Donald Trump has urged the U.S. House of Representatives to promptly approve the GENIUS Act, which aims to position the U.S. as a leader in stablecoin innovation. The bill was recently passed by the Senate with bipartisan support.
GENIUS Act: Key Objectives
The GENIUS Act, short for Guiding and Establishing National Innovation for US Stablecoins, aims to establish clear rules for stablecoin issuers. It is now headed to the House for final approval.
Trump's Support and Implications
In a post on Truth Social, Trump praised the Senate's decision and emphasized the importance of passing a 'clean' version of the bill. 'Get it to my desk, ASAP – NO DELAYS, NO ADD ONS,' he stated. Trump believes the GENIUS Act will help make the U.S. the undisputed leader in digital assets.
Market Response and Industry Reaction
Reports indicate that the Senate's passage has already sparked interest in the market. Circle's stock surged 30%, and companies like Tether and Ripple quickly minted new stablecoins. Players like Coinbase and Gemini also praised the move.
The GENIUS Act could significantly impact the stablecoin market, and its swift passage may solidify the U.S. position in digital finance.
