Congress continues to add more events to “Crypto Week”, while President Trump’s family continues to add more crypto money opportunities.
On July 16, the House of Representatives Committee on Ways & Mean’s “Supervisory Committee will hold a hearing entitled” Making America The Crypto Capital of the World: Seesing Digital Asset Policy built for the 2000s. “
According to the Committee Chairman Jason Smith (R-MO), the hearing will focus on “the affirmative steps needed to place a tax policy framework on digital assets.” The negotiation will be part of a crypto-focused period as the house has called ‘Crypto Week’ that will see floor votes on legislation on market structure (the house’s Clarity law, Stablecoins (Senate Genius) and Tom Emmers revived Anti-Central Bank Digital Currency (CBDC) legislation.
The house has not yet submitted any tax-specific crypto suggestions, but Senator Cynthia Lummis (R-WY) recently introduced a bill that addresses Several angles of crypto taxation. While the house has its own Stablecoin bill (Stable), they seem ready to vote for genius as it is, so it is possible that they can adopt the lummy tax plan, provided she can first muscle it through her own chamber.
While the Senate is now rumored to release a draft draft of market structure sometime next week, the Chamber can also take clarity without too much revisions. The Senate has not yet introduced its own market structure, only a set of “principles”, that was made Wednesday’s hearing of the Senate Bank Committee on market structure regulation a rather insignificant deal.
The possibility that the Senate leaned to clarity to get market structure made in a quick way got a boost on Wednesday from committee member John Kennedy (R-LA), who told Traffic light That “(i) n conditions for the Senate starting from the ground up prepares a market structure proposal is not meaningful to me.”
In the midst of all this regulatory building, state securities regulators ask for Senate leaders not to exclude them from playing a role in crypto surveillance. July 7, North American Securities Administrator Association (NASAA) Sent a letter To the Senators Tim Scott (R-SC) and Elizabeth Warren (D-Ma), chairman and ranking member, in the Senate’s bank committee.
The letter asks that, as the Senate, considers legislation on market structure, that it “preserves the critical role that state securities rules play in our capital markets that fight by fraud, market manipulation and similar abuses.” Failure to do so “would have net-negative, significant consequences for Americans.”
The problem that NASAA is facing is that the market structure plan that Congress is moving forward does not predict an important role for federal Securities and Exchange Commission (SEC), instead, leaves the majority of crypto surveillance to the Commodity Futures Trading Commission (CFTC), despite the latter agency to be quite exhausted at the moment.
So NASAA President Leslie van Buskirk may well feel that she has “no reason to believe that our federal partners would come close to making the difference about my state colleagues and I was denied the opportunity to conduct and deal with fraud.” It just doesn’t play that much.
Trump Media offers nonwoke token (wok?)
The Democrats have tried to change every crypto count with languages that would limit President Trump’s ability to earn on Crypto Ventures. But these efforts have all failed to date, and Trump Crypto Empire just continues to grow.
July 9th, Trump Media & Technology Group (TMTG) announced that it had started “public beta -testing of the new truth+ subscription TV streaming plan, the patriot package.” The said package is a curated mix of “Premium, non-woke news channels” and other goodies, but for our purposes we will focus on the news that subscribers “will gather (activity-bound) gems on their truth social accounts. These will eventually be tied to a tool for both the truth social and truth+.” “
TMTG revealed in April that it was “Explore the introduction of a tool token,” undoubtedly encouraged by the enthusiastic (and lucrative) reception given to the president $ Trump Memecoin and also to WLFI, the Government for Trump’s Decentralized funding (Defi) platform World freedom economic (WLF).
While TMTG has applied for three different cryptofocified Switch -traded funds (ETF) and collected $ 2.4 billion To start its BTC-based “Treasury”, the company’s flagship product (Truth Social Platform) remains a ghost town.
The New York Times This week reported that 80% of the social traffic of truth are people who are watching the president’s services, and the company has struggled to sell advertising, which has resulted in a net loss of $ 31 million during the first quarter of 2025. Truth Social has not yet made a profit since it went public and its shares are almost 45% since the year began.
Unknown unknowns who buy Trump symbols
Wednesday’s news about that Justin Sunfounder of Throne network, Planned to buy $ 100 million Worth $ Trump was not so surprising, considering Sun’s other gestures of fertory against Trump’s crypto initiatives. Sun earlier bought $ 20 million dollars on $ Trump and $ 75 million in WLFIThe latter purchase serves the sun a role as a WLF adviser.
Spoken to HookSun called $ Trump “a very important memecoin and a globally recognized (intangible property).” The faith recently announced that it Prepared to launch $ Trumpthat was previously available only on Soana chain. Sun called $ Trump “the currency for (Trump’s Make America Great Again Movement)” claiming that faith “will make the Trump token very popular in Asia and in the rest of the world.”
Late last month, WLF announced that it had sold $ 100 million in WLFI to the Aqua1 FoundationA “web3-in-born” based in the United Arab Emirates. WLF said the two units shared a goal to “help to speed up the creation of a blockchain-driven financial ecosystem centered on blockchain development, Real World Asset (RWA) tokenization and StableCoin integration.” (Stablecoin in question is probably WLF’s USD1which Launched this spring.)
But cryptocriters Jacob Silverman just published a report in The nation Details of his inability to decide who or what encompasses Aqua1. Silverman claimed that there is “very little evidence that the Aqua 1 Foundation exists at all”, including no corporate registration or other official applications in UAE’s public registers.
Silverman had a similar lack of happiness that attaches Aqua1’s alleged co -founder Dave Lee, who seems to share Aqua1’s lack of official documentation. Nor did anyone answer from WLF to Silverman’s questions.
In June, before $ 100 million WLFI purchase announcement, WLF’s official crypto wallet sent $ 800 million in the token to a digital wallet labeled aqua1.eth. That wallet then sent $ 80 million in USDT (Tether) Back to WLF. USDT came from an unknown wallet on Villagea UAE-based exchange that Just announced support for USD1.
Silverman acknowledged that Aqua1 can really be a legitimate UAE company, although he also states that “(S) Omeone can spin a website and press release and send $ 80 million crypto to the US president’s co -worker without leaving the couch.”
The WLFI token is currently used only to vote for WLF’s board proposals, but a new proposal was launched this week on whether they would lift the restrictions on trade with WLFI in the open crypto market. On July 9, WLF Tweetad that “(a) to get overwhelming support on the forum, it is clear, society is ready” to remove WLFI.
Treasury Offshoot’s ditch rules, adding leaders
In Second US News formally Internal Revenue Service (IRS) expelled the so -called “Defi broker” rule from the US tax code on Thursday. The deeply unpopular rule required non-care platforms to collect and submit the same level of customer information as traditional brokers.
After November’s elections, both congress chambers quickly moved to complete and approve resolutions It would erase the Defi language from the IRS spell book. President Trump signed the law in April and made Thursday’s announcement something of a formality, but still welcomes.
The IRS is a projection of the Treasury Department, as well as the office for the foreign exchange controller (OCC), which formally welcomed its new leader on Thursday. Jonathan Gould, a former head of legal manager at the blockchain infrastructure company Bitvur who once served as OCC’s assistant lawyer, was nominated as the next OCC manager in February and was approved by the Senate on Thursday.
Strangely enough, Pro-Crypto Senator Cynthia Lummis (R-WY) initially signaled that she was against confirming Gould. Lummis reportedly Wanted “additional conversations” with Gould regarding his positions on Stablecoins “and federal predecessors of state banking.” Regardless of her worries, the lummy eventually voted to approve Gould.
Stablecoins, T-invoices and an uncertain future
The total value of all US government debt gears held by Stablecoin issuers reportedly topped $ 182 billion this week, which, if the sector was a country, would play it Between Saudi Arabia and Norway. We say “according to information” because some Stablecoin issuers have Never allowed respected third parties to verify that the T-invoices they claim to have as their reserve resources actually exist.
One of the most important driving forces for Stablecoin legislation in the United States is the mantra that their broader assumption in markets outside America will help preserve the role of the dollar as the world’s reserve currency. Stablecoins are also expected to increase the US Dodgy economy due to requirements for US approved issuers to keep their reserves in a narrow range of Fiat assets, mainly T-Bills.
Treasury Secretary Scott Bessent has proposed In the end, issuers would have to buy $ 2 trillion in T-Bills in 2028 and $ 3.7 trillion by 2030. Less partisan opinions set this range as low as half a trillion.
The reality is that no one really knows, but one thing is certain: issuers will not buy long-term T-Bills (the type America prefers to sell) due to the issuers’ need to be able to fulfill a large volume of redemption without delay, for cases. Most issuers choose T-bills with maturity date of 90 days or below.
This may be the reason why Treasury announced this week that the increased issuance of T-Bills, focusing on four- and eight-week bills, for a total new issue of ~ $ 190 billion. The government likes them because they pay lower interest rates than the five- and 10-year variety, but it also exposes the government to the possibility of more expensive financing costs if interest rates suddenly lean upwards.
Treasury’s focus on short-term T-Bills is also a reflection of the rest of the world’s growing concern with the state of the US economy, especially its ability to pay its debts per year from now, even less five or ten years. If the worst case manifests itself, Stablecoin’s ability to do anything to save America will be a drop in the sea. Come in, the water, eh, hot?
Look: Teranode is the digital spine in bitcoin
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