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Isai Peña 🫧
Isai Peña 🫧
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Thursday 07 December 2023 02:03:21 GMT
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PapiChulo :
Asi es compa! 😎
2023-12-07 13:08:43
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The Senate on Tuesday approved landmark legislation to regulate stablecoins, a type of digital asset that’s used to conduct other cryptocurrency transactions.   The vote was 68–30, with 18 Democrats voting in favor and two Republicans voting against: Sens. Josh Hawley (R-MO) and Rand Paul (R-KY).   The GENIUS Act would establish a regulatory framework for the $250 billion market of stablecoins, a type of cryptocurrency tied to the value of another asset like the U.S. dollar.   It would establish guardrails and consumer protections for the digital asset and require issuers to obtain licenses and maintain strict reserve, audit and disclosure standards.   Sen. Bill Hagerty (R-TN), the lead author of the legislation, touted the vote as “an inflection point for innovation in the United States of America.”   “With this bill, the United States is one step closer to becoming the global leader in crypto,” he said on the floor. “This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. treasuries.”   The legislation has enjoyed strong support from both parties and sailed through the Banking Committee in March with bipartisan backing.   However, Democrats prevented it from advancing early last month over concerns that it did not do enough to address President Trump’s personal financial interests in the crypto space.   Changes were made to the legislation, including requiring members of Congress and Executive Branch officials to disclose stablecoin holdings over $5,000.   It also now includes stronger bankruptcy protections for bank depositors and directs the Treasury Department to issue formal rules for monitoring suspicious transactions.   While the changes didn’t address concerns over presidential conflicts of interest, they were enough to get enough Democrats on board to advance the legislation last week, putting it on track for final passage.   The bill now heads to the House, which has been working on its own bipartisan bill to regulate digital assets.   #senate #crypto #cryptocurrency #stablecoins #cspan
The Senate on Tuesday approved landmark legislation to regulate stablecoins, a type of digital asset that’s used to conduct other cryptocurrency transactions. The vote was 68–30, with 18 Democrats voting in favor and two Republicans voting against: Sens. Josh Hawley (R-MO) and Rand Paul (R-KY). The GENIUS Act would establish a regulatory framework for the $250 billion market of stablecoins, a type of cryptocurrency tied to the value of another asset like the U.S. dollar. It would establish guardrails and consumer protections for the digital asset and require issuers to obtain licenses and maintain strict reserve, audit and disclosure standards. Sen. Bill Hagerty (R-TN), the lead author of the legislation, touted the vote as “an inflection point for innovation in the United States of America.” “With this bill, the United States is one step closer to becoming the global leader in crypto,” he said on the floor. “This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. treasuries.” The legislation has enjoyed strong support from both parties and sailed through the Banking Committee in March with bipartisan backing. However, Democrats prevented it from advancing early last month over concerns that it did not do enough to address President Trump’s personal financial interests in the crypto space. Changes were made to the legislation, including requiring members of Congress and Executive Branch officials to disclose stablecoin holdings over $5,000. It also now includes stronger bankruptcy protections for bank depositors and directs the Treasury Department to issue formal rules for monitoring suspicious transactions. While the changes didn’t address concerns over presidential conflicts of interest, they were enough to get enough Democrats on board to advance the legislation last week, putting it on track for final passage. The bill now heads to the House, which has been working on its own bipartisan bill to regulate digital assets. #senate #crypto #cryptocurrency #stablecoins #cspan

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