Rep. Hill Talks House Floor Passage For Digital Assets; PayPal On Stablecoin Differentiation

House floor passage

Rep. French Hill (R, AR), Chair of the House Financial Services (HFS) Subcommittee on Digital Assets, Financial Technology and Inclusion expressed optimism on getting digital assets legislation passed on the House floor this fall on Fox Business Friday.

Rep. Hill told Fox’s Maria Bartiromo: “On the digital front, you’re right. America should be the leader in Web3, the leader in distributed ledger technology and digital assets innovation. This will create jobs, expand opportunities for Americans. But again, Gary Gensler at the SEC is operating by enforcement. So what Patrick McHenry, the Chairman of the Financial Services Committee, and I have tried to do working with our friends on the Ag Committee, is create the right, targeted regulatory process for digital assets – both for commodities, over in the Ag Committee, and for tokens that might be considered securities in the SEC jurisdiction. We think this will bring back money to the U.S., jobs to the U.S., and innovation to the U.S., and we hope we can get that through the House floor this fall.” See the video clip on X.

Headlining the recent digital asset bills coming out of the HFS Committee in late July are the digital asset market structure and stablecoin bills.

Lummis leads briefs

Seeking to inform the court about the SEC’s complaint against crypto platform Coinbase and ideally dismiss it, Senator Cynthia Lummis (R, WY) led a half-dozen amicus briefs submitted on Friday to the Court reviewing the case. Her brief (PDF) was penned on her behalf by law firm Jenner & Block.

Securities lawyer James Murphy summarizes Sen. Lummis’ arguments: “1. Congress has not granted the SEC authority to regulate crypto assets. 2. Defining the contours of crypto regulation in this country is a job for Congress and not the SEC. 3. The SEC’s claim that virtually all crypto assets are securities ‘exceeds the SEC’s authority, encroaches on Congress’s lawmaking, and contravenes the separation of powers.'”

Other briefs submitted were from a group of six law “scholars,” venture investment firms Paradigm and Andreessen Horowitz (a16z), 5 industry associations including Blockchain Association and Chamber of Digital Commerce and a developer-focused brief by DeFi Education Fund.

See all the amicus briefs and industry commentary on blockchaintipsheet.com.

more tips:

What Are Amicus Briefs? – Law firm Smith, Gambrell, Russell

PayPal stablecoin strategy

In an interview with Laura Shin on her Unchained podcast, José Fernandez da Ponte, PayPal’s SVP and GM of Blockchain, Crypto, and Digital Currencies, pulls back the curtain on his company’s stablecoin (PYUSD) plans including revenue generation that moves beyond earning interest on stablecoin reserves. Read a summary on Unchained.

In addition, Fernandez da Ponte offers three points of differentiation for the new PYUSD stablecoin: “Integration with the PayPal Ecosystem: PYUSD’s acceptance within the PayPal and Venmo networks provides access to millions of consumers and merchants;  Connectivity to Fiat: PYUSD leverages PayPal’s existing bank connectivity, streamlining the process of moving between fiat and stablecoin; Compliance and Regulation: Issued out of New York and approved by New York DFS, PYUSD adheres to strict regulatory frameworks.” Listen to the podcast on YouTube.

more tips:

“We’re excited to share our experimental solution on Paying Onchain Gas Fees with a Visa Card” (Thursday) – Visa product manager Mustafa Ali on X

crypto’s generational divide

Inspired by the generational gap documented by Pew Research on crypto ownership recently, New York Times “Your Money” columnist Ron Lieber publishes a “Letter to a Young Crypto Enthusiast (or the Merely Curious). ”

He writes, “Crypto conviction – or just curiosity – is not something that merits condescension from the olds and scolds of personal finance. It just requires you to ask a few questions about who you are and why you find crypto alluring.” Bernstein closes with a gentle scold. Read more.

more tips:

Majority of Americans aren’t confident in the safety and reliability of cryptocurrency (April) – Pew Research

see more tips

The future of crypto hinges on a fight between the SEC and a former burger flipper (Binance’s CZ) – NPR

SEC Delays Decision on Cathie Wood’s Spot Bitcoin ETF – The Wall Street Journal

Is Friend.tech a Friend or Foe? A Dive Into the New Social App Driving Millions in Trading Volume – CoinDesk

Sam Altman’s Eyeball-Scanning Crypto Project Worldcoin Is Having An Identity Crisis – Forbes