Trump Champions House Backing for Game-Changing GENIUS Act (Stablecoin Bill)
Washington shakes as political heavyweights throw weight behind crypto's holy grail—stablecoin regulation.
Subheader: The Political Crypto Gambit
Former President Trump makes strategic play, rallying House Republicans to fast-track the GENIUS Act. No vague promises here—this bill could finally untangle the regulatory knot strangling dollar-pegged cryptocurrencies.
Subheader: Why Wall Street Should Care
Forget 'to the moon'—this legislation might actually land stablecoins in the real world. Banks and crypto firms are already salivating over potential custody opportunities (and let's be honest—new fee structures).
Closing Thought: In a town where lawmakers still fax memos, this could be DC's first coherent crypto move... or just another bargaining chip before election season heats up.
Stablecoin Rules Near House Greenlight
Earlier this week, Republicans and Democrats together prevented the passing of procedural votes on crypto bills. They could not reach an agreement on how the proposals were to be packaged, and thus stalled the bill’s disposal for a while. However, the direct interference of President Trump helped break the deadlock, and the matter regained movement. Shortly after, Speaker Johnson had promised to bring the bill for a vote again.
The GENIUS Act, along with bills concerning other issues in cryptocurrency, form a package under consideration by lawmakers. A structure to provide that legal clarity for stablecoin issuers WOULD be the target of these bills. In effect, the bills set forth a framework for when a digital asset should be regulated as a commodity.
Industry Impact and Market Reaction
Circle and Coinbase shares dipped briefly following the initial vote delay but later recovered. Investors saw Trump’s update as a major shift. Notably, approval of the GENIUS Act be a turning point for U.S. crypto policy. It shows growing recognition of stablecoins as useful financial tools.
Besides, the House is currently looking over a bill aimed at blocking a U.S. central bank digital currency. Republicans are concerned that this could lead to too much government control. Meanwhile, the Fed hasn’t indicated any plans to introduce a CBDC.
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