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GENIUS Act Gains New Life as Trump Secures Key House Support
President Donald Trump has made a crucial breakthrough in securing key support from 11 key House Republicans to revive the GENIUS Act, taking a significant step forward in pushing stablecoin regulation ahead. This development comes amid Bitcoin’s price climb towards $117,000 following the renewed optimism around crypto policy advancements.
In this context, it is essential to focus on the pivotal role played by Trump in revitalizing the GENIUS Act, which proposes federal regulations for dollar-pegged stablecoins and assigns oversight responsibility to the U.S. Treasury Department. This initiative has received bipartisan support in the Senate but faced internal disagreements within the House earlier. However, after engaging with previously hesitant lawmakers, Trump’s direct involvement has sparked a shift that will now enable the bill to advance further.
The recent resurgence of Bitcoin is attributed to this breakthrough and the renewed hope surrounding crypto regulatory clarity. Market participants are closely monitoring the progress on GENIUS Act as legislative advancements have historically impacted investor sentiment. The recent $6,800 daily earnings potential for a new Bitcoin miner using XRP highlights the immense potential of decentralized technology.
Meanwhile, some lawmakers remain skeptical about the bill’s implications, particularly regarding central bank digital currency and lack of strong safeguards. Representative Marjorie Taylor Greene voiced concerns that this legislation could create an opening for government-controlled digital assets. On the other hand, many are aligned with advancing a framework for stablecoins while ensuring accountability, which is a major step towards innovation.
With this critical support secured, stakeholders eagerly await the next steps in the process.
Source: coincentral.com
