U.S. President Donald Trump confirmed an agreement with lawmakers to advance the GENIUS Act, aimed at regulating stablecoins.
From Defeat to Revival in Congress
Trump met with 11 of the 12 key House Republicans who agreed to vote for the bill. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act", Trump stated in his post.
Regulating Stablecoins in the U.S.
The GENIUS Act, already endorsed by the Senate, proposes the first comprehensive federal framework for stablecoins. It would empower the Department of the Treasury to oversee the sector and establish pathways for private companies to issue fully backed digital dollars.
Forecasts for the Stablecoin Market
Treasury Secretary Scott Bessent has estimated the U.S. stablecoin market could grow to over $2 trillion, marking the bill's passage as a key step towards regulatory clarity for financial institutions and crypto firms amid intensifying competition.
The passage of the GENIUS Act remains a significant goal for the bill's backers and stakeholders in the stablecoin market, with potential legislative support leading to changes in regulation.
