Stablecoin: President Donald Trump Calls for GENIUS Act Passage
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The GENIUS Act, which establishes a regulatory framework for stablecoins, aims to position the US as a leader in digital assets.
President Donald Trump commended the Senate for approving a bill to regulate stablecoin and encouraged the House of Representatives to pass the legislation. The GENIUS Act, which establishes a regulatory framework for stablecoins, aims to position the US as a leader in digital assets.
The bill was sent to the Republican-controlled House of Representatives for consideration following the Senate’s favorable vote on Tuesday. The House will send the bill to President Trump for his signature after being approved.
“Hopefully, the House will pass a ‘clean’ genius act and move LIGHTNING FAST. Trump wrote on Truth, “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The passage of the Genius Act through Congress demonstrates that Trump is fulfilling his promises to implement more cryptocurrency-friendly regulations.
The bill outlines a regulatory framework for stablecoin operators, detailing monthly disclosures regarding their reserves and establishing specific reserve requirements. Stablecoins are digital assets whose value is fixed and pegged to a traditional currency, most commonly the US dollar.
The two largest stablecoins currently on the market are USDC from Circle and USDT from Tether. Advocates of stablecoins argue that they can also facilitate traditional payments, making them an essential tool for cryptocurrency transactions.