U.S. President Donald Trump intervened in the legislative process surrounding cryptocurrency to quell internal dissent within the Republican Party.
Trump's Political Intervention
On Wednesday evening, Trump met with 11 of the 12 Republican representatives who had previously refused to support the cryptocurrency bills. His direct intervention helped realign their cooperation. "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump declared.
Debate Around CBDCs
The primary contention revolves around the lack of an explicit ban on Central Bank Digital Currencies (CBDCs) in the GENIUS Act. Dissenting representatives have called for an amendment to include this ban, fearing the establishment of a total state surveillance system over citizen transactions. "The GENIUS Act creates a framework for a CBDC and does not guarantee self-custody of funds," said Congressman Andy Biggs. Meanwhile, Marjorie Taylor Greene expressed dissatisfaction, noting that "the Speaker did not allow us to submit amendments to the GENIUS Act."
Strategic Week for the Crypto Industry
The week dedicated to cryptocurrency holds strategic importance for the U.S. The passage of bills like GENIUS and CLARITY could solidify the nation's position as a global leader in cryptocurrency regulation. These proposals, already approved by the Senate, could reach Trump’s desk by the week’s end. House Speaker Mike Johnson thanked Trump for his assistance in promoting these bills.
Trump's decision to intervene could have significant implications for the future of the American cryptocurrency industry, with the passage of proposed bills strengthening the U.S. positioning in the global arena of digital assets.
