Christine Lagarde, president of the European Central Bank (ECB), on Thursday warned of the uncertainty over the U.S. legislative effort to provide a regulatory framework for stablecoins as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is currently deliberated by the Senate.
Lagarde made the remark in an interview with China Global Television Network (CGTN) in Beijing, saying the ECB is paying close attention to the GENIUS Act and will work to ensure the security and the safety of its own products.
"I think we have to be mindful of the environment and we are not exactly sure what the outcome of this legislative process is and what level of supervision, guarantee, protection of consumers, requirements of the backup, in particular for stablecoins. We are very attentive to it and we certainly will continue to make sure that our product, the digital euro and our payment infrastructure, will remain secure and safe and over which we have control, and which is probably properly supervised," she said.
The GENIUS Act will provide a regulatory framework for the stablecoins that tied to the U.S. dollars. Stablecoins are a type of cryptocurrency, a virtual asset that is designed to maintain a relatively stable value relative to some asset, usually a currency.
According to the U.S. media reports, the Republicans at the U.S. Senate are currently working to reach a consensus on how to amend the act and are aiming at passing it within this week.
Lagarde warns of uncertainty over US legislative effort to regulate stablecoin
Israel and the Islamic Resistance Movement (Hamas) blamed each other for violating the Gaza ceasefire on Wednesday, following the injury of an Israeli military officer.
The Israeli military said an officer was slightly injured earlier in the day in an explosive device attack in Gaza, which Israeli Prime Minister Benjamin Netanyahu said was carried out by Hamas.
The Israeli military said, "An explosive device was detonated against an IDF (Israel Defense Forces) vehicle during operational activity aimed at dismantling terrorist infrastructure in the area of Rafah," adding that the injured officer had been evacuated to hospital. It did not specify which group it believed was responsible.
Later in the day, Netanyahu blamed the attack on Hamas, saying that the attack, along with Hamas' "ongoing and continuing public refusal to disarm," constituted a "flagrant violation" of the ceasefire.
"Hamas must be held to the agreement that it signed, which includes removal from governance, demilitarization and de-radicalization," Netanyahu said in a statement, adding that Israel "will respond accordingly."
On the same day, Hamas denied involvement in the explosion in the southern Gaza city of Rafah that wounded the Israeli officer.
In a statement, the group said the blast occurred in an area "fully controlled" by Israeli forces and where no Palestinians were present, and that it had warned of unexploded ordnance in the area and elsewhere, denying responsibility for such remnants since the ceasefire took effect, particularly those it said were left over by Israeli forces.
Hamas called on Israel to abide by the ceasefire agreement and avoid actions it said could escalate tensions or undermine the truce. The group reiterated its commitment to the deal and related obligations.
Also on Wednesday, Turkish Foreign Minister Hakan Fidan met in Ankara with a Hamas delegation led by the group's senior member Khalil al-Hayya to discuss the situation in Gaza and exchange views on the second phase of the Gaza peace plan, the semi-official Anadolu Agency reported.
The Hamas delegation stressed it had adhered to the ceasefire conditions, yet accused Israel of continuing attacks on Gaza and hindering the transition to the second phase of the peace plan.
The delegation noted that around 60 percent of the trucks entering Gaza carried commercial goods, while the flow of humanitarian aid remained insufficient to address urgent needs, including daily essentials, medicines, shelter materials and fuel.
The Anadolu Agency quoted anonymous foreign ministry sources as saying that Fidan "reiterated that Türkiye will continue to defend the rights of Palestinians" and briefed the delegation on Türkiye's ongoing efforts to address shelter and humanitarian needs in Gaza.
Later this month, Netanyahu is scheduled to visit the United States and meet President Donald Trump. The two are expected to discuss the White House's push to advance to the second phase of the U.S. plan for Gaza, which includes a full Israeli military withdrawal from the enclave -- a move senior ministers in Netanyahu's cabinet have said they would oppose.
After two years of war in Gaza, a mediated ceasefire between Israel and Hamas came into effect on Oct. 10. However, Israeli forces have since then continued to carry out strikes across Gaza, citing alleged ceasefire violations and the need to eliminate threats.
According to Gaza's health authorities, at least 406 Palestinians have been killed and 1,118 injured since the ceasefire began, bringing the overall death toll from Israeli fire to 70,942 since the outbreak of war on October 7, 2023.
The phased U.S. plan for Gaza also envisages Hamas being disarmed and having no governing role in the territory, the establishment of a transitional governing authority and the deployment of an international stabilization force in Gaza in a subsequent phase.
Israel, Hamas trade accusations on ceasefire breach
