US President Donald Trump has called on House Republicans to support legislation aimed at regulating stablecoins, viewing it as a significant step in cryptocurrency legislative initiatives.
Trump's Call to Republicans
In a post on his Truth Social platform, Trump emphasized the importance of a quick vote on the legislation, urging all Republicans to 'get the first vote done this afternoon.' He highlighted the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act.
Details and Progress of the GENIUS Act
The GENIUS Act, which received bipartisan support in the Senate, seeks to regulate payment stablecoins in the US. The bill is set for consideration in the House this week, ahead of an expected vote.
Trump's Controversy and Ties to Cryptocurrency
Trump has faced scrutiny over potential conflicts of interest related to his family's crypto company, World Liberty Financial, which issued its own stablecoin. According to Bloomberg, Binance helped create WLF's USD1 stablecoin.
This situation underscores the ongoing tension in US legislation regarding cryptocurrency, particularly with the personal involvement of certain politicians in the industry.
