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President Donald Trump has successfully secured the support of 11 out of 12 Republican lawmakers who initially opposed three cryptocurrency bills. This significant development comes after the president met with these representatives in the Oval Office, reportedly convincing them to vote in favor of the legislation.
The controversy surrounding central bank digital currencies (CBDCs) was the main point of contention among Republican lawmakers. Trump’s intervention has resolved the issue, paving the way for the House to vote on the crypto bills again tomorrow morning. The “Crypto Week” initiative seeks to pass these three separate pieces of legislation: the GENIUS Act, Anti-CBDC Surveillance Act, and CLARITY Act.
Democratic leaders have launched a counter-attack against the proposed laws, dubbing it an “anti-crypto corruption week.” They are pushing for amendments addressing consumer protection concerns and potential conflicts of interest. Critics have raised ethical and national security concerns regarding Trump’s involvement in the process, given his family-backed crypto company World Liberty Financial issuing its own stablecoin.
The GENIUS Act aims to regulate payment stablecoins, while the Anti-CBDC Surveillance Act would require regulators to monitor CBDCs. The CLARITY Act seeks to establish transparency standards for digital assets and cryptocurrency transactions.
Despite controversy surrounding Trump’s role in securing support, the House is expected to reconvene tomorrow morning and conduct legislative business on these bills.
Source: coincentral.com
