OpenAI · Donald Trump · US Senate · White House · The Information
The Senate Banking Committee is likely to approve it this week before a full Senate vote
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The House will then need to vote on the Senate bill, a process that could stretch into summer.
Key facts
- New From Their ReportersExclusiveOpenAI Is Making Billions by Promising to Buy From SuppliersBy Cory WeinbergAI InfrastructureWater Use Isn’t a Data Center Problem, It’s an AI ProblemBy Ann Davis
- There have been scams, kidnappings, a big crypto hack last month, possible sanctions and anti–money-laundering violations, and a crazy crash that led to the liquidation of $10 billion in crypto
- In a poll this month for crypto media company CoinDesk, 30% of voters had a favorable view of crypto
- The Senate Banking Committee is likely to approve it this week before a full Senate vote
Summary
This is a critical week for the crypto industry. The Senate Banking Committee is likely to approve it this week before a full Senate vote. The industry wants real rules, preferably friendly ones, that will prevent what it feels were arbitrary prosecutions. Real rules will also draw mainstream financial firms deeper into the industry, creating profits for those already there. The end result would be crypto markets that look more like traditional markets for stocks and commodities. First, crypto remains as wild and risky as it was when FTX collapsed. There have been scams, kidnappings, a big crypto hack last month, possible sanctions and anti–money-laundering violations, and a crazy crash that led to the liquidation of $10 billion in crypto.
On the flip side, Trump supports the bill, and Congress is stocked with lawmakers who received hundreds of millions of dollars in crypto campaign donations in 2024.The bill’s second big hurdle is the banking industry, one of the most influential groups in Washington. New From Their ReportersExclusiveOpenAI Is Making Billions by Promising to Buy From SuppliersBy Cory WeinbergAI InfrastructureWater Use Isn’t a Data Center Problem, It’s an AI ProblemBy Ann Davis VaughanPolicyCFTC Chair Races to Stop States From Killing Prediction MarketsBy Nancy Scola.