THE NEWS

Authored by Dave DeCamp via AntiWar.com,

Vice President JD Vance said on Wednesday that negotiations between the US and Iran are “on the right pathway,” although he repeated a false claim that no other country in the world besides Iran has a nuclear enrichment program without a nuclear weapons program, a talking point first used by Secretary of State Marco Rubio.

Several non-nuclear armed states that are signatories to the Non-Proliferation Treaty enrich uranium at low levels, including Japan, Germany, and Brazil. “Let me ask this basic question. Which regime in the world has civil nuclear power and enrichment without having a nuclear weapon? And the answer is: no one,” the vice president said at the Munich Leader Conference in Washington.

Vance said that Iran could maintain a civil nuclear program, but his comments about enrichment suggest he’s saying all uranium enrichment must be eliminated, a condition Tehran has strongly rejected.

“We don’t care if people want nuclear power. We’re fine with that, but you can’t have the kind of enrichment program that allows you to get to a nuclear weapon, and that’s where we draw the line,” Vance added.

The 2015 Iran deal, known as the JCPOA, limited Iran’s uranium enrichment at 3.67%, far below the 90% needed for weapons grade, and made its nuclear program subject to the most stringent inspections in the world. Vance criticized the deal, claiming it left open a path to Iranian nuclear weapons.

“We believe that there were some elements of their nuclear program that were preserved under JCPOA that, yes, they weren’t nuclear weapons — Iran doesn’t have a nuclear weapon — but [it] allowed Iran to sort of stay on this glide path towards a nuclear weapon if they flip the switch and press go,” Vance said.

Vance’s comments come after President Trump said Iran’s nuclear program must be totally dismantled, although he said he was “open” to hearing about the possibility of a civil program.

So far, the US and Iran have held three rounds of negotiations. Talks that were supposed to be held this past weekend were postponed, but Iranian media has reported that another round of negotiations will be held this Saturday in Oman.

In his comments on Wednesday, Vance also referred to President Trump’s threat that if a deal isn’t reached, the US will attack Iran. He said there was a possibility of a deal that would “reintegrate Iran into the global economy,” which he called “Option A.” He added that “Option B” would be “very bad.”

Trump has been threatening to bomb Iran if a deal isn’t reached, even though his intelligence agencies recently reaffirmed that there’s no evidence Tehran is building a bomb or that Ayatollah Ali Khamenei has reversed his ban on the development of nuclear weapons.

Treasury Secretay Scott Bessent slammed Senate Democrats on Thursday for nuking a stablecoin bill that they began stalling on earlier in the week.

“For stablecoins and other digital assets to thrive globally, the world needs American leadership,” Bessent posted on X. “The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.”

The GENIUS Act of 2025 (Guiding and Establishing National Innovation for US Stablecoins ), died after a Senate vote of 48-49, short of the 60 votes needed to move the measure further along the road to final passage, would create a framework for payment stablecoins

The bipartisan proposal introduced by Sens. Bill Hagerty (R-TN), Tim Scott (R-SC), Kirsten Gillibrand (D-NY), and Cynthia Lummis (R-WY), would have allowed stablecoins to be insured by depository institutions, or state-qualified issuers that meet specific regulatory standards – which would include maintaining 100% reserves in US dollars or short-term Treasury securities, publicly disclosing reserve compositions on a monthly basis, submitting to audits if their market cap exceeds $50 billion, and various consumer protection provisions such as prohibiting misleading claims about government backing.

According to Bessent, “This bill represents a once-in-a-generation opportunity to expand dollar dominance and U.S. influence in financial innovation. Without it, stablecoins will be subject to a patchwork of state regulations instead of a streamlined federal framework that is more conducive to growth and competitiveness,” adding “The world is watching while American lawmakers twiddle their thumbs.”

For stablecoins and other digital assets to thrive globally, the world needs American leadership.

The Senate missed an opportunity to provide that leadership today by failing to advance the GENIUS Act.

This bill represents a once-in-a-generation opportunity to expand dollar…

— Treasury Secretary Scott Bessent (@SecScottBessent) May 8, 2025

Things Go Sideways

Things went south over the weekend for the bill – after Senate Democrats who previous supported the GENIUS Act withdrew support for the bill after GOP leadership sought to fast-track a vote on the legislation – accusing Republicans of cutting off negotiations early, and claiming that the latest version of the bill lacked strong enough provisions over anti-money laundering, national security, and other issues.

This came after several days of negotiation between the parties with rumors of a deal – however Senate Democrats said on Thursday morning that they had yet to see new bill text with Senate Majority Leader John Thune (R-SD) signaling a willingness to amend the GOP-backed stablecoin legislation to pass the bill in the coming weeks, after Democratic lawmakers pushed for additional hearings before advancing any legislation.

Democrats also suggested that there were ethical concerns about President Trump’s ties to crypto. As Amin Haqshanas reported earlier via CoinTelegraph.com, in a May 5 letter to the Office of Government Ethics, Senators Elizabeth Warren and Jeff Merkley said that Trump and his family stand to personally profit from an investment involving UAE state-backed firm MGX, crypto exchange Binance and World Liberty Financial (WLFI).

The senators called for an urgent probe, warning the deal may violate the US Constitution’s Emoluments Clause and federal bribery statutes.

At the center of the controversy is WLFI’s USD1 stablecoin, reportedly chosen for a $2 billion investment MGX plans to make into Binance.

The senators said the transaction amounts to a potential backdoor for foreign influence and self-enrichment, with Trump’s allies allegedly set to receive hundreds of millions of dollars:

“This deal raises the troubling prospect that the Trump and Witkoff families could expand the use of their stablecoin as an avenue to profit from foreign corruption.”

Further complicating ethics concerns, Trump hosted a $1.5 million-per-plate dinner on May 5 at his golf club in Sterling, Virginia. The event came just days after hosting a $1 million-per-plate fundraiser for the MAGA super PAC.

According to The Hill, Senate Republicans have expressed frustration with Democrats – arguing that they have worked on the legislation for months and incorporated their feedback, with Thune – who changed his vote from Yea to Nay in a procedural move to preserve the right to bring the measure up again – suggesting that Democrats may be trying to prevent Republicans and President Trump from securing a bipartisan win.

“I just have to say frankly I just don’t get it. I don’t know what more they want,” said Thune, adding “Which of course makes you wonder if this is about the bill at all. Or if it’s simply Democrats obstructing because they want to deny Republicans or President Trump a bipartisan win. Now given the fact that Democrats keep moving the goal posts, it’s hard not to suspect that is the case.”