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Trump Urges House Approval of 'GENIUS Act' to Boost U.S. Digital Asset Investment

Following Senate passage, Trump emphasizes the need for the House to expedite the GENIUS Act to establish a regulatory framework for stablecoins.

Summary

President Trump has called for the House of Representatives to quickly pass the GENIUS Act without amendments after its Senate approval by a 68 to 30 vote. The bill aims to regulate stablecoins and establish a federal licensing system for issuers, ensuring they are fully backed by US dollars. Despite facing criticism regarding potential conflicts of interest, the bill has garnered bipartisan support and is seen as crucial for maintaining the US dollar's dominance in global finance.

Terms & Concepts
  • GENIUS Act: Formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, this legislation aims to regulate stablecoins in the U.S. financial system.
  • stablecoin: A type of cryptocurrency that is pegged to a stable asset, such as the US dollar, to minimize price volatility.
  • federal licensing system: A proposed regulatory framework that would require stablecoin issuers to obtain federal licenses to operate, ensuring compliance with established standards.