Lawmakers Spar over Stablecoin Bill; Amazon Dives Deeper into Web 3

The stable coin bill is not so stable and Amazon dives deeper into web three. You're watching Coin Desk daily, I'm your host, Jenna Bitcoin is relatively unchanged, hovering around $29,200. Amid recent macroeconomic news, the European Central Bank announced a new rate increase of a quarter percentage point following the US Federal Reserve's rate hike yesterday. This comes as the US GDP grew at 2.4% annualized pace in the second quarter that tops expectations despite recession warnings. Unfortunately, there was a third party in this negotiations that did not share that same sense of urgency. The White House, a bipartisan deal was within reach. We were closer than we've ever been a few small but nonetheless important provisions stood between us and a deal that was financial services committee chair Patrick mchenry, speaking earlier about the White House derailing a bipartisan agreement on his stable coin bill. However, ranking Democrat Maxine Waters has a different version of events. She says it was mchenry who shut down the talks. Waters said the bill was quote deeply problematic, citing a lack of oversight from the Federal Reserve and a lack of provisions on diversity and inclusion. The White House has not returned a coin desk request for comment. Ukraine has received $225 million in crypto donations since the start of Russia's invasion in February 2022. A new report from crystal Blockchain said those donations helped purchase weapons, medical equipment and other crucial supplies, crypto users around the world continue to donate to Ukraine. But the report finds that they have slowed the total per month has not topped $10 million since May 2022. And Amazon is moving deeper into web three. Amazon managed Blockchain has now expanded access and query functions. The announcement came during the AWS Web three Blockchain summit in New York City. The service lets users build applications faster using provision, Blockchain infrastructure. It started in 2019 and has gradually moved further into the web three space. That's a wrap for Coindesk daily. Check out more updates on coindesk dot com and we'll see you next time.