Thoughts tagged "US politics"

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Trump is seeking to direct Americans' retirement funds to a sector in which he and his family are heavily invested.

“Donald Trump set to open US retirement market to crypto investments”.
Jamie John, Stephanie Stacey, and Antoine Gara in Financial Times.
Donald Trump is preparing to open the $9tn US retirement market to cryptocurrency investments, gold, and private equity in a move that would spur a radical shift in the way Americans’ savings are managed.

The House has passed the GENIUS Act stablecoin bill, sending it to Trump's desk where he will sign it. They've also passed the CLARITY Act crypto market structure bill and the Anti-CBDC Surveillance State Act, both of which still need to go to the Senate.

It's no coincidence that the Fairshake crypto super PAC has timed its press release announcing they have $140 million ready for the midterms as Congress is considering three crypto bills during "Crypto Week". Pass our bills, or we will spend millions against you in the midterms.

Federal Housing Finance Agency Director William Pulte: “After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage” 

Order Issuing Directive to Consider Cryptocurrency as an Asset for Single-Family Loans Delivered to Fannie Mae and Freddie Mac WHEREAS, Fannie Mae and Freddie Mac (the Enterprises) maintain a pivotal role in the U.S. housing finance system by providing stability and liquidity to the secondary market for residential mortgages through prudent standards to help ensure sustainable, long-term homeownership. WHEREAS, cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets. WHEREAS, cryptocurrency has not typically been considered in the mortgage risk assessment process for mortgage loans delivered to the Enterprises, without converting the cryptocurrency to U.S. dollars prior to loan closing. WHEREAS, U.S. Federal Housing FHFA has now determined that the consideration of additional borrower assets in the Enterprises' single-family mortgage loan risk assessments may enable the Enterprises to assess the full spectrum of asset information available for reserves and to facilitate sustainable homeownership to creditworthy borrowers. NOW THEREFORE, U.S. Federal Housing FHFA, as conservator, hereby directs each Enterprise to prepare a proposal for consideration of cryptocurrency as an asset for reserves in their respective single-family mortgage loan risk assessments, without conversion of said cryptocurrency to U.S. dollars. Each Enterprise is directed to consider only cryptocurrency assets that can be evidenced and stored on a U.S.-regulated centralized exchange subject to all applicable laws. Additionally, each Enterprise is directed to consider additional risk mitigants per their own assessment, including adjustments for market volatility and ensuring sufficient risk-based adjustments to the share of reserves comprised of cryptocurrency. Prior to implementing any changes, each Enterprise must submit and receive approval from its Board of Directors prior to submitting to U.S. Federal Housing FHFA for review. This Order is effective immediately and should be implemented as soon as reasonably practical.

Notably, at this point they are merely directed to “prepare a proposal for consideration”.

Also notable: “Each Enterprise is directed to consider only cryptocurrency assets that can be evidenced and stored on a U.S.-regulated centralized exchange”.

To provide political cover for supporting the crypto industry’s legislative giveaway, group chat members suggested pro-crypto allies in the Democratic caucus could introduce symbolic anti-corruption amendments to the final bill prohibiting President Donald Trump and elected officials from profiting from cryptocurrencies knowing the effort would be “doa,” or dead on arrival, since the language would likely be voted down by Republicans.
– “Dems’ Crypto Schemers Have Entered The Chat”, The Lever
Tweet by Adam Schiff: Donald Trump and other senior administration officials have made a fortune off of crypto schemes. Today, I'm introducing the COIN Act to put a stop to this corruption in plain sight.

Less than a week ago Schiff voted for the GENIUS Act crypto bill, which Trump has urged Congress to pass.

“Dems' Crypto Schemers Have Entered The Chat”.
Freddy Brewster in The Lever.
A secret group chat reveals that Democratic strategists plan to support the pro-crypto GENIUS Act for political gain, despite acknowledging it's a Trump corruption giveaway.

GENIUS Act (stablecoin bill) has passed the Senate.

Here's the breakdown of the 68-30 vote on the GENIUS Act. Same 16 Democrats who voted yea in the previous cloture vote except for Blunt Rochester (DE), and new yea votes from Hickenlooper (CO), Kim (NJ), and Warnock (GA).

Grouped By Vote PositionYEAs ---68Alsobrooks (D-MD)Banks (R-IN)Barrasso (R-WY)Blackburn (R-TN)Booker (D-NJ)Boozman (R-AR)Britt (R-AL)Budd (R-NC)Capito (R-WV)Cassidy (R-LA)Collins (R-ME)Cornyn (R-TX)Cortez Masto (D-NV)Cramer (R-ND)Crapo (R-ID)Cruz (R-TX)Curtis (R-UT)Daines (R-MT)Ernst (R-IA)Fetterman (D-PA)Fischer (R-NE)Gallego (D-AZ)Gillibrand (D-NY)Graham (R-SC)Grassley (R-IA)Hagerty (R-TN)Hassan (D-NH)Heinrich (D-NM)Hickenlooper (D-CO)Hoeven (R-ND)Husted (R-OH)Hyde-Smith (R-MS)Johnson (R-WI)Justice (R-WV)Kennedy (R-LA)Kim (D-NJ)Lankford (R-OK)Lee (R-UT)Lujan (D-NM)Lummis (R-WY)Marshall (R-KS)McConnell (R-KY)McCormick (R-PA)Moody (R-FL)Moran (R-KS)Moreno (R-OH)Mullin (R-OK)Murkowski (R-AK)Ossoff (D-GA)Padilla (D-CA)Ricketts (R-NE)Risch (R-ID)Rosen (D-NV)Rounds (R-SD)Schiff (D-CA)Schmitt (R-MO)Scott (R-FL)Scott (R-SC)Sheehy (R-MT)Slotkin (D-MI)Sullivan (R-AK)Thune (R-SD)Tillis (R-NC)Tuberville (R-AL)Warner (D-VA)Warnock (D-GA)Wicker (R-MS)Young (R-IN)NAYs ---30Baldwin (D-WI)Bennet (D-CO)Blumenthal (D-CT)Blunt Rochester (D-DE)Cantwell (D-WA)Coons (D-DE)Duckworth (D-IL)Durbin (D-IL)Hawley (R-MO)Hirono (D-HI)Kaine (D-VA)King (I-ME)Klobuchar (D-MN)Markey (D-MA)Merkley (D-OR)Murphy (D-CT)Murray (D-WA)Paul (R-KY)Peters (D-MI)Reed (D-RI)Sanders (I-VT)Schatz (D-HI)Schumer (D-NY)Shaheen (D-NH)Smith (D-MN)Van Hollen (D-MD)Warren (D-MA)Welch (D-VT)Whitehouse (D-RI)Wyden (D-OR)Not Voting - 2Cotton (R-AR)Kelly (D-AZ)

All Republicans supported, except for Hawley (MO) and Paul (KY) who voted against and Cotton (AR) who didn't vote.

All Dem yeas: Alsobrooks (MD), Booker (NJ), Cortez Masto (NV), Fetterman (PA), Gallego (AZ), Gillibrand (NY), Hassan (NH), Heinrich (NM), Hickenlooper (CO), Kim (NJ), Lujan (NM), Ossoff (GA), Padilla (CA), Rosen (NV), Schiff (CA), Slotkin (MI), Warner (VA), and Warnock (GA)