TLDR
Trump urges “lightning fast” passage of the GENIUS Act, emphasizing no changes or delays in its journey through the House.
Stablecoin giants like Circle and Gemini praised the GENIUS Act, with Circle’s stock rising 30% post-Senate approval.
The GENIUS Act aims to prevent U.S. digital asset innovation from moving abroad by providing regulatory clarity for stablecoin issuers.
Trump’s push for the GENIUS Act’s quick passage faces potential delays as lawmakers discuss merging it with other bills like the STABLE Act.
President Donald Trump is urging the U.S. House of Representatives to pass the GENIUS Act without any delays or amendments. The bill, which has already passed the Senate, aims to regulate stablecoins in the U.S. and establish the country as a leader in digital assets. Trump is pushing for swift action to ensure that the bill reaches his desk as quickly as possible.
Donald Trump’s Push for a Fast-Tracked Bill
Following the U.S. Senate’s passage of the GENIUS Act, Donald Trump has made clear his desire for the bill to move quickly through the House of Representatives. He called for a “clean” version of the bill to be sent directly to his desk, without any changes. The President stated,
“The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP – NO DELAYS, NO ADD ONS.”
Trump’s remarks as a result highlight the importance of speed in the legislative process for the bill. Any amendments made in the House would mean that the bill would have to return to the Senate for further approval, lengthening the overall process. Donald Trump’s emphasis on passing the bill without alterations reflects his urgency to establish a regulatory framework for stablecoins and digital assets.
GENIUS Act’s Potential for U.S. Digital Asset Leadership
The GENIUS Act is seen as a crucial step in ensuring that the U.S. maintains its position as a global leader in digital asset innovation. Stablecoins, which are digital currencies pegged to the value of real-world assets like the U.S. dollar, have become increasingly popular and are being used by a variety of financial and cryptocurrency companies.
The bill is designed to provide regulatory clarity for stablecoin issuers, which has been a significant concern in the industry.
By establishing clear rules and guidelines for stablecoins, the U.S. would help prevent innovation from moving abroad. Donald Trump and other industry stakeholders believe that the U.S. needs to act quickly to prevent other nations from taking the lead in the digital currency space.
Industry Stakeholders Respond to the GENIUS Act
The passage of the GENIUS Act has already had a noticeable impact on the cryptocurrency market. Companies like Circle, Ripple, and Gemini have publicly praised the bill, seeing it as a positive step forward for the digital assets sector. In the hours following the Senate’s approval, Circle’s stock surged by 30%, signaling a strong response from the market.
Consequently, Industry insiders are hopeful that the bill will foster a more stable and regulated environment for the growing stablecoin market. The GENIUS Act as a result is expected to benefit key industry players, including Tether and Circle, both of which dominate the stablecoin market. The bill aims to reduce regulatory uncertainty, which has pushed some companies to consider relocating operations to countries with more favorable regulations.
Challenges in the House and Future Considerations
Despite Donald Trump’s push for a quick passage, there are potential challenges in the House of Representatives. Some lawmakers have expressed concerns about merging the GENIUS Act with other pieces of legislation, including the STABLE Act, a different stablecoin bill that has been proposed in the House. The White House has shown preference for the GENIUS Act, but there may be efforts to combine the two bills, which could delay the process.
Moreover, the House is currently considering the GENIUS Act and whether it should move forward in its current form. A decision to make changes would likely slow down the passage of the bill and could result in more negotiation and time before it reaches Trump’s desk.
In the meantime, stakeholders in the stablecoin industry continue to monitor the situation closely, hoping for the bill’s swift passage to provide much-needed clarity and direction for the future of digital assets in the U.S.
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