Brief Take
- Trump presses for immediate passage of the GENIUS Act in the House without alterations.
- The bill aims to establish a regulatory framework for stablecoins in the U.S.
- Yet, concerns loom over White House ties to cryptocurrency and potential conflicts of interest.
SceneU.S. Flash
House Encouraged to Enact GENIUS Act by Trump Amid Discourse on Cryptocurrency Regulation Among Legislators
President Trump has called upon House legislators to act swiftly and pass the GENIUS Act, a bill centered around the regulation of stablecoins, which received strong bipartisan approval (68-30) from the Senate last Tuesday.
Trump heralded the bill as a means to make the U.S. the undisputed power in the digital asset realm. Slamming his pro-digital message on Truth Social yesterday, he implored House members to move quickly - no delays, no additions - stating "Get the 'clean' GENIUS Act to my desk, ASAP."
The House now bears the responsibility for passing the bill before it reaches Trump's desk for signing. However, the path is fraught with challenges, as legislators remain divided over three possibilities: passing the GENIUS Act on its own, combining it with other crypto-related legislations like the CLARITY or STABLE Acts, or supporting the House's own stablecoin bill, the STABLE Act, instead.
The Senate's approval came after series of amendments, including ones addressing conflicts of interest. Yet the final version still permits the sitting president, vice president, and their families to engage with stablecoin ventures, raising questions about potential conflicts.
Critics allege this legislation could normalize and even boost ongoing conflicts, particularly given the Trump family's platform, World Liberty Financial, currently houses the eighth largest stablecoin in terms of market capitalization.
Senator Elizabeth Warren has sounded the alarm, warning the bill could grant tech titans like Musk, Bezos, and Zuckerberg the ability to take advantage of consumer data under the guise of innovation.
Edited by Sebastian Sinclair
Today's Top Headlines
The GENIUS Act, despite Senate approval, faces a challenging journey through the House, as legislators weigh changes and competing bills. While industry leaders welcome the regulatory clarity it promises, critics remain wary over potential conflicts of interest and systemic risks it may present to financial markets. Next steps remain uncertain, with a potential merger of the GENIUS Act with the STABLE Act, or the institution of the House's own stablecoin bill.
Sources: Decrypt, Business Insider, Coindesk
- The GENIUS Act, aiming to establish a regulatory framework for stablecoins in the U.S., faces a challenging journey through the House, as legislators weigh changes and competing bills.
- Critics of the GENIUS Act remain wary over potential conflicts of interest and systemic risks it may present to financial markets.
- The final version of the GENIUS Act still permits the sitting president, vice president, and their families to engage with stablecoin ventures, raising questions about potential conflicts.
- Senator Elizabeth Warren has sounded the alarm, warning the bill could grant tech titans like Musk, Bezos, and Zuckerberg the ability to take advantage of consumer data under the guise of innovation.
- The crypto market is closely watching the outcome of the GENIUS Act, as its passage could have implications for the entire digital asset landscape.
- In the realm of policy-and-legislation and general-news, the debate over crypto regulations, particularly stablecoins, continues to dominate discussions in finance, decentralized finance, and politics.
