Republicans Declared It ‘Crypto’ Week in the House. It’s Not Going as Planned

Cryptocurrency

Summary:

House Republicans' plan for "crypto week" faltered after 13 GOP members joined Democrats to block key cryptocurrency bills from advancing.

A trio of cryptocurrency bills that had been expected to pass the House this week stalled Tuesday after a bloc of Republicans unexpectedly joined with Democrats to prevent the legislation from coming up for debate and votes.

The procedural snafu brought the House’s so-called “crypto week” to a standstill — and dealt a blow to President Donald Trump, who had strongly urged Republicans to pass the bills as part of his push to make the U.S. the “ crypto capital of the world.”

Trump intervened during a late evening meeting with Republicans at the White House, and appeared to put the bills back on track. He posted on social media that he expected votes as soon as Wednesday.

A group of 13 Republicans had joined all Democrats in opposition to a procedural vote needed to bring the crypto bills to the floor. Speaker Mike Johnson told reporters it was just part of the “legislative process” and that negotiations were underway between the House, Senate and White House. He suggested they could try again Tuesday evening.

“We expected there might be some ‘no’ votes, but we thought it was important to put it on the floor to advance it because time’s of the essence on this,” Johnson said. “So stay tuned. We’ll have lots of discussions over the next few hours.”

But just hours later, House leadership canceled votes for the remainder of the day, potentially throwing the crypto bills into limbo.

Then, late in the evening, Trump posted that he was having a White House meeting with lawmakers and had won their support to vote for the procedural step.

“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” Trump said on social media, referring to the step.

The president said that Johnson attended via telephone “and looks forward to taking the Vote as early as possible.”

The stalled legislation includes a Senate-passed bill to regulate a form of cryptocurrency known as stablecoins, along with far more sweeping measures aiming to address cryptocurrency market structure. Another bill would prohibit the Federal Reserve from issuing a central bank digital currency.

The disagreement blocking the bills from advancing centers on how the three bills would be passed. Johnson explained that “some of these guys insist that it needs to be all in one package.” Packaging the bills would require them to be sent back to the Senate, since the chamber has only taken up one of the three bills so far.

Rep. Glenn Thompson of Pennsylvania, a Republican co-sponsor of one of the cryptocurrency bills, told reporters that some of the Republicans wanted to package the bills together due to them “not having a lot of faith in the Senate moving our legislation.”

Trump and Republican leaders have called on the House to pass the bills individually, so that the stablecoin legislation can get to Trump’s desk for his signature before an August recess. The stablecoin legislation took the Senate nearly a month and half to pass, and the more sweeping market structure legislation is expected to take even longer.

In a post Tuesday morning on social media, Trump had called on Republicans to advance the crypto bills that afternoon, saying that “all Republicans should vote ‘yes.’” Asked Tuesday evening about the stalled legislation, Trump told reporters that Republicans who voted against it wanted it to be “stronger.”

Trump has pushed hard for the passage of the stablecoin legislation, with him and his family standing to profit from a boost to stablecoins. They hold a significant stake in World Liberty Financial, a crypto project that recently launched its own stablecoin, USD1.

The stablecoin legislation passed by the Senate includes a provision that bars members of Congress and their families from profiting off stablecoins. But notably, that prohibition does not apply to the president or his family, even as Trump builds what some are calling a crypto empire from the White House.

The cryptocurrency industry hopes the bills as a whole will aid in their push for legitimacy and increasing consumer trust. And road bumps like those seen Tuesday may not have been expected after spending heavily in the 2024 election to elect a large number of crypto-friendly lawmakers.

Faryar Shirzad, chief policy officer of Coinbase, the nation’s largest cryptocurrency exchange, said in a statement after the failed procedural vote that “every few steps forward there’s inevitably a step back.”

“It’s in these moments we’ll see who is trying to get pro-crypto legislation done and who is not,” Shirzad said on social media.

Passage of the bills could have implications on the 2026 midterm races. Fairshake, a crypto super political action committee, said that it and its affiliated organizations already have more than $140 million in the bank ready to spend on midterm races.

“The voters last year were clear — Congress needs to stop playing politics with crypto and finally pass responsible regulation,” said Josh Vlasto, spokesperson for Fairshake. “We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country.”

Source: AP

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Adam

Economic

Expectations are a funny thing. When we say that something meets expectations, we tend to mean it in a positive way, suggesting that a hurdle has been cleared or the result is welcome.

But what happens when we expect something bad, and the outcome meets expectations?

The U.S. consumer price index in June, as reported by the Bureau of Labor Statistics on Tuesday, matched the Dow Jones consensus estimate. And there was even a pleasant surprise: Core inflation, which excludes volatile food and energy prices, rose 0.2% on the month, which was 0.1 percentage points below expectations.

That said, both the headline and core inflation numbers, on an annual basis, hit their highest since February.

“The latest U.S. inflation report practically confirmed that President Trump’s tariffs acted to push up consumer prices in June,” said Matthew Ryan, head of market strategy at global financial services firm Ebury.

Hence, while the inflation figures didn’t surprise market watchers and investors — markets really dislike unpredictability — the fact that the downbeat expectations were realized still weighed on stocks, which mostly fell on the news.

As yesterday’s market movements illustrate — and as many of us, after going through performance reviews with our supervisors, know — sometimes, meeting expectations isn’t good enough.

What you need to know today

A preliminary U.S.-Indonesia deal. U.S. President Donald Trump said Tuesday that under the trade agreement, U.S. exports from Indonesia will face a 19% tariff, while American goods will enter the Southeast Asian country tariff-free. Jakarta has yet to confirm the deal.

Nvidia CEO praises China’s AI sector. Speaking at a supply chain expo in Beijing on Wednesday, Jensen Huang named DeepSeek and Ernie bot as “world class” models. He also lauded Chinese companies’ open-source approach to AI, saying it is a “catalyst for global progress.”

The Nasdaq Composite hits a record. A 4% jump in Nvidia boosted the tech-heavy index, even as the S&P 500

and Dow

retreated Tuesday. Asia-Pacific markets mostly fell Wednesday. Shares of Chinese toymaker Pop Mart slumped over 6% despite issuing a bullish outlook.

ASML’s second-quarter earnings smash expectations. The Dutch chip equipment maker beat estimates on net sales and net profits by around $200 million euros. However, ASML

forecast its revenue for the current quarter will come in below market expectations.

[PRO] Fund managers are bullish on European stocks. A Bank of America survey of European fund managers found that 81% of respondents saw upside for the region’s equities in the coming 12 months.

And finally...

Traditionally, central banks acquire gold through the global over-the-counter market — typically centered in London — where gold is transacted via major bullion banks, priced in U.S. dollars, euros, or sterling.

However, 19 out of 36 respondents in the World Gold Council’s latest central bank survey said they are buying gold directly from domestic artisanal and small-scale gold miners in local currency. Four are thinking of following suit.

Source: cnbc

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Michelle

Economic

Commodity

The gold market remains stuck in neutral, holding solid support above $3,300 an ounce but unable to gain significant traction, even as wholesale inflation pressures remained unchanged last month.

The headline Producer Price Index (PPI) was flat in June, following a 0.1% increase in May, the U.S. Labor Department announced on Thursday. The latest inflation data came in cooler than expected, as the consensus forecast had called for a 0.2% increase.

Over the past 12 months, headline wholesale inflation rose 2.3%, according to the report. Annual inflation was also weaker than expected, with economists anticipating a 2.5% increase. The prior month’s annual inflation figure was revised higher to 2.7%, up from the initial estimate of 2.6%.

Excluding volatile food and energy prices, core PPI was also unchanged last month, following a 0.1% rise in May. According to consensus estimates, economists had forecast a 0.2% increase.

According to some analysts, the headline inflation data should provide some support for gold, as it indicates inflation pressures are relatively under control—potentially giving the Federal Reserve room to cut interest rates later this year.

However, some economists also note that economic uncertainty and inflation fears remain elevated due to President Donald Trump’s import tariffs and the ongoing global trade war. PPI is considered a leading inflation indicator, as producers typically pass higher input costs on to consumers.

Spot gold last traded at $3,333 an ounce, up 0.31% on the day.

Source: Kitco

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Warren Takunda

Economic

London stocks had nudged into the black by midday on Wednesday, as investors mulled a hotter-than-expected UK inflation print.

The FTSE 100 was 0.1% firmer at 8,950.13.

Figures released earlier by the Office for National Statistics showed that annual inflation rose to 3.6% in June from 3.4% in May, versus expectations for it to remain unchanged. This marked the highest since January 2024, when it was 4.0%.

The ONS said transport, particularly motor fuels, made the largest upward contribution.

Food price inflation also increased for the third consecutive month, to 4.5% - its highest annual rate since February 2024.

Core inflation - which excludes energy, food, alcohol and tobacco - increased to 3.7% from 3.5%. Analysts were expecting it to remain unchanged.

ONS acting chief economist Richard Heys said: "Inflation ticked up in June driven mainly by motor fuel prices which fell only slightly, compared with a much larger decrease at this time last year.

"Food price inflation has increased for the third consecutive month to its highest annual rate since February of last year. However, it remains well below the peak seen in early 2023."

Martin Sartorius, principal economist at the Confederation of British Industry, said: "June’s stronger-than-expected inflation print will raise concerns that recent price pressures - driven by higher household energy prices and the passthrough of increased employment costs - could potentially re-entrench inflation in the economy.

"While we still expect the Bank of England’s Monetary Policy Committee to continue gradually cutting rates, today’s upside inflation surprise means its August decision will be finely balanced. Underlying price pressures show signs of easing as the labour market cools, which should support a rate cut. However, some members of the MPC will be wary of loosening too quickly and, consequently, risk inflation remaining above target for longer."

In equity markets, Intermediate Capital Group was the standout performer on the FTSE 100 as it said assets under management rose 3% in the first quarter to $123bn, with fee-earning AUM up 4% to $82bn.

Elsewhere, Hiscox jumped after an upgrade to ‘overweight’ by Morgan Stanley.

Rio Tinto gained as it revealed that US tariffs added $300m in first half costs on aluminium exports from Canada, but also said that annual copper output would be at the higher end of estimates.

Rio said that while a "substantial" part of the extra cost was offset by higher premiums on US sales when the 25% tariff was introduced in March, the premium could no longer fully compensate when President Donald Trump doubled duties on Canadian aluminium to 50% in June.

The mining giant also said annual copper production was now expected to be at the higher end of estimates after a 13% rise in output during the second quarter due to the successful ramp up of the Oyu Tolgoi underground mine and good performance at Escondida.

Bloomsbury Publishing advanced as it said full-year results were on track to meet targets, driven by the ongoing popularity of blockbuster authors such as Sarah J Maas and JK Rowling.

Bytes Technology was boosted by an upgrade to ‘buy’ from ‘hold’ at Jefferies, which cited an attractive risk/reward.

On the downside, AstraZeneca fell after it said its investigational treatment for amyloidosis failed to show a statistical significance in late-stage trials. AL amyloidosis is a rare, progressive disorder caused by defective plasma cells in bone marrow.

Recruiter Hays was knocked lower by a downgrade to ‘underweight’ from ‘equalweight’ at Morgan Stanley.

Source: Sharecast

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Blue River

Technical Analysis

USD/JPY advanced above its 200-day exponential moving average (EMA) for the first time since February on Tuesday, while slightly extending its ascent to a new three-month high of 149.17 earlier today before losing momentum.

The bullish price action coincides with growing political uncertainty in Japan, as the ruling Liberal Democratic Party and its coalition partner face the risk of losing their majority in the upper house in Sunday’s election. However, a sustained move higher remains uncertain, given that the price has closed above the upper Bollinger Band and both the RSI and stochastic oscillator are signaling overbought conditions.

A decisive breakout above the 50% Fibonacci retracement of the January–April downleg could pave the way for an extension toward the 151.00 barrier and the 61.8% Fibonacci level at 151.60. A move beyond that point may open the door for a rally toward 154.70.

On the downside, if bullish pressure fades, the price could find immediate support between the 200-day EMA at 147.85 and the 38.2% Fibonacci level at 147.13. Further declines may stabilize near 145.85. However, only a drop below 143.35 would signal a bearish trend reversal.

Overall, USD/JPY appears cautious, as overbought conditions hint at a possible pullback or consolidation in the short term. The next bullish phase is likely to resume above 149.40.

Source: ACTIONFOREX

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Michelle

Political

Israel intensified its attacks on Syria, striking the country’s military headquarters in Damascus around midday on Wednesday.

The Israel Defense Forces, which announced the strike on the gates of the facility, said it is also hitting southern Syria and is “prepared for various scenarios.”

Israel has stepped operations in Syria since Monday and says it’s acting in defense of the Druze community, a minority group the Jewish state has pledged to protect.

Syria’s state-run agency reported an explosion in Damascus and drone attacks in Suwayda, a southern part of the country close to Israel. There have been deadly clashes in Suwayda in recent days between Druze and Bedouin groups. Syria’s government has moved troops into the area and says it’s trying to quell the violence.

Earlier on Wednesday, Israeli Defense Minister Israel Katz said the military will “continue to attack regime forces until they withdraw” from Suwayda and “will also soon raise the bar of responses against the regime if the message is not understood.”

The US asked Israel to stop its strikes on Syria, an Axios reporter said on Tuesday. The reporter, citing an unnamed US official, said Israel promised to cease strikes on Tuesday evening.

Source: Bloomberg Europe

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Gerik

Economic

Tariffs Revive Inflation Fears, Complicating Fed’s Timing

The Federal Reserve now finds itself in a familiar yet precarious position. After months of warnings from economists and businesses, the June inflation data confirmed that tariffs are pushing up prices for imported goods. While the increase was modest, its confirmation in official metrics signals a material change in the inflation landscape that the Fed can no longer ignore.

This development directly challenges the Fed’s 2% inflation target. Price increases have already appeared in consumer goods such as furniture, clothing, and appliances areas sensitive to tariff-related cost shocks. Although overall inflation remains contained, the composition and trajectory of price growth suggest a structural threat, particularly if more tariffs are implemented or prolonged.

Policy Paralysis as Markets Price in Fed Inaction

Markets responded by locking in expectations that the Fed will remain on hold through at least the summer. According to the CME FedWatch tool, the probability of no rate change in July rose to 97%. Similarly, expectations of a September cut dropped from 63% to 56% in one week. These shifts reflect investor sentiment that the Fed must remain cautious, not because inflation is soaring, but because of growing uncertainty surrounding its trajectory.

Scott Anderson from BMO Capital Markets described the June report as “a step in the wrong direction,” reinforcing the view that the Fed will need more time to evaluate whether current inflation pressures are temporary or persistent. This logic is rooted in lessons from the post-COVID inflation cycle, during which the Fed’s delayed response allowed inflation to entrench itself, necessitating aggressive rate hikes that followed.

Transitory or Persistent? Fed Risks Repeating Past Mistakes

Some market participants argue that tariff-induced inflation may be a one-time adjustment akin to a reset in relative prices rather than a structural shift. In this view, the Fed should look through the data and treat it as a temporary deviation, not a long-term threat. This narrative, however, carries echoes of the Fed’s 2021 misjudgment, when officials labeled post-pandemic inflation as “transitory,” only to find themselves behind the curve.

The risk now is not just from current tariffs, but from the uncertainty surrounding future ones. Each round of tariff announcements creates a new potential inflation shock, making it harder for the Fed to distinguish noise from signal. Ryan Sweet of Oxford Economics noted that if these tariff threats materialize, inflation could build gradually over several months, requiring the Fed to extend its wait-and-see posture unless the labor market weakens sharply.

Waiting Without Acting: A Policy Stalemate

The Fed currently faces a classic policy dilemma: inflation isn’t high enough to justify rate hikes, but it’s also not falling fast enough to warrant cuts. Meanwhile, the labor market remains resilient, removing any urgency for dovish action. This stalemate forces the central bank into a reactive stance, dependent on lagging indicators, and vulnerable to future inflation surprises.

The danger lies not in the current numbers, but in the uncertainty they represent. A single inflation report may not shift policy, but a pattern of incremental increases driven by protectionist trade policy could catch the Fed off guard again. In that case, waiting too long to act could result in a repeat of the post-COVID policy error, where inflation gained momentum while the Fed hoped it would dissipate on its own.

Inflation Moderation or Policy Paralysis?

In the coming months, the Federal Reserve’s credibility may rest on its ability to differentiate between transient price pressures and entrenched inflation. If tariffs continue to generate modest, recurring price increases, the risk of inflation reacceleration becomes real. But without a clear labor market downturn, the Fed may remain sidelined.

For now, financial markets are calm, but that calm reflects indecision rather than confidence. The Fed’s challenge is not merely economic; it is one of judgment, timing, and avoiding a déjà vu scenario that could once again test the limits of its policy toolkit.