President Donald Trump has called on the House of Representatives to swiftly approve the GENIUS Act following its decisive passage in the Senate. The bill provides a new federal framework for regulating the rapidly growing crypto sector.
Overview of GENIUS Act
The GENIUS Act, introduced by Senator Bill Hagerty, aims to modernize payment systems by enabling instant settlement using cryptocurrencies, replacing older methods that can take several days. After passing the Senate with a 68-30 vote, it is now moving to the House for further discussions.
Pressure on House Representatives
Trump in his Truth Social post stated that the bill is 'incredible' and needs to be passed quickly to maintain U.S. leadership in financial innovation. He pointed out that reconciling with the Senate version could cause unwarranted delays, and now the House feels increasing pressure to meet the timeline.
Risks and Consequences of Bill Merging
Lawmakers are facing a dilemma: whether to pursue the Senate version or engage in merging with the STABLE Act, which could prolong discussions and provoke opposition among members. Concerns in the crypto industry are growing as Trump insists on swift action, leaving the fate of the GENIUS Act in the hands of the House.
The battle for the passage of the GENIUS Act may significantly impact the future regulation of digital assets in the U.S. Legislators must balance political and market pressures as they craft the final decision.
