Republican Senator Josh Hawley Stands Alone Among GOP, Vows to Vote Against GENIUS Act, according to recent report.
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Senator Josh Hawley is causing a stir by going against the grain and voting against the GENIUS Act, a bill endorsed by the White House. This bill aims to regulate the stablecoin market, but the Missouri Republican Senator isn't having it.
"This bill is a massive handout to Big Tech.
It lets these tech giants issue stablecoins without any checks or balances. I just can't see why we'd do that."
According to reports, the GENIUS Act could potentially reshape the credit card industry and favor both Trump and Musk, who are currently in a public spat. Hawley is pushing for amendments to the bill, hoping to restrict Big Tech's involvement.
On a completely different note, Circle, the second-biggest US dollar pegged stablecoin player, made headlines with its Initial Public Offering (IPO).
"Circle is officially a public company now, trading on the NYSE under CRCL."
The stock debuted with an opening price of $69 per share, a staggering 168.48% increase from its IPO price of $31 per share.
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💡 Insights:- Senator Josh Hawley is concerned about the potential lack of regulation and Big Tech's involvement in issuing stablecoins under the GENIUS Act.- Circle's IPO was a massive success, with the stock debuting at $69 per share, reflecting strong investor interest.
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- The GENIUS Act, a bill aiming to regulate the stablecoin market, has Senator Josh Hawley advocating for amendments due to concerns about the potential lack of regulation and Big Tech's involvement in issuing stablecoins.
- In unrelated news, Circle, the second-biggest US dollar pegged stablecoin player, has officially become a public company, trading on the NYSE under CRCL, following a successful Initial Public Offering (IPO) that saw the stock debut at $69 per share.
- Meanwhile, the crypto world continues to evolve, with various announcements in cryptocurrency, blockchain, and finance sectors, as well as discussions on policy-and-legislation and general-news, all shaping the future of finance.
