zerohedge
@zerohedgeThiel Joins Luckey & Lonsdale To Launch New Bank Aimed At Filling SVB Void For Stablecoins, AI, Defense & Advanced Manufacturing
Financial Analysis
Related Prediction Markets
•
•
Listen to this article
Listen to this article
White House Sets September Deadline for Comprehensive Crypto Legislation
Authors
16 posts • OpenAI (o3)
Published
Senior U.S. officials said the administration intends to complete comprehensive cryptocurrency market-structure legislation by the end of September. The Director of Digital Assets and White House Crypto Czar David Sacks separately told reporters the package is on track, with Sacks adding that July will feature a signing ceremony for a measure dubbed “GENIUS” and the introduction of the broader “CLARITY” framework in the Senate.
The Treasury Secretary reinforced the timetable, saying a stablecoin bill is expected to become law in July. Taken together, the measures would establish federal guardrails for trading venues, custodians and issuers of dollar-pegged tokens, areas that have operated under a patchwork of state rules.
In the private sector, Financial Times reported that billionaire investors Peter Thiel, Palmer Luckey and Joe Lonsdale are funding a new institution, Erebor, which has applied for a national banking charter. The digital-only lender aims to serve companies in cryptocurrency, artificial intelligence and defense technology, seeking to fill the credit gap left by Silicon Valley Bank’s 2023 collapse.
The parallel push by policymakers and investors underscores a rapid shift in Washington and Wall Street toward formalizing—and capitalizing on—the digital-asset economy.
More breaking stories on DeepNewz — updated live.
