Trump urges the House to pass the GENIUS Act: Will the U.S. lead the stablecoin game?

President Donald Trump has just called on the House to immediately pass the GENIUS Act — a federal legal framework for the issuance and trading of stablecoins in the U.S. This bill has been approved by the Senate with a ratio of 68-30, and Trump referred to it as "a breakthrough that will help the U.S. become the undisputed leader in the digital asset space".

However, in the House, the bill is facing controversy. Some lawmakers want to merge the bill with other legislation like CLARITY or the STABLE Act to create a broader legal framework. Meanwhile, many are concerned about conflicts of interest, especially since the Trump family’s USD1 stablecoin – currently the eighth largest stablecoin in the world – could benefit from the new law.

The GENIUS Act still allows the president, vice president, and their relatives to participate in stablecoin projects, leading critics to call it “the legalization of corruption”.

Senator Elizabeth Warren also warned that if not amended, the bill could pave the way for tech giants like Musk, Bezos, or Zuckerberg to control user data through stablecoins.

Nevertheless, Trump and his allies remain determined to push it through quickly, aiming for it to be signed into law before July 4th. The upcoming debate in the House will determine the fate of the most important stablecoin legislation in U.S. history. 29973684697

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