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The Secretary of the Treasury says that cryptocurrencies are not a threat to the dollar as the U.S. seeks digital asset dominance

"Digital assets are one of the most important phenomena in the world right now; however, they have been ignored by national governments for too long." Stated the goal of the Trump administration: "This administration is committed to establishing the United States as a hub for digital asset innovation, and the GENIUS Act brings us one step closer to that goal."

The U.S. Guidance and Establishment of National Innovation for Stablecoins Act (GENIUS) was approved by the U.S. Senate on June 17 with 68 votes in favor and 30 against. It still requires approval from the House of Representatives and the President's signature to become law. President Donald Trump has expressed his support for the bill.