... to make a rebound. Crypto is going to have a moment in the weeks and months ahead as people who have missed out pile in and chase bigger returns." "Regarding the late trimming of gains in crypto-related shares, he said: "We assumed five days ago it was going to happen. So there's not really a reason to rally. So, it's a relief pause." BILL STRAZZULLO, CHIEF MARKET STRATEGIST, BELL CURVE TRADING, BOSTON: “I think [this bill] is positive in the sense that you’d want to have some infrastructure and some regulation. That invites a much broader audience to participate. So, I think it's a positive. But when you look at the correlation of crypto to the S&P 500, it's very high. In order words, people are buying crypto; because I hear this all the time: 'I wanted to diversify my portfolio, it's a hedge against inflation if the bottom falls out on the economy.' No! With crypto, I think the correlation is up around 90% or something and it moves with the S&P 500. I mean when you buy something you need to know what you really own. And with crypto, you are basically just increasing your exposure to the stock market. You need to know that. This notion that it's going to be kind of countertrend or countercyclical or not correlated, that's just not factual. So, I think any regulation and any structure is good because it gives the general public more confidence that it's not a scam and they’d be protected in some way. That's a positive thing for sure. But if you were thinking that buying crypto is some way going to be a magic bullet that hedges you against inflation or geopolitical or market downturn, it’s not. That’s why the short-term momentum is positive. I don't want to go overboard with crypto either because I still think the [stock] market somewhere around here is going to end up putting a top in. My guess is that as we get closer to the midterms, there’s some sort of significant move lower and I don't think crypto will protect you from any of that.” ANDREW FORSON, PRESIDENT, DEFI TECHNOLOGIES (by email): “It signals the start of a new era for digital assets and public companies. We’re seeing an unprecedented wave of corporations embracing digital assets, diversifying beyond Bitcoin into Ethereum, Solana, and more. But for many institutions, education gaps and regulatory uncertainty have been real barriers.” “By establishing clear, actionable rules for stablecoins and digital assets, the Genius Act unlocks broader adoption by traditional institutions and brings much-needed trust and transparency to the sector. This paves the way for compliant, bank-backed digital money and new solutions for corporate treasuries, helping to bridge the gap between innovation and investor protection.” DANTE DISPARTE, CHIEF STRATEGY OFFICER, CIRCLE, NEW YORK: “The House vote to clear the GENIUS Act for the President’s signature is a defining moment for the future of money and the internet financial system. It signals strong bipartisan support for responsible innovation and sends a clear message that the U.S. will lead in the regulation of dollar-backed payment stablecoins. We commend Congressional leaders for delivering a regulatory foundation that puts consumer protection, financial integrity, and U.S. competitiveness at the forefront.” SUMMER MERSINGER, CEO, BLOCKCHAIN ASSOCIATION (press release): “The bipartisan passage of the GENIUS Act is a watershed moment for digital assets in the United States. For the first time, Congress has moved comprehensive legislation that provides enforceable, tailored rules for stablecoins — a foundational technology for the future of finance. This marks real momentum toward regulatory clarity that protects consumers, supports innovation, and reinforces the strength of the U.S. dollar in the digital economy. We now call on President Trump to swiftly sign the bill into law, ensuring that the United States continues to lead in shaping the global standards for digital assets.” MICHAEL JAMES, EQUITY SALES TRADER, ROSENBLATT SECURITIES, LOS ANGELES: "Crypto stocks have been strong the past two days in expectation that the bill, which didn't pass on Tuesday, would eventually get the necessary votes to pass, which it has done this afternoon. That is part of the reason that crypto stocks have been outperformers in the last two days." https://www.reuters.com/legal/government/us-house-sends-genius-act-stablecoin-bill-trump-sign-2025-07-17/

2025-07-17 21:03

House lawmakers pass trio of crypto bills Votes mark pivotal moment for digital assets sector Stablecoin bill would require tokens to be backed by liquid assets July 17 (Reuters) - The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year's elections to promote pro-crypto candidates. Sign up here. House lawmakers also passed two other crypto bills, sending them next to the Senate for consideration. One lays out a regulatory framework for crypto, and the other would ban the U.S. from issuing a central bank digital currency. The stablecoin bill, known as the Genius Act, and the crypto market structure bill, known as the Clarity Act, both received notable bipartisan support. Democratic lawmakers joined with Republicans to pass the stablecoin bill 308-122. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly. If signed into law, the stablecoin bill would require tokens to be backed by liquid assets - such as U.S. dollars and short-term Treasury bills - and for issuers to publicly disclose the composition of their reserves on a monthly basis. Blockchain Association CEO and former Commodity Futures Trading Commission official Summer Mersinger described Thursday's votes as a "defining moment in the evolution of U.S. digital asset policy." The crypto sector has long pushed for lawmakers to pass legislation creating rules for digital assets, arguing that a clear framework could enable stablecoins and other crypto tokens to become more widely used. The sector spent more than $119 million backing pro-crypto congressional candidates in last year's elections and has worked to paint the issue as bipartisan. The House of Representatives passed a stablecoin bill last year, but the Senate - in which Democrats held the majority at the time - did not take up that bill. Trump has sought to broadly overhaul U.S. cryptocurrency policies after courting cash from the industry during his presidential campaign. Tensions on Capitol Hill over Trump's various crypto ventures at one point threatened to derail the digital asset sector's hope of legislation this year, as Democrats have grown increasingly frustrated with Trump and his family members promoting their personal crypto projects. Trump's crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest present for Trump and that his assets are in a trust managed by his children. CLARITY ACT SENT TO SENATE The Clarity Act, which passed 294-134, would critically define when a cryptocurrency is a security or a commodity and clarify the Securities and Exchange Commission's jurisdiction over the sector, something crypto companies aggressively disputed during the Biden administration. Crypto companies have argued that most tokens should be classified as commodities instead of securities, which would enable platforms to more easily offer those tokens to their customers by not having to comply with a raft of securities laws. That bill would need to pass through the Senate before heading to Trump's desk for final approval. Some Democrats fiercely opposed the Clarity Act, arguing it could be a giveaway to Trump's crypto ventures by enabling softer-touch regulation. The House also passed a bill prohibiting a central bank digital currency, which Republicans say could violate Americans' privacy. The issue had been a sticking point in House discussions this week. https://www.reuters.com/legal/government/us-house-passes-stablecoin-legislation-sending-bill-trump-2025-07-17/

2025-07-17 21:01

July 17 (Reuters) - A group of U.S. solar panel manufacturers asked the Commerce Department on Thursday to impose tariffs on imports from Indonesia, India and Laos, accusing companies there of dumping cheap goods in the market to undercut new American factories. The petition is the latest effort by the small U.S. solar manufacturing industry to seek trade relief to protect billions of dollars of recent investment and compete with goods produced mainly by Chinese companies overseas. Sign up here. The Alliance for American Solar Manufacturing and Trade, which filed the petition, includes Tempe, Arizona-based First Solar (FSLR.O) , opens new tab, Qcells, the solar division of Korea's Hanwha (000880.KS) , opens new tab, and private companies Talon PV and Mission Solar. The group has succeeded previously in winning tariffs on imports from countries in Southeast Asia including Malaysia, Cambodia, Vietnam and Thailand. Those tariffs were finalized earlier this year. The petition accuses companies of receiving unfair government subsidies and of selling their products below the cost of production in the United States. It says Chinese-owned companies shifted production from nations that received U.S. tariffs to Indonesia and Laos and also accuses Indian-headquartered manufacturers of dumping cheap goods in the United States. Imports from the three nations combined were $1.6 billion last year, up from $289 million in 2022, according to the petitioners. "We have always said, vigorous enforcement of our trade laws is critical to the success of this industry,” Tim Brightbill, lead attorney for the petitioners, said in a statement. Most of the solar panels installed in the United States are produced overseas. But U.S. solar manufacturing capacity has grown meaningfully since the 2022 Inflation Reduction Act provided tax credits as an incentive to reduce reliance on Chinese-made goods. Panel capacity reached 50 gigawatts this year, up from 7 GW in 2020, according to the Solar Energy Industries Association. That is still not enough capacity to supply the U.S. solar market, which is expected to install nearly 43 GW of projects per year through 2030, according to SEIA. The Commerce Department has 20 days to decide whether to initiate an investigation into whether to impose tariffs. The agency was not immediately available for comment. Anti-dumping and countervailing trade cases typically take about a year to result in finalized tariffs. https://www.reuters.com/sustainability/climate-energy/us-solar-panel-makers-seek-tariffs-imports-indonesia-india-laos-2025-07-17/

2025-07-17 21:01

July 17 (Reuters) - The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law. The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year's elections in order to promote pro-crypto candidates. Sign up here. Shares of crypto-related companies were mostly higher after passage of the bill, dubbed the Genius Act, that would expand the Commodity Futures Trading Commission's oversight of the industry. Bitcoin , the largest crypto currency, was down 0.54% at $119,298.87, trading near a record high reached earlier this week. Rival ethereum rose 1.42% to $3,429.47. COMMENTS STEVE SOSNICK, CHIEF STRATEGIST, INTERACTIVE BROKERS, CONNECTICUT: "We had already run up over the past week-plus in anticipation of “crypto week”, so a certain level of expectation was already built in. At least we’re not seeing a “sell the news” reaction, perhaps because traders remain hopeful about all the legislation gets passed." JAKE DOLLARHIDE, CHIEF EXECUTIVE OFFICER, LONGBOW ASSET MANAGEMENT, TULSA, OKLAHOMA: "The crypto stocks have been on a run leading up to this hopeful outcome, and they got exactly what they wanted. The Trump administration said they were going to be a champion for the crypto industry, and this is a huge step in that direction. I look for bitcoin to make new highs from here. I look for Ethereum... to make a rebound. Crypto is going to have a moment in the weeks and months ahead as people who have missed out pile in and chase bigger returns." "Regarding the late trimming of gains in crypto-related shares, he said: "We assumed five days ago it was going to happen. So there's not really a reason to rally. So, it's a relief pause." BILL STRAZZULLO, CHIEF MARKET STRATEGIST, BELL CURVE TRADING, BOSTON: “I think [this bill] is positive in the sense that you’d want to have some infrastructure and some regulation. That invites a much broader audience to participate. So, I think it's a positive. But when you look at the correlation of crypto to the S&P 500, it's very high. In order words, people are buying crypto; because I hear this all the time: 'I wanted to diversify my portfolio, it's a hedge against inflation if the bottom falls out on the economy.' No! With crypto, I think the correlation is up around 90% or something and it moves with the S&P 500. I mean when you buy something you need to know what you really own. And with crypto, you are basically just increasing your exposure to the stock market. You need to know that. This notion that it's going to be kind of countertrend or countercyclical or not correlated, that's just not factual. So, I think any regulation and any structure is good because it gives the general public more confidence that it's not a scam and they’d be protected in some way. That's a positive thing for sure. But if you were thinking that buying crypto is some way going to be a magic bullet that hedges you against inflation or geopolitical or market downturn, it’s not. That’s why the short-term momentum is positive. I don't want to go overboard with crypto either because I still think the [stock] market somewhere around here is going to end up putting a top in. My guess is that as we get closer to the midterms, there’s some sort of significant move lower and I don't think crypto will protect you from any of that.” ANDREW FORSON, PRESIDENT, DEFI TECHNOLOGIES (by email): “It signals the start of a new era for digital assets and public companies. We’re seeing an unprecedented wave of corporations embracing digital assets, diversifying beyond Bitcoin into Ethereum, Solana, and more. But for many institutions, education gaps and regulatory uncertainty have been real barriers.” “By establishing clear, actionable rules for stablecoins and digital assets, the Genius Act unlocks broader adoption by traditional institutions and brings much-needed trust and transparency to the sector. This paves the way for compliant, bank-backed digital money and new solutions for corporate treasuries, helping to bridge the gap between innovation and investor protection.” DANTE DISPARTE, CHIEF STRATEGY OFFICER, CIRCLE, NEW YORK: “The House vote to clear the GENIUS Act for the President’s signature is a defining moment for the future of money and the internet financial system. It signals strong bipartisan support for responsible innovation and sends a clear message that the U.S. will lead in the regulation of dollar-backed payment stablecoins. We commend Congressional leaders for delivering a regulatory foundation that puts consumer protection, financial integrity, and U.S. competitiveness at the forefront.” SUMMER MERSINGER, CEO, BLOCKCHAIN ASSOCIATION (press release): “The bipartisan passage of the GENIUS Act is a watershed moment for digital assets in the United States. For the first time, Congress has moved comprehensive legislation that provides enforceable, tailored rules for stablecoins — a foundational technology for the future of finance. This marks real momentum toward regulatory clarity that protects consumers, supports innovation, and reinforces the strength of the U.S. dollar in the digital economy. We now call on President Trump to swiftly sign the bill into law, ensuring that the United States continues to lead in shaping the global standards for digital assets.” MICHAEL JAMES, EQUITY SALES TRADER, ROSENBLATT SECURITIES, LOS ANGELES: "Crypto stocks have been strong the past two days in expectation that the bill, which didn't pass on Tuesday, would eventually get the necessary votes to pass, which it has done this afternoon. That is part of the reason that crypto stocks have been outperformers in the last two days." https://www.reuters.com/legal/government/view-us-house-sends-genius-act-stablecoin-bill-trump-sign-2025-07-17/

2025-07-17 21:00

July 18 (Reuters) - Japanese Finance Minister Katsunobu Kato on Thursday called for vigilance against excessive foreign exchange volatility at the meeting of finance leaders from the Group of 20 major economies in South Africa. "I told the meeting that based on the existing G20 foreign exchange commitments, we should continue to be cautious about excessive volatility driven by speculative movements," he told a press conference after the first day of the meeting. Sign up here. Japan's currency this week touched its weakest level since early April against the dollar and a one-year low against the euro, as polls showed Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in the upper house. Kato also said he had expressed concerns to his G20 counterparts about the impact of U.S. tariffs on global economies and financial markets. "Tariffs are not an appropriate measure to correct the current account imbalance," he said, adding that G20 should address the issues of imbalance though calm and constructive dialogue. https://www.reuters.com/markets/asia/japan-finance-minister-calls-vigilance-against-fx-volatility-2025-07-17/

2025-07-17 20:57

July 17 (Reuters) - President Donald Trump's administration said on Thursday that decisions related to solar and wind energy projects on federal lands will be reviewed by Interior Secretary Doug Burgum's office to end what calls preferential treatment for renewable energy sources. The added scrutiny is aligned with Trump's pledge to undo the clean energy and climate change policies of former President Joe Biden. Sign up here. Solar and wind companies said the move was at odds with Trump's broader goal to slash burdensome regulations and boost domestic energy to fuel the nation's artificial intelligence ambitions. The Interior Department said in a statement that the additional reviews would apply to rights-of-way, leases, construction and operations plans and other project permitting activities. The announcement is the latest in a string of government measures aimed at restricting wind and solar energy. Trump's sweeping tax and spending law, passed this month, accelerates by several years the phase-out of tax credits for wind and solar projects. Trump also directed federal agencies to tighten the rules on who can claim incentives. Solar and wind accounted for the vast majority of new electricity generation added to the grid last year. Trump says they are unreliable and expensive. Most U.S. solar and wind facilities are built on private land because historically it has been costlier and more time-consuming to permit projects on federal lands. The Biden administration sought to boost investment on public lands by finalizing deep fee reductions for wind and solar projects. The Trump administration has sought to reverse those cuts. "Today's actions further deliver on President Trump's promise to tackle the Green New Scam and protect the American taxpayers' dollars," Acting Assistant Secretary for Lands and Minerals Management Adam Suess said in a statement. “American Energy Dominance is driven by U.S.-based production of reliable baseload energy, not regulatory favoritism towards unreliable energy projects that are solely dependent on taxpayer subsidies and foreign-sourced equipment,” Suess said. The American Clean Power Association, which represents renewable energy developers, said the new policy would add layers of bureaucracy. "The recently released memo from the Interior Department is a bewildering departure from the administration’s promise to bring down energy prices and make America competitive in the race against China for AI and data centers," Jason Grumet, ACP's chief executive, said in a statement. https://www.reuters.com/business/energy/solar-wind-projects-us-lands-will-get-extra-scrutiny-2025-07-17/