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President Donald Trump has breathed new life into the GENIUS Act by securing key support from a group of 11 House Republicans. This significant breakthrough comes after the initial procedural vote failed earlier in July, casting doubt over the future of the bill.
The GENIUS Act aims to establish a federal framework for regulating dollar-pegged stablecoins and grant oversight authority to the U.S. Treasury Department. The proposed legislation has garnered bipartisan support, with some lawmakers expressing concerns about potential risks associated with central bank digital currencies. Democrat representatives have also raised questions regarding transparency and regulatory priorities in connection with Mr. Trump’s crypto positions.
Despite ongoing opposition from certain quarters, the renewed momentum behind the GENIUS Act is expected to continue supporting bullish market conditions. The bill has already passed the Senate but had stalled following a failed procedural vote in the House earlier this month. A fresh attempt at the vote has been scheduled for 12:20 PM on July 15.
The unexpected turn of events can be attributed to President Trump’s direct engagement with lawmakers, as he met with members of Congress who initially opposed advancing the GENIUS Act forward. His involvement led to a significant shift in stance by 11 previously hesitant lawmakers, effectively reviving the stalled legislation.
As the House vote approaches, the crypto community is anxiously awaiting the next steps in the process. The passage of the GENIUS Act would potentially pave the way for greater innovation and accountability within the digital currency space.
Bitcoin’s price reacted positively to this development by climbing back towards $117,000. This suggests that investors are closely monitoring regulatory developments and anticipating a potential boost in crypto adoption following the passing of the bill.
Source: coincentral.com
