🚨 GENIUS Act Set to Pass Senate, Says Trump's Crypto Czar David Sacks 🚨
David Sacks, senior crypto adviser to President Donald Trump, announced on May 21 that bipartisan momentum is propelling the GENIUS Act—landmark stablecoin legislation—through the U.S. Senate.
Key Highlights:
· The GENIUS Act aims to establish a legal framework for dollar-pegged digital assets, requiring issuers to maintain 1:1 backing with liquid assets like cash or Treasurys.
· The bill cleared a significant procedural hurdle with a 66–32 Senate vote, including support from 15 Democrats, making its passage highly likely.
· Sacks emphasized that providing legal clarity could unlock "trillions of dollars" in demand for U.S. Treasurys, as stablecoins become more integrated into the financial system.
Controversies and Challenges:
· Critics have raised concerns about potential conflicts of interest, citing the Trump family's ties to World Liberty Financial, a crypto firm that recently launched the stablecoin USD1.
· Senator Josh Hawley's addition of a provision capping credit card late fees has introduced new challenges, potentially affecting support from financial industry allies.
Market Impact:
· The advancement of the GENIUS Act has positively influenced the cryptocurrency market, with Bitcoin rising 2.2% over 24 hours to $105,380, peaking near $107,000 during the Senate vote.
· Other cryptocurrencies, including Ether, XRP, and Solana, also experienced gains ranging from 1.4% to 5.5%.
POLL: Do you believe the GENIUS Act will successfully pass the Senate and reshape stablecoin regulation?
· ✅ Yes, it's a necessary step forward
· ❌ No, too many conflicts of interest
· 🤔 Unsure, need more information
💬 Your Thoughts: Share your views and tag @FaisalCrypto007 !
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