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Julia Smith

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Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated: 

August 19, 2025

Senate Banking Committee Chairman Tim Scott said he believes that 12 out of 18 Democrats will back the Digital Asset Market Clarity (CLARITY) Act during a major crypto symposium stateside on August 19.

A Dozen Dems May Get Behind CLARITY Act, Tim Scott Says

Speaking at the SALT Wyoming Blockchain Symposium 2025 on Tuesday, Scott revealed he predicts that a majority of Democrats will vote in favor of the key crypto legislation.

“I believe that we’ll have at least 12 and 18 Democrats at least open to voting for market structure,” Scott said.

“The forces against it, let me just say clearly, like Senator Elizabeth Warren, standing in the way of Democrats wanting to participate, it is a real force to overcome,” he added.

Key Democrats Push Back On Crypto Legislation

During a recent fireside chat with Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.) and Executive Director of the President’s Council of Advisers on Digital Assets Bo Hines, Scott announced that he was “making sure” the market structure legislation would be completed by September 30.

Meanwhile, the GENIUS Act was officially ratified last month at a White House signing ceremony, where U.S. President Donald Trump praised the landmark stablecoin bill.

“Let me say, the entire crypto community, for years you were mocked and dismissed and counted out,” the president said. “You were counted out as little as a year and a half ago—but this signing is a massive validation.”

Key players in the Democratic Party, however, have pushed back against certain pieces of crypto legislation.

In July, Representative Maxine Waters (D-CA) launched “Anti-Crypto Corruption Week,” where she called both the CLARITY and GENIUS Act “especially dangerous.”

“The CLARITY and GENIUS bills wrap themselves in the flag of innovation, but all they really do is replicate the same mess that led to past financial crises: They call for few regulations, minimal enforcement, weak consumer protections, and more industry consolidation,” Waters said.

Author

Julia Smith

Author

Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

Share

Last updated: 

June 27, 2025

Senator Tim Scott (R-SC) says U.S. lawmakers are looking to have crypto market structure legislation completed by September of this year.

Tim Scott Sets September 30 Crypto Market Structure Deadline

Appearing in a fireside chat on Capitol Hill alongside fellow Senator Cynthia Lummis (R-WY) and the head of the President’s Council of Advisers on Digital Assets of the White House, Bo Hines, Scott said he is eyeing a September 30 deadline to finalize the long-awaited legislation.

“I think that is a realistic expectation,” the Chairman of the U.S. Senate Banking, Housing, and Urban Affairs Committee said.

“As stated today, we are committed to getting market structure done by the end of September,” Hines said in a June 26 X post. “Period.”

Key Crypto Players Celebrate

Following the news, several key crypto heavyweights shared their enthusiasm over the digital assets development.

“A clear path forward,” Coinbase CEO Brian Armstrong said. “Thank you, David Sacks for delivering the White House’s commitment to work with Senator Tim Scott and Senator Cynthia Lummis to deliver market structure legislation by September 30.”

“Getting comprehensive crypto market structure legislation passed has been sorely needed for years,” said Colin McCune, Head of Government Affairs at a16z. “We’re incredibly supportive of this effort to make it happen by September 30.”

“American consumers and crypto builders need clear, effective rules, and we stand ready to help get this done,” he added.

Scott’s updated legislative timeframe comes amid a groundswell of congressional crypto activity under a new crypto-friendly White House.

Earlier this month, the Senate passed the GENIUS Act, marking a win for the landmark stablecoin legislation.

In an appearance on CNBC this week, Lummis warned that Congress must pass both crypto market structure legislation and the GENIUS Act by the end of 2025.

“I’m not saying combine them, but they both need to pass this year,” Lummis said.

With a September 30 deadline now in the works for the crypto market structure bill, it looks as though 2026 may start with new crypto guidelines.

Bitcoin is the only solution to the United States’ $36 trillion debt, Senator Cynthia Lummis (R-WY) said while promoting the BITCOIN Act in an X post on Friday.

Senator Cynthia Lummis Promotes The BITCOIN Act

“I’m particularly pleased with President Trump’s support of my Strategic Bitcoin Reserve initiative, which will address our national debt while securing America’s position as the global leader in financial innovation,” the Republican senator said in a video shared on social media.

Introduced by Lummis and Congressman Nick Begich (R-AK) in March at the Bitcoin for America Summit, the proposed legislation would see the creation of a federal Bitcoin reserve in a bid to make the U.S. the leader in digital asset technologies.

Lummis further alleged that large-scale adoption of Bitcoin would be “transformative” and put “the everyday worker all over the world in control of their money.”

“As Bitcoin comes into more usage, its use makes the whole system more secure, more robust, and more capable of serving our needs all over the world,” she added. “We should be the global leader with this fantastic, new ledger-based asset that is in a digital format.”

The U.S. Head Towards A Strategic Bitcoin Reserve

Proponents of a Strategic Bitcoin Reserve widely believe that it would position the U.S. as a technologically forward-looking global power while acting as a hedge against traditional financial concerns.

Trump largely campaigned on enacting a crypto-friendly regulatory framework, promising to make the U.S. the “crypto capital of the world.”

In March, Trump signed an executive order mandating the development of a Strategic Bitcoin Reserve and digital asset stockpile.

“I am very positive and open-minded to cryptocurrency companies, and all things related to this new and burgeoning industry,” he said. “Our country must be the leader in the field.”

As of Friday afternoon, Bitcoin continued to experience a slight surge in value, hovering around $97,000.

The post BITCOIN Act Touted by Sen. Lummis to Slash $36T U.S. Debt appeared first on Cryptonews.

US Senator Elizabeth Warren warned that if President Donald Trump eventually moves to fire Federal Reserve Chair Jerome Powell, it could undermine investor confidence in the integrity of US capital markets and trigger a financial crash.

During an appearance on CNBC, the Massachusetts Senator said the President does not have the legal authority to remove Powell from his position. Moreover, removing Powell would weaken the financial infrastructure of the US, Warren added:

“If Chairman Powell can be fired by the President of the United States, it will crash the markets. The infrastructure that keeps this stock market strong and, therefore, a big part of our economy strong, and a big part of the world economy strong, is the idea that the big pieces move independently of politics.”

“If interest rates in the United States are subject to a president who just wants to wave his magic wand, this doesn’t distinguish us from any other two-bit dictatorship,” Warren continued.

President Trump has repeatedly called for Powell’s termination, citing the chairman’s hesitancy to lower interest rates. Lower interest rates are usually considered a positive catalyst for risk-on asset prices, including cryptocurrencies, and could reverse the market downturn brought on by the trade war and current macroeconomic pressures.

Related: Fed’s Powell reasserts support for stablecoin legislation

Trump’s feud with the Federal Reserve chairman

Trump criticized Powell for not cutting interest rates and called for his termination again in an April 17 Truth Social post, which inflamed speculation that he would follow through on threats and find a way to remove the chairman.

Senator Rick Scott echoed Trump’s calls to remove Powell. “It’s time to clean house of everyone working at the Federal Reserve who isn’t on board with helping the American people and fighting for their best interests,” Scott wrote in an opinion piece published on Fox News.

The Trump administration has repeatedly stated that lowering interest rates is a top priority. Market analyst and investor Anthony Pompliano recently speculated that Trump deliberately crashed financial markets to force lower interest rates.

At the time, Pompliano cited a reduction in the yield of the 10-year US Treasury Bond to just 4%. The 10-year bond yield has climbed back up to 4.3% since then.

Magazine: Meebits and CryptoPunks are like Hot Wheels for adults: New MeebCo owner Sergito

]]> https://earlybirdsinvest.com/firing-jerome-powell-will-crash-financial-markets-sen-elizabeth-warren/feed/ 0 31576 https://earlybirdsinvest.com/biden-admin-may-have-sold-us-bitcoin-reserves-says-sen-lummis/ https://earlybirdsinvest.com/biden-admin-may-have-sold-us-bitcoin-reserves-says-sen-lummis/#respond Thu, 20 Mar 2025 18:15:45 +0000 https://earlybirdsinvest.com/biden-admin-may-have-sold-us-bitcoin-reserves-says-sen-lummis/

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At the Digital Asset Summit on March 19, Senator Cynthia Lummis (R-WY) claimed that the previous Biden administration may have sold a significant portion of the United States’ confiscated Bitcoin holdings. During a panel discussion, Senator Lummis outlined her concerns, explaining that while the United States government may have amassed a large sum of BTC through asset forfeitures, some of these funds might have been liquidated during the Biden era.

Did Biden Sell US Bitcoin?

“We’re trying to find out how much Bitcoin and whether they are fully surrendered to US custody. We think that could be the basis for the first year’s installment of a strategic Bitcoin reserve. We think the United States has held about 200,000 Bitcoin in asset forfeiture. What we don’t know is how much of that the Biden administration was selling right before the Trump administration took office,” Lummis said.

According to Lummis, her office has issued formal inquiries to the US Marshals Service and spoken with United States Attorney General in Donald Trump’s cabinet Pam Bondi in a bid to confirm exactly how many BTC remain under federal control. When asked why it appears difficult to ascertain the precise holdings, Lummis was blunt:

“This should be easy to figure out. It should be easy to figure out why a federal agency has two times more credit cards issued than there are employees in the agency. I mean, there’s so much failure of just simple accounting and business practices in the federal government that it would shock you. It is inexcusable.”

Lummis has been a vocal proponent of integrating BTC into the US financial structure. Last week, she reintroduced the BITCOIN Act at a conference organized by The Bitcoin Policy Institute, aiming to establish a Strategic Bitcoin Reserve for the federal government. The legislation proposes acquiring up to one million BTC over five years, positioning Bitcoin as a store of value similar to gold reserves.

Also at the Digital Asset Summit, Congressman Tom Emmer (R-MN) revealed that multiple pieces of legislation are circulating in Congress with similar goals. Emmer expressed confidence that these efforts to establish a Strategic Bitcoin Reserve bill to buy 1 million BTC will be enacted: “Yes, there is legislation. I think there are different members that have different versions. … I believe before this Congress is done, that will be enacted.”

Bo Hines, Executive Director of the US Presidential Council of Advisers for Digital Assets, spoke in a separate interview about the US history with seized Bitcoin. According to Hines, the government once held approximately 400,000 BTC but sold roughly half for around $370 million—a sum that would be worth nearly $17 billion at current valuations.

“If we would have held on to that, it would have been worth $17 billion today. I mean, it just goes to show you how important this asset is and what we can do with it to benefit the American people.”

Hines also confirmed the White House’s ambition to expand the US government’s Bitcoin reserves in a budget neutral-way: “We feel like it’s in the best interest of Americans to hold on to this asset long term and accumulate as much as we can get. … We’ve talked about building the digital Fort Knox for the United States.”

He emphasized that such a Bitcoin strategy would be budget-neutral, avoiding any additional taxpayer burden. Hines believes the internal working group set up through the first digital assets Executive Order will produce “tremendous ideas on how to accomplish this.”

Two weeks ago, President Donald Trump signed an Executive Order mandating the creation of a Strategic Bitcoin Reserve. The Reserve is to be funded by BTC seized under criminal or civil asset forfeiture proceedings. As per the order, relevant agencies must provide a comprehensive accounting of their digital asset holdings to the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets.

At press time, BTC traded at $85,748.

Featured image from Wyoming Public Radio, chart from TradingView.com

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