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GENIUS Act Gains New Life as Trump Secures Key House Support
In a significant development, former President Donald Trump has secured crucial backing from 11 key House Republicans to revive the GENIUS Act. This move is expected to push forward the stablecoin regulation bill, which had stalled earlier this month following a failed procedural vote in the House.
The revived act proposes a federal framework for regulating dollar-pegged stablecoins and would grant oversight authority to the U.S. Treasury Department, aiming to create consistency in digital dollar markets. The bill passed the Senate with bipartisan support but faced internal disagreements among House Republicans. However, Trump’s direct engagement has shifted the stance of 11 out of the 12 required members, significantly increasing the likelihood that the procedural hurdle will be cleared.
If successful, this would enable the full House to proceed with debate and a final vote on the GENIUS Act. The development comes amid a backdrop of renewed optimism in the cryptocurrency market. Bitcoin has responded positively to the legislative progress, rebounding from its all-time high following the failed earlier vote.
Source: coincentral.com
