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CLARITY bill review is blocked, Trump's cryptocurrency activities spark controversy in the House of Representatives During the review of the Digital Asset Market Clarity Act (CLARITY) by the U.S. House of Representatives Financial Services Committee, some Democratic lawmakers questioned President Trump's involvement in cryptocurrencies, saying it could constitute a conflict of interest and interfere with legislative progress. The 236-page bill aims to clarify the regulatory responsibilities of the SEC and CFTC for the crypto market and require companies to disclose information and isolate customer funds. Although the bill has received support from some Democrats, Democratic lawmakers called for the addition of conflict of interest clauses, otherwise they would oppose its passage. The committee may continue its review next week. (The Block)

Federal Reserve Governor Michelle Bowman has been confirmed as the Fed’s Vice Chair for Supervision, following a tight 48-46 vote by the US Senate on Wednesday. The confirmation hands her control over how the central bank oversees and sets rules for the largest banks in the country. This comes after President Donald Trump nominated her in March to fill the top regulatory role at the Fed, a decision meant to accelerate his push to scale back financial rules that he believes are slowing down economic growth. According to Reuters , Michelle, who’s served as a Fed governor since 2018 and previously worked as a community banker, is expected to drive changes that ease restrictions on big banks. Her appointment is a major step for Trump’s broader plan to trim what he calls unnecessary regulation. She’ll now oversee supervision and rulemaking for the biggest and most complex institutions in the US financial system. During testimony before Congress in April, Michelle told lawmakers that many of the current rules are “overly complicated and redundant.” She said those rules create avoidable expenses for both financial institutions and the customers they serve. She promised to act as a “pragmatic” regulator, and analysts expect her to push for lighter leverage requirements, more transparency in bank stress testing, and easier capital rules for large firms. While Michelle settles into her new role, Trump is increasing pressure on the Fed from the outside. On Wednesday, right after payroll firm ADP posted the lowest monthly private sector job growth numbers in years, Trump lashed out at Fed Chair Jerome Powell on Truth Social. “ADP NUMBER OUT!!! ‘Too Late’ Powell must now LOWER THE RATE,” Trump wrote. He added, “He is unbelievable!!!” and reminded followers that “Europe has lowered NINE TIMES!” Tension between the White House and the central bank has been rising for months. Trump met Jerome at the White House just last week to talk about the state of the economy. But based on official readouts, that meeting wasn’t exactly warm. Karoline Leavitt, the White House press secretary, said Trump told Jerome that holding off on rate cuts is weakening America against countries like China. Jerome, on the other hand, reportedly told the president that decisions about monetary policy should be based on real economic data—not political pressure. The fight didn’t end there. Since returning to the presidency, Trump has publicly ridiculed Jerome, calling him a “major loser” and giving him the nickname “Too Late.” Despite legal boundaries, Trump has repeatedly hinted he’s exploring ways to remove Jerome from his post before the end of his term in May 2026. All of this sets the stage for Michelle’s new position to carry even more weight. As the person now shaping banking oversight, her actions will likely align with Trump’s push for less interference in financial markets. With rising political pressure and the economy front and center, her decisions are expected to directly affect how flexible, or how restrained, the Fed’s supervision becomes moving forward. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites

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U.S. President Donald Trump criticized Federal Reserve Chair Jerome Powell and the central bank’s interest rate policy on Truth Social today, June 4, 2025. His comments followed a sharply disappointing May ADP employment report, which revealed only 37,000 private-sector jobs were added, far short of the 110,000 economists had forecast. Trump directly blamed Powell for what he termed ignoring clear signs of a weakening economy. He argued that Powell’s inaction was putting additional strain on American households and businesses. According to Trump, the Federal Reserve must respond quickly by cutting interest rates. In his statement, Trump drew comparisons between the Fed’s position and that of central banks in Europe, where a few have already lowered interest rates. He accused Powell of lagging behind his global counterparts even as U.S. inflation shows signs of cooling. Trump also claimed that Powell’s refusal to lower interest rates now could aggravate any potential economic slowdown, emphasizing the U.S. economy needs immediate support, not continued policy delays. Related: New Trump Crypto Wallet: Family Members Deny It, But Partner Magic Eden Insists It’s Official This criticism is consistent with Trump’s previous public statements about Powell, which started during his presidency and have picked up again in recent months as some economic indicators have softened. Federal Reserve Chair Jerome Powell responded indirectly by reaffirming the Fed’s commitment to data-based decisions. He stated that the central bank would remain independent and avoid political influence. Powell explained that interest rate decisions depend on a full range of economic data, not public pressure. Despite political commentary, Powell has maintained the current policy stance due to persistent inflation risks. The Federal Open Market Committee (FOMC) has held rates steady, citing the need for more consistent evidence of a slowdown before easing monetary policy. The ADP report was the weakest monthly reading since January 2021. Combined with soft consumer sentiment and mixed inflation data, the report adds complexity to the Fed’s decision-making process. Traders now speculate whether the central bank will signal a shift at the next FOMC meeting. Related: Trump Family Disavows “Official TRUMP Wallet” as Magic Eden Partnership Sparks Chaos For now, Powell stands firm. But with Trump raising the volume and economic momentum slowing, the Federal Reserve may face increasing calls to act—whether or not it chooses to listen. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins has committed to bringing a “new day” for the agency’s stance on digital assets. Atkins explained to the Senate Appropriations Subcommittee on Financial Services that his primary goal is to enforce clear and straightforward cryptocurrency rules. He assured that the SEC will focus on effective rules and clarity, rather than enforcement. In April, Atkins was appointed as SEC Chair and explained his hopes for a fair and practical approach to regulating crypto assets. He stated that having clear rules would protect investors against fraud and scams in the cryptocurrency world. Atkins underlined that the main responsibility of the SEC was to clarify regulations instead of enforcing them. This change contrasts with Gary Gensler’s approach as SEC leader, who directed aggressive enforcement actions against cryptocurrency firms. While Gensler was SEC chairman, the agency initiated several major lawsuits against companies based on its broad interpretations of securities laws. On the other hand, Atkins has settled some lawsuits, adopting a more balanced and transparent approach to operating. Since Atkins became chair, the SEC has announced more guidance, including an exemption for some staking activities from securities regulations. This move differs from how Gensler has handled regulation and demonstrates that the SEC, under Atkins, is adopting a more transparent and standardized approach to digital assets. As Congress reviews the SEC’s responsibilities concerning crypto, the agency’s approach is shifting. The recently introduced CLARITY Act seeks to exempt most cryptocurrencies from SEC oversight. Rep. Bryan Steil highlighted that the bill would help strengthen the U.S. position in digital assets and provide better protection for consumers. Atkins observed that Congress was gaining momentum to limit the SEC’s role with crypto. Still, he underlined that the SEC is just as dedicated to supporting innovation. He mentioned the SEC’s newly formed Crypto Task Force and the upcoming DeFi roundtable as key measures to enhance transparency and foster innovation. Atkins could help bring more balance and favorable policies for cryptocurrency investors. The SEC’s focus on clear, honest, and uniform rules will enable it to handle future developments in digital assets effectively. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.