BlockBeats News, July 11, according to Politico, Trump is expected to achieve his first significant legislative victory in cryptocurrency policy next week. House Republicans are preparing to pass a bill previously submitted to the Senate to establish new regulatory rules for stablecoins.
The U.S. House of Representatives is expected to vote on the Senate’s proposed "GENIUS Act" early next week. The bill aims to create the first regulatory framework in the U.S. for so-called "stablecoins" that are pegged to the dollar. The bill was passed last month in the Senate with bipartisan support and is poised to become the first significant cryptocurrency regulatory measure adopted by the U.S. Congress.
Trump's signing of this stablecoin bill could provide a significant boost to the cryptocurrency industry, which has long struggled to enter the mainstream. Cryptocurrency advocates hope that the endorsement from the U.S. government, along with the customized regulatory framework they have lobbied for in Congress for years, will enhance the legitimacy of cryptocurrencies, promote their adoption, and open doors for traditional financial institutions to further engage in digital assets.
This legislation may also bring benefits to the Trump family itself: his sons founded a company that issues stablecoins last year.