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GENIUS Act – Trump Urges U.S. House to Fast-Track ‘Incredible’ Bill
President Donald Trump has taken the unusual step of urging the United States House of Representatives to speedily pass the GENIUS Act, which he describes as an “incredible” piece of legislation. The bill focuses on the creation and regulation of payment stablecoins that are backed by U.S. Treasury bonds and other cash equivalents.
Trump took to his Truth Social platform to express his support for the bill, stating that it will showcase the United States’ prowess in digital assets like never before. This unexpected endorsement comes as a relief to the crypto industry, which had faced intense regulatory scrutiny during the previous administration.
The GENIUS Act gained bipartisan support and was passed by the Senate on June 17th. The House of Representatives is now expected to consider the bill, with its own version, the STABLE (Stablecoin Transparency and Accountability for Better Ledger Economy) Act. The key areas of concern at this stage include the structure of federal oversight, coordination with state regulators, and the regulatory treatment of algorithmic stablecoins.
Industry leaders are rejoicing over Trump’s sudden change in stance on cryptocurrency. Bitwise CEO Hunter Horsley is quoted as saying that 2025 will be a different year for crypto, implying that the new administration’s approach has brought about a positive shift.
On the other hand, U.S. Treasury Secretary Scott Bessent believes that the passage of the GENIUS Act marks an essential step towards positioning the United States as a hub for digital asset innovation. He also dismissed claims that cryptocurrencies pose a threat to the US dollar, stating that governments have neglected the sector for too long.
The bill’s passage has led to a stark contrast in stock performance between traditional payment providers and crypto companies. Visa and Mastercard shares plummeted by approximately 5% following the news, while Circle (CRCL), a prominent stablecoin issuer, saw its shares skyrocket by 34%. Coinbase (COIN) also experienced significant gains of 16%.
Stablecoins or digital dollars offer faster, cheaper, and more flexible payment options that rival slow and expensive traditional systems provided by Visa and Mastercard. The market’s positive reaction to the GENIUS Act serves as an indication that it is prepared for a potential disruption from these innovative financial instruments.
While some experts warn that traditional financial institutions may follow suit with their own offerings of digital currencies, others believe that this bill marks a crucial step in establishing the United States’ dominance in the digital asset space.
Source: ambcrypto.com
