Trump may achieve his first significant legislative victory in cryptocurrency policy next week
Next week, the U.S. House of Representatives is expected to vote on a major cryptocurrency bill, which could mark Trump's first significant legislative victory in cryptocurrency policy. Republicans are pushing to pass the previously submitted 'GENIUS Act' in the Senate, establishing the first clear regulatory framework for 'stablecoins' pegged to the U.S. dollar.
This bill received bipartisan support in the Senate last month and looks likely to pass smoothly in the House. If all goes well, Trump may be on the verge of his 'signature moment' in the cryptocurrency industry—this would not only be a policy victory for him but could also be a major boon for the entire crypto space.
Industry insiders believe that the passage of this bill and the president's endorsement will further enhance the legitimacy of cryptocurrencies, paving the way for them to enter the mainstream, while also potentially attracting more traditional financial institutions into the market.
Interestingly, this legislation may also bring 'additional benefits' to the Trump family—his sons just founded a company last year that specializes in issuing stablecoins.
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