Latest news with #HouseOfRepresentatives
Yahoo
an hour ago
- Business
- Yahoo
Why Circle Internet Stock Skyrocketed 83.2% This Week
The U.S. Senate passed the GENIUS Act, a landmark bill that will regulate the use of stablecoins. Circle Internet issues one of the most popular stablecoins on the market, USDC. 10 stocks we like better than Circle Internet Group › Shares of Circle Internet Group (NYSE: CRCL) have soared this week, finishing up 83.2% from last week's close. The massive run came as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) were relatively flat. The company, which IPO'd earlier this month, is the sole issuer of USDC, one of the most popular stablecoins on the market. Investors sent the stock soaring this week after the U.S. Senate passed the GENIUS Act, a landmark bill that would create a federal regulatory framework for stablecoins. The bill allows banks, fintech firms, and retailers to legally issue and use stablecoins, while also establishing consumer protections and regulatory oversight for their use. The bill must now clear the House of Representatives. House members will need to reconcile the bill with their own version, which contains some key differences, especially in what agencies would take the lead in regulating the market. If the bill successfully makes its way to President Trump's desk and is signed into law, it will mark a watershed moment for stablecoin adoption and the cryptocurrency market at large. Sen. Kirsten Gillibrand, a co-sponsor of the bill, said the bill aims to "enable U.S. businesses and consumers to take advantage of the next generation of financial innovation" and "protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar." Since its IPO earlier this month, Circle stock has risen nearly 200%. While I think the excitement is warranted, investors should pay attention to valuation. With a market cap of nearly $60 billion and sales last year of $1.7 billion, there is a lot of growth priced in already. While I think Circle could do very well and that $1.7 billion is likely to grow significantly if the GENIUS Act becomes law, there are two factors that make me wary of the stock, given its valuation. One, the company's revenue is directly tied to interest rates, which are currently elevated. As the Federal Reserve cuts rates, which they are expected to do later this year, the company's bottom line will be hit. Two, a significant chunk -- roughly 50% -- of Circle's revenue is paid to Coinbase as part of the two companies' relationship. That percentage can change based on how much USDC Coinbase holds on its exchange. That means Circle's fate is directly tied to decisions made at another company. Before you buy stock in Circle Internet Group, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Circle Internet Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $659,171!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $891,722!* Now, it's worth noting Stock Advisor's total average return is 995% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Johnny Rice has no position in any of the stocks mentioned. The Motley Fool recommends Coinbase Global. The Motley Fool has a disclosure policy. Why Circle Internet Stock Skyrocketed 83.2% This Week was originally published by The Motley Fool
Telegraph
a day ago
- Entertainment
- Telegraph
Watch: Drag queens dance for representatives on Oregon House floor
Two drag queens danced in the Oregon House of Representatives to celebrate the passing of a Democratic resolution that marked 'the artistry of black drag performers'. Footage of the flamboyant performance shows the pair taking to the House floor dressed in shimmering kimonos – one in gold and the other in silver – to the sound of Beyonce's I Was Here. They then proceeded to remove their robes and perform a dance routine, with Isiah Esquire, who is bald, revealing a gold vest and Aqua Flora, sporting a blue wig, wearing a multi-coloured jumpsuit. As they lip-synced to Aretha Franklin's A Deeper Love, the drag queens performed the splits before carrying out an exaggerated cat walk, known as 'sashaying', down the aisle in the centre of the House floor while bearing a rainbow-coloured LGBT flag. House members encouraged to applaud Politicians were encouraged to interact with the spectacle by David Gomberg, a Democrat House speaker, who told the chamber: 'Normally, colleagues, we don't applaud during performances…But there are times when I think exceptions are appropriate.' However, the performance was criticised by Republicans, with Dwayne Yunker, a state lawmaker, saying taxpayer-funded chambers should be used for 'serious debate' not 'political theater'. The performance was followed by a speech from Travis E Nelson, a Democratic lawmaker and the first black LGBT member of the House, who brought forward the resolution and praised the drag queens for their 'artistry and courage'. Mr Nelson said: 'Your presence, artistry and courage are a powerful reminder of the joy, resilience and cultural impact of drag in Oregon and beyond. Thank you for sharing your light with us this morning.' The resolution, which passed 34-9, with all no votes cast by Republicans, was scheduled for Pride month and praised Oregon's drag queens for making the black drag community 'one of the most vibrant and vital in the nation'. 'More performance than governance' The performance was met with a swift backlash from Republicans. Mr Yunker said it was hardly in keeping with the vision of the Founding Fathers. He posted on X: 'I'm not sure the Founding Fathers envisioned taxpayer-funded legislative chambers being turned into platforms for political theater. 'The House floor is meant for serious debate, lawmaking, and serving all Oregonians not partisan spectacles designed to push cultural agendas. If this feels more like a performance than governance, you're not alone.' Mr Nelson noted that the drag queens were not paid for the performance. Musical offerings and peculiar resolutions are often part of Oregon House business. Earlier this week, lawmakers adopted a resolution designating the T-Bone as the state's official steak. Aqua Flora described taking part in the performance as 'powerful and beautiful'. The drag queen told The Oregonian: 'What got me through the performance was feeling the ancestors of all these people in the room with us.'
Yahoo
3 days ago
- Business
- Yahoo
U.S. Senate Passes GENIUS Act to Regulate Stablecoins, Marking Crypto Industry Win
The overwhelming bipartisan passage of the U.S. Senate's stablecoin bill, with a 68-30 final vote that saw a huge surge of Democrats joining their Republican counterparts on Tuesday, sets a new high-water mark of crypto policy efforts in the U.S. as the legislation now heads to the House of Representatives. The major Democratic backing for the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act helps give it momentum as it lands in the other chamber, where House lawmakers can either vote on it as written or pursue changes that will require a final round in the Senate before it can head to President Donald Trump's desk. As written, the bill would set up guardrails around the approval and supervision of U.S. issuers of stablecoins, the dollar-based tokens such as the ones backed by Circle, Ripple and Tether. Firms making these digital assets available to U.S. users would have to meet stringent reserve demands, transparency requirements, money-laundering compliance and regulatory supervision that's also likely to include new capital rules. Ji Kim, the Acting CEO of the Crypto Council for Innovation, called it a "historic step forward for the digital asset industry," in a prepared statement shared ahead of the vote "This is a win for the U.S., a win for innovation and a monumental step towards appropriate regulation for digital assets in the United States," said Amanda Tuminelli, executive director and chief legal officer of the DeFi Education Fund, in a similar statement. While it has failed to convince some of the most vocal Democratic critics such as Senator Elizabeth Warren, who say it allows loopholes for foreign tokens such as Tether's USDT, doesn't deal with conflicts presented by the personal crypto involvement of President Trump and clears a path for technology giants such as Amazon to issue their own coins, the bill's backers in her party have essentially argued that doing nothing isn't an option. "With this bill, the United States is one step closer to becoming the global leader in crypto," said Senator Bill Hagerty, the Tennessee Republican who sponsored the bill, as the Senate prepared to vote on Tuesday. "The value of stablecoins will be pegged to the U.S. dollar and backed one-to-one by cash and short-term U.S. Treasuries. This will provide certainty and confidence for more wide-scale adoption of this transformational technology.' While this is the first significant crypto bill to clear the Senate, it's also the first time a stablecoin bill has passed either chamber, despite years of negotiation in the House Financial Services Committee that managed to produce other major crypto legislation in the previous congressional session. The destiny of the GENIUS Act is also tied closely to the House's own Digital Asset Market Clarity Act, the more sweeping crypto bill that would establish the legal footing of the wider U.S. crypto markets. The stablecoin effort is slightly ahead of the bigger task of the market structure bill, but the industry and their lawmaker allies argue that they're inextricably connected and need to become law together. So far, the Clarity Act has been cleared by the relevant House committees and awaits floor action. The crypto industry's lobbyists turn now to the House on both those issues. A new report on Tuesday from TRM Labs says that stablecoins represent more than 60% of current crypto transactions, and more than 90% of those coins are pegged to the U.S. dollar — dominated by USDC and USDT. "Although TRM estimates that 99% of stablecoin activity is licit, their speed, scale, and liquidity have made them appealing for illicit uses, including ransomware payments, fraud, and terrorist financing," the analytical organization noted. Illicit finance represents one of the major complaints of critics in in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Verge
3 days ago
- Business
- The Verge
Senate passes GENIUS stablecoin bill in a win for the crypto industry
In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar. In the past year, and after the crypto industry funneled over $131 million into Donald Trump's presidential campaign, the Republican Party has embraced the crypto industry with enthusiasm, voting overwhelmingly for the bill's passage. There were two GOP holdouts: Senators Rand Paul of Kentucky and Josh Hawley of Missouri, both ardent critics of Big Tech. The bill now goes to the House of Representatives, which is working on its own companion legislation, the STABLE Act. Its passage had not always been assured. Back in May, nine Democrats who'd previously supported the GENIUS Act suddenly reversed course, asking to revise the bill's text, and days later, Senators Elizabeth Warren (D-MA) and Ron Wyden (D-WA) successfully killed an attempt to bring the bill to a floor vote by citing several current events involving the Trump family's crypto ventures, including a controversial dinner for people holding large amounts of their memecoin $TRUMP. Warren, the ranking member of the Senate Banking Committee and a longtime consumer protection hawk, ultimately voted against the final version of the GENIUS Act. During a June 11th floor speech, she stated that the bill did not have adequate regulatory guardrails in place to prevent corruption: 'It would make Trump the regulator of his own financial company and, importantly, the regulator of his competitors.' It's a win, however, for the burgeoning digital assets industry, which has poured hundreds of millions into the political influence game in Washington, hiring political consultants and even a few Members of Congress on their behalf. In an interview prior to Tuesday's vote, Seth Hertline, Head of Global Policy at the crypto wallet company Ledger, described the GENIUS Act as a political bellwether for the industry as a whole. 'If the GENIUS Act derails, everything behind it derails,' he told The Verge.
Yahoo
3 days ago
- Business
- Yahoo
Why Enphase Energy Stock Is Crashing Today
A Senate committee's proposed changes to a bill passed by the House of Representatives last month calls for an end to solar power subsidies. Although not yet enacted as well, the rhetoric and comparable decision-making suggests such support for the renewable energy is waning. The uncertainty surrounding the solar power name poses too much risk for most investors. 10 stocks we like better than Enphase Energy › Shares of solar power technology company Enphase Energy (NASDAQ: ENPH) are down 25.6% as of 11:30 a.m. ET on Tuesday, in response to proposed legislation that could soon end the industry's much-needed tax incentives. Although not yet enacted into law, it's increasingly clear that regulatory support for the nation's nascent solar power business is waning... a lot. Much like their counterparts in the U.S. House of Representatives, the current collective slate of U.S. senators isn't interested in subsidizing the domestic proliferation of renewable energy for much longer. That's the takeaway from the Senate's proposed update to President Trump's "One Big, Beautiful Bill" passed by the House late last month, anyway. While amendments recommended by a Senate panel are more supportive of nuclear, hydro, and geothermal power than the House's version of the act, the bill's suggested revisions still call for cutting tax incentives on solar and wind power systems by 60% as soon as 2026, and ending them altogether by 2028. This would obviously be a big blow to solar power system providers like Enphase Energy, which is already reeling from California's 2022 decision to reduce compensation paid to homeowners for selling their excess solar-produced power back to their utility service provider. With today's steep sell-off, Enphase shares are now down nearly 90% from their December 2022 peak of $339.92. The Senate committee's proposed changes to President Trump's touted bill hasn't yet become law, to be clear. It can still be changed to be more beneficial to the solar industry, as some hoped the Senate would. But one way or another, the tax incentives and subsidies that helped usher the U.S. solar power industry into existence are ending sooner or later, and likely sooner than later. If not with the "One Big, Beautiful Bill," another legislative overhaul of these incentives will eventually surface and pose a similar threat. That doesn't mean solar power is simply going away. Indeed, there are instances where solar has met or even surpassed cost parity with more traditional sources of power, making solar power the smarter fiscal choice. Uncertainty and unpredictability undermine stocks though, and there's a massive amount of both surrounding Enphase Energy shares at this time. Stay away until it's clear that the company can thrive without any subsidies or tax incentives. Just accept that it could take years for such clarity to surface, if it's going to surface at all. Before you buy stock in Enphase Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Enphase Energy wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $660,821!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $886,880!* Now, it's worth noting Stock Advisor's total average return is 791% — a market-crushing outperformance compared to 174% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 James Brumley has no position in any of the stocks mentioned. The Motley Fool recommends Enphase Energy. The Motley Fool has a disclosure policy. Why Enphase Energy Stock Is Crashing Today was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
