ChainCatcher news, White House cryptocurrency and artificial intelligence director, crypto czar David Sacks commented on the Senate's procedural motion to pass the "GENIUS Stablecoin Act" today, stating, "This legislation creates a legal framework for stablecoins, which is a significant victory for the cryptocurrency space. The bill will now move to the full Senate voting stage. Thanks to Senator Bill Hagerty for leading the charge on this bill, successfully garnering over 60 votes in support of the 'GENIUS Act.'"Previous news, the U.S. Senate voted to pass the "cloture motion" for the formal consideration of the "GENIUS Stablecoin Act," with at least 15 Democratic senators changing their stance to vote in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now enter the comprehensive review process; it has only passed the "cloture motion," and the bill itself has not yet been approved. The "GENIUS Act" will next enter the debate and amendment phase in the Senate.

ChainCatcher news, U.S. Congressman French Hill expressed optimism that the crypto market structure bill and stablecoin legislation will be considered before the end of 2024. Hill noted during a discussion at Washington DC's Fintech Week that these two bills may gain traction during the "lame duck period" after the November elections.Additionally, he emphasized that if these bills cannot pass this year, they will become priority issues for 2025. Currently, the House has passed the FIT 21 bill, which gives the Commodity Futures Trading Commission the authority to regulate digital commodities.

ChainCatcher news, the results of the French election have led to a hung parliament, with major parties failing to secure a majority, which may affect the passage of new legislation, including cryptocurrency regulations.The left-wing alliance "New People's Front" won 188 seats, becoming the biggest winner, but fell short of the 289-seat majority. President Macron's centrist alliance secured 161 seats, while Marine Le Pen's far-right National Rally obtained 141 seats.Mark Foster, the EU policy head of the Crypto Council for Innovation, stated that this will make the formulation of new policies, including cryptocurrency regulations, more difficult.

ChainCatcher news, according to The Block, U.S. Senator Dick Durbin from Illinois stated during a Senate Appropriations Subcommittee hearing on Thursday that after the House of Representatives passes the FIT21 bill, it will grant the Commodity Futures Trading Commission (CFTC) more power and funding to regulate cryptocurrencies, while some lawmakers are concerned that the responsibilities "far exceed their capabilities."Durbin asked CFTC Chairman Rostin Behnam during the hearing: "What exactly makes you think the CFTC can enter this rapidly changing, vast world and be an effective regulator?"Behnam stated that there are regulatory gaps for "non-securities commodity tokens," and the CFTC has done well in taking enforcement actions against cryptocurrency entities.

ChainCatcher news, the decentralized social function platform Passage has completed a $6 million private token financing, led by Akash Network, with participation from Druid Ventures, Vitwit, Cosmostation, Hyperchain Capital, Chorus One, and Cogitent Ventures. Passage will use this funding to further develop and build tools.It is reported that Passage is built on Cosmos and integrated with Sortium's artificial intelligence technology. The PASG token will be publicly sold on StreamSwap on August 29, and a beta version is set to launch in the fourth quarter of 2023.

ChainCatcher news, according to Bloomberg, during a hearing on stablecoins held by the House Financial Services Committee on Wednesday local time in the U.S., there were disagreements between Democrats and Republicans. The chairman of the Financial Services Committee, Republican Patrick McHenry, stated that a draft stablecoin bill released this month lays the groundwork for establishing a federal framework, which is the result of negotiations he had with the committee's Democratic leader Maxine Waters. However, Democratic member Waters indicated that the negotiations were never completed, and many events occurred during that time, including the bankruptcy of FTX, so the negotiations should start from scratch. She also mentioned that Republicans have planned to draft their own separate bill.It is reported that after the collapse of TerraUSD, stablecoin regulation has become a hot topic of discussion. However, there are disagreements between the two parties on how to regulate, which may hinder the swift establishment of a legislative agreement. (Bloomberg)