President Donald Trump met with Congress members to discuss the GENIUS Act. A vote is anticipated that could impact digital asset regulation.
Trump and Congress Discuss GENIUS Act
President Donald Trump and eleven Congress members met in the Oval Office to discuss the GENIUS Act. House Speaker Mike Johnson supported a swift vote scheduled for the next morning. Trump stated, "The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others... Digital Assets are the FUTURE."
Potential CBDC Controversies
The Act is facing opposition from some Republicans, notably Marjorie Taylor Greene, who criticize the lack of amendments. Investor sentiment remains cautious as regulatory pathways remain unclear.
Market Reaction to Uncertainty
There are significant stock declines observed: Circle dropped more than 7%, Coinbase fell over 4%, and MARA Holdings decreased by 2%. Such reactions indicate investor nervousness regarding potential regulatory changes.
The discussion surrounding the GENIUS Act underscores current regulatory challenges and potential legislative shifts that could significantly impact the digital asset market. Investors are watching developments with caution.
