Todd Phillips
@tphillips
Banking and administrative law. @RobinsonCollege. Fellow @rooseveltInst. Fmr @amprog @fdic @acusgov.
Looks like GENIUS is going to be enacted into law without amendment. I hope lawmakers quickly introduce a bill to improve its bankruptcy provisions. If there are any legislators or staff on here, ping me for TA.
🚨NEW: Chairman @RepFrenchHill, @HouseAgGOP Chairman @CongressmanGT, and House Leadership announced that the week of July 14th will be “Crypto Week,” where the CLARITY Act, Anti-CBDC Surveillance State Act, and GENIUS Act will be considered. @SpeakerJohnson @SteveScalise…
BitGo issues $USD1, the Trump-aligned stablecoin. There's a big question as to the profit split between BitGo and World Liberty Financial, which may be detailed in these filings. Based on public disclosures, President Trump likely receives 28% of WLF's total revenues.
Crypto custodian BitGo joins Grayscale in confidentially filing IPO documents with SEC theblock.co/post/363601/cr…
BitGo is firm that issues USD1, the stablecoin issued by Trump-affiliated World Liberty Financial.
Another state trust bank to national bank trust conversion application. WSJ and Bloomberg had previously reported on this one, but now officially filed.
I'm not a budget person, so is there any reason Congress can't put a provision in future appropriations bills saying that the spending isn't subject to recission under (I think) the Impoundment Control Act?
Senate Democrats face a key test next week as Majority Leader John Thune tees up a bipartisan funding bill vote that could tell us a lot about the likelihood of a government shutdown. More from @AndrewDesiderio —punchbowl.news/article/senate…
Now the hard work of regulating begins. The OCC, state regulators, and even the FDIC and Fed need to write regulations. This is going to be a massive undertaking that I don't think the crypto industry or Washington is prepared for.
The House has given final approval to the GENIUS Act, which sets up the first federal regulatory framework for cryptocurrency. The bill now goes to the White House for signature.
Pulte is really, really gunning for a spot on the Fed, if not Chair itself.
Two people with knowledge of the matter said that a draft of a letter firing Powell was given to the president earlier in the week by William J. Pulte, the director of the Federal Housing Finance Agency @maggieNYT
🚨Nick Bednar and I have a new article titled Commission Quorums. In light of firings rendering the NLRB and MSPB quorum-less, we review caselaw, common law principles, and the quorum rules of 76 commissions to understand the law of quorums. papers.ssrn.com/sol3/papers.cf…
Positive changes for the GENIUS Act. I just wish they didn't require CLARITY to pass for them to be enacted.
News: Lots of crypto legislation posted to the House Rules Committee website for a Monday meeting. As we scooped in Midday, the GENIUS Act will go to Rules and the House floor clean. But the House's market structure reforms will propose tweaks to GENIUS, such as:
New Fed proposal to change the LFI rating system. The system has three components, and the Fed is proposing to make it so that a bank can be "deficient" in one area and "conditionally meets expectations" in the other two can be considered "well managed" federalreserve.gov/newsevents/pre…
The fact that @HesterPeirce's statement is front page news on @NYtimes shows just how crazy crypto makes people. It shouldn't be a surprise to anyone that tokenized securities are securities. nytimes.com/2025/07/09/bus…
Looks like the federal trust charter application is a Fed master account play, not a Genius Act compliance play.
BNY Mellon will have custody of Ripple's new stablecoin as institutional interest in crypto swells cnb.cx/4eF4hni
Hey look, the FDIC is rewriting its material supervisory determination appeals process AGAIN. Also proposing new CRA rules, withdrawing proposed ILC rules, and initiating an RFI on ILCs.
Next week, our Board of Directors will meet in an open session on July 15 at 10:00 a.m. ET. The full agenda and link to the live stream are available here ➡ fdic.gov/news/board-mat….
.@SenWarren's principles for crypto regulation sound a whole helluva lot like what was included in the Senate Ag Committee's 2022 legislative framework. banking.senate.gov/hearings/from-…
Does anyone have insight into how stablecoin branding arrangements work? For example, Paxos issues PYUSD, which is a brand owned by PayPal. Does PayPal get a share of the yield from the reserve assets? A flat fee? Something else? Thanks!
It is abundantly clear why the GENIUS Act's definition of institution-affiliated party is substantially different from that of the FDI Act.
Ripple applies for US banking license following Circle theblock.co/post/360817/ri…
Pulte is gunning HARD for a spot on the Fed, if not the chairmanship itself. Also, the name of the agency is not the "Federal Housing Federal Housing Finance Agency."
U.S. Federal Housing and the Fannie Mae and Freddie Mac Chairman Calls on Congress to Investigate Jerome Powell
The large banks are working on stablecoins (or tokenized deposits). Because these tokens are not interchangeable in the way bank deposits are, how can community banks compete? americanbanker.com/payments/list/…
