U.S. President Donald Trump urged the House of Representatives to advance the GENIUS Act for his final sign-off swiftly. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed final voting in the Senate with bipartisan support on Tuesday, moving it to the House for consideration. “The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act,” the U.S. President wrote on Truth Social. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The U.S. president previously said he wants a stablecoin bill on his desk by August. The bill aims to establish a regulatory framework for dollar-pegged cryptocurrencies, including requirements for stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandates annual audits for issuers with a market capitalization exceeding $50 billion, and outlines guidelines for foreign issuance.
Trump, who has publicly endorsed U.S. dollar stablecoins, stated that the bill will make the U.S. the “undisputed leader” in digital assets. “Digital Assets are the future, and our Nation is going to own it,” Trump wrote. “We are talking about MASSIVE Investment, and Big Innovation.”
Meanwhile, the House Financial Services Committee advanced its own stablecoin legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, out of its committee. It has yet to be brought to a full vote in the House. This may require additional consideration for the GENIUS Act’s further advancement, as House representatives might seek to integrate elements of the STABLE Act or prioritize their own legislation.
The American Bankers Association (ABA) has sharply criticized the Office of the Comptroller of the…
President Donald Trump and his family's cryptocy company, World Liberty Financial (WLFI), are facing a…
Aerodrome Finance and Velodrome, two of the leading decentralized exchanges (DEXs) on Base and Optimism,…
OpenAI's artificial intelligence models helped uncover two critical security vulnerabilities in PHP, the programming language…
SoFi Technologies has launched SoFi Earn (SOFIE), a new blockchain-based banking product that allows consumers…
Microsoft, Google's parent company Alphabet and Goldman Sachs have joined a growing list of major…