U.S. President Donald Trump urged the House of Representatives to expedite the approval of the 'Genius' bill to regulate stablecoins, which was recently passed in the Senate with bipartisan support.
In a post on the 'Truth Social' platform, Trump called for the project to be sent clean, without delays or additions to his desk for approval, expressing his desire to adopt it before August.
The 'Genius' Act is officially known as the 'Guidance and Establishment of National Innovation for U.S. Stablecoins' and aims to establish a strict regulatory framework for dollar-pegged stablecoins, including requirements for backing by equivalent liquid assets, annual audits for major issuers, as well as controls on foreign issuances.
Trump described cryptocurrencies as the future of the economy, emphasizing that the law will help solidify the United States' leadership in this growing field and attract investments and widespread innovation.
In contrast, the House Financial Services Committee is working on an alternative bill named 'STABLE', focusing on transparency and accountability in the issuance of stablecoins, but it has not yet been presented for a full vote.
It seems that the council will need to balance between the two laws and may seek to merge some of their provisions or prioritize its own legislation, which could delay the approval of 'Genius' in the form requested by Trump.#SwingTradingStrategy #SwingTradingStrategy
