Brendan Pedersen

Vault: The great CFTC reversal on prediction markets CFTC Chair Mike Selig all but declared war on state governments this week, announcing his federal agency would oppose efforts to crack down on prediction markets.

VAULT: CFTC Chair Mike Selig all but declared war on state governments this week, announcing his federal agency would oppose efforts by state attorneys general to crack down on prediction markets.

@brendanpedersen.bsky.social has the details:
punchbowl.news/article/vaul...

Exclusive: White House uses USAID funds for budget director Vought's security, documents show The White House budget office is using millions of dollars from the former U.S. foreign aid agency to pay for the security detail of Russell Vought, President Donald Trump's budget chief and an archit...

I was checking around the CFPB a few weeks ago to see if the agency was still funding Vought's security. The folks I spoke with said it appeared that was no longer the case.

And there you go.

www.reuters.com/world/us/whi...

Vault: Banking punts major crypto markup Once again, the “crypto Congress” is on the verge of collapse thanks to the U.S. Senate.

THE VAULT: Once again, the “crypto Congress” is on the verge of collapse after the Senate Banking Committee punted a landmark crypto markup that was scheduled to happen this morning.

@brendanpedersen.bsky.social has the latest:
punchbowl.news/article/vaul...

Tribal advocates push for prediction market crackdown A collection of tribal governments and other groups are mounting a push for regulators and lawmakers to crack down on the prediction markets industry.

NEWS in THE VAULT: A collection of tribal governments and other groups are mounting a year-end push for federal regulators and lawmakers to crack down on the “unregulated” prediction markets industry.

@brendanpedersen.bsky.social has the details:
punchbowl.news/article/vaul...

Hill upends defense talks on CDFIs Rep. French Hill walked away from another set of financial policy talks tied to the annual defense authorization package, according to multiple people familiar.

News in THE VAULT: House Financial Services Chair French Hill pulled out of bipartisan NDAA talks that would’ve boosted the CDFI Fund — blindsiding the other three corners.

@brendanpedersen.bsky.social has the details:
punchbowl.news/article/vaul...

Painful penny politics The penny was declared dead this week at the age of 232-years-old, courtesy of the Trump administration.

THE VAULT: The penny was declared dead this week at the age of 232-years-old, courtesy of the Trump administration. Now it’s Capitol Hill’s turn to pick up the tab. Because the penny hasn’t gone quietly.

More from @brendanpedersen.bsky.social —
punchbowl.news/article/vaul...

It’s everybody versus the banks on financial data rights The FTA has assembled a sweeping coalition of fintech, crypto and merchant groups to try to preserve the legal framework that undergirds “open banking.”

News in THE VAULT: It’s fintech, crypto and retailers vs. the banks.

Today’s the deadline for comments on the Biden-era open banking rules and a sweeping industry coalition is urging the CFPB not to narrow or water them down.

More from @brendanpedersen.bsky.social —
punchbowl.news/article/vaul...

Key senators leery of stablecoin yield redux The banking industry wants the Senate to re-open the GENIUS Act, imposing further limits on the yields paid out to consumers on their stablecoins.

THE VAULT: Banks want Congress to reopen the GENIUS Act to clamp down on stablecoin “rewards.”

But key senators say they’re not relitigating yields. For now, Washington’s siding with crypto.

📝: @brendanpedersen.bsky.social —
punchbowl.news/article/vaul...

The House slouches toward crypto floor votes The House will host a single procedural vote to advance the GENIUS Act and the CLARITY Act to the floor as soon as the week of July 7

It looks like President Donald Trump is going to get his way on crypto. House leaders are planning a hybrid approach to advancing crypto legislation after a week of hand-wringing and positioning.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

Democrats want Powell to cut rates, too There’s a bipartisan hunger in Congress for lower interest rates. As Republicans step up their attacks on Fed Chair Jay Powell, Democrats sound sympathetic.

There’s a bipartisan hunger in Congress for lower interest rates. As Republicans step up their attacks on Fed Chair Jay Powell, Democrats are pushing for rate cuts themselves.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

Competing visions of American digital asset policy will go head-to-head this week. One is headed by the president, the other led by a former banker from Arkansas.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

Three things we learned from crypto’s Senate flop The Senate’s first-ever move to incorporate digital assets into the regulated financial system disintegrated on Thursday.

The Senate’s first-ever move to incorporate digital assets into the regulated financial system disintegrated on Thursday. The political landscape has changed with this failed vote — and not in crypto’s favor.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

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From THE VAULT: The GOP’s tax bill hits prime time, Rep. Neal details House Dems’ strategy for the tax markup, the three things we learned from crypto’s Senate flop and more.

Laura and @brendanpedersen.bsky.social in the Lookahead:
punchbowl.news/archive/5112...

More news via Punchbowl News' Texts: Democrats are planning to walk out of a joint hearing scheduled for tomorrow. House Ag and finserv plan to discuss changes to the market structure of crypto regulation.

Democrats say House rules allow them to halt proceedings by denying UC

Scoop: Thune told offices the Senate is moving full steam ahead on a floor vote of the GENIUS Act this week, despite opposition from a key bloc of Democrats. First in PBN texts.

Republican leadership wants to call Democrats' bluff on stablecoins... if it is a bluff. May not be

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From THE VAULT: The House GOP struggles to cut deals as the reconciliation clock races, crypto has a Senate Democrat problem and the latest Canvass poll on crypto reforms is in.

Laura and @brendanpedersen.bsky.social in the Lookahead:
punchbowl.news/archive/5425...

Some news in our AM edition: Republicans on the House Financial Services Committee conferenced last night to discuss their approach to reconciliation. On the chopping block: The CFPB, PCAOB and up to $5 billion in cuts, depending on CBO scoring

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From THE VAULT: It’s tax writing time, the medical debt CRA deadline is looming, it’s one helluva time for a monetary policy task force, we share the latest on K Street and more.

Laura and @brendanpedersen.bsky.social in the Lookahead:
punchbowl.news/archive/4132...

Medical debt CRA deadline looms with problems ahead One of Chopra’s last acts at the CFPB was finalizing a rule that eliminated medical debt from consumer credit reports.

The Biden-era director of the Consumer Financial Protection Bureau was fired in February. Two months later, Rohit Chopra may be on the verge of scoring a surprising political triumph in the Trump era.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

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From THE VAULT: Inside Republicans’ next moves to write the tax bill, the credit union lobby’s $12M Capitol Hill townhouse overhaul, this week’s hot tax topics on K Street and more.

Laura and @brendanpedersen.bsky.social in this week's Lookahead:
punchbowl.news/archive/3925...

News: House Republicans have developed a new strategy for cutting the budget of the Consumer Financial Protection Bureau.

The approach is distinct from prior attempts, designed to work w/ reconciliation and could gut the CFPB budget while dodging the Senate filibuster. Read >>>

Knives are out for CFPB. This time will be different. Less than a week into a second Trump administration, the fight over the future of the Consumer Financial Protection Bureau is already here.

Less than a week into the second Trump administration, the fight over the future of the Consumer Financial Protection Bureau is already here.

@brendanpedersen.bsky.social with more:
punchbowl.news/article/fina...

One emerging style gap between Scott and Hill Senate Banking Committee Chair Tim Scott and HFSC Chair French Hill have a lot of preferences in common, but their styles as lawmakers are very different.

Senate Banking Committee Chair Tim Scott and House Financial Services Committee Chair French Hill have a lot of preferences in common, but their styles as lawmakers are very different.

@brendanpedersen.bsky.social details their approaches to down-dais leadership:
punchbowl.news/article/fina...

Interesting group for folks tracking crypto influence in this Congress:

- Bynum beat a Fairshake-backed GOP candidate in November, a rare defeat for crypto in '24
- Fields appears to have made no public statements re crypto
- Liccardo is a crypto ally.

House Democrats are adding three members to their roster on the Financial Services Committee, according to two people familiar with the decision. Those members are Reps. Janelle Bynum (Ore.) Cleo Fields (La.) and Sam Liccardo (Calif.). Welcome, newbies!

Good morning from the nation's capital

Forget about crypto for a second. The next chair of the House Financial Services Committee has been pushing for innovation in the banking sector for nearly half a century.

More from @brendanpedersen.bsky.social in The Readback:
punchbowl.news/archive/1221...

Full list of Republicans on the Senate Banking Committee for the 119th Congress:

Scott, SC
Crapo, Idaho
Rounds, SD
Tillis, NC
Kennedy, La.
Hagerty, Tenn.
Lummis, Wyo.
Britt, Ala.
Ricketts, Neb.
Banks, Ind.
Cramer, ND
Moreno, Ohio
McCormick, Penn.

Restrictions on U.S. outbound investment in China have also been knocked out of the package, folks tell @jakesherman.bsky.social and me

Full report here: www.fdicoig.gov/sites/defaul...