Today in crypto, US Sen. Tim Scott said he expects Democrats to back Republicans on the Digital Asset Market Clarity (CLARITY) Act, former White House Crypto Council director Bo Hines joined Tether as a strategic adviser, and Bitcoin bull C…
Today in crypto, US Sen. Tim Scott said he expects Democrats to back Republicans on the Digital Asset Market Clarity (CLARITY) Act, former White House Crypto Council director Bo Hines joined Tether as a strategic adviser, and Bitcoin bull Chamath Palihapitiya filed for a $250 million SPAC targeting DeFi and AI.
Key Republican senator expects Democratic support for US crypto market structure bill
While the US Congress remains in recess until September, one of the senators leading the charge behind legislation to establish a digital asset market structure said he expects bipartisan support.
Speaking from the Wyoming Blockchain Symposium in Jackson Hole on Tuesday, Senate Banking Committee Chair Tim Scott said he expected at least some Democrats to join with Republicans to move forward on the Digital Asset Market Clarity (CLARITY) Act following the passage of the Guiding and Empowering Nation’s Innovation for US Stablecoins (GENIUS) Act.
The South Carolina senator said that he had already been making efforts to reach out to Democrats outside of the banking committee to “provide cover” to vote for the bill.
“We had 18 Democrats vote for the GENIUS Act,” said Scott. “I believe that we’ll have between 12 and 18 Democrats at least open to voting for market structure, a far more complicated piece of legislation, and the forces against it [...] it is a real force to overcome.”
Ex-White House crypto director Bo Hines takes Tether advisory role
Stablecoin giant Tether hired former White House Crypto Council Executive Director Bo Hines as its new strategic adviser for digital assets and US strategy, signaling a push to expand in the world’s biggest economy.
Tether, the issuer of the USDt (USDT) stablecoin, appointed Hines to directly engage and coordinate the company’s US strategy and expansion as part of its core focus with immediate effect, according to a Tuesday announcement shared with Cointelegraph.
Hines previously served in President Donald Trump’s administration, where he worked on initiatives to foster digital asset innovation, set guardrails for stablecoin issuers and develop collaboration between government and the blockchain industry.
In his new role, Hines will collaborate with Tether’s leadership team to execute its US market entry and cultivate “constructive relationships” with policymakers and industry stakeholders.
Hines’ “deep understanding of the legislative process, combined with his passion for practical blockchain adoption, makes him an invaluable asset as Tether enters the biggest market in the world,” said Paolo Ardoino, CEO of Tether, adding:
“Bo’s appointment demonstrates our commitment to building a strong U.S.-based presence that spans across multiple sectors, starting with digital assets and expanding to new opportunities, including a deep focus on potential further investments in domestic infrastructure.”
Tether Investments has already reinvested almost $5 billion in the US economy. Hines’ addition aims to “reinforce” this commitment and alignment to the US market, the announcement said.
Bitcoin bull and billionaire files for $250 million SPAC targeting DeFi, AI
Early Bitcoin investor and billionaire Chamath Palihapitiya has filed to raise $250 million in blank-check company “American Exceptionalism Acquisition Corp A,” targeting the decentralized finance, AI, energy and defense sectors.
The special purpose acquisition company (SPAC) would be led by Social Capital managing partner Steven Trieu as CEO and Palihapitiya as chairman, according to the registration statement filed with the US Securities and Exchange Commission on Monday.
The $250 million raise seeks to offer 25 million shares at $10 each under the ticker AEXA on the New York Stock Exchange.
The pair is betting on decentralized finance, not Bitcoin, to lead the next wave of financial innovation, focusing on solutions that bridge traditional markets with blockchain tech.
However, SPACs face inherent risks, and Palihapitiya has a mixed record leading SPACs in the past, with three past endeavors resulting in liquidations.
