The White House has announced support for the 'Genius Bill' aimed at simplifying cryptocurrency regulation. This statement marks a shift towards policies that foster innovation in the sector.
Support for the 'Genius Bill'
On July 18, the White House Press Secretary confirmed support for the 'Genius Bill' which promises to make cryptocurrency transactions more convenient. The administration under President Trump continues to influence crypto policy, as evidenced by recent executive orders focused on digital asset innovation.
Bitcoin in Strategic Reserves
The administration aims to change how digital assets are managed, proposing the establishment of strategic reserves for Bitcoin. This positions the U.S. to enhance its standing in international digital asset strategy development.
Industry Leaders' Reactions
Reactions from industry leaders to the initiative have been mixed. Some welcome the changes, anticipating market stabilization, while others await further details. President Trump has also signed an executive order reaffirming the administration's commitment to promoting innovation in the digital currency landscape.
The support for the 'Genius Bill' and the establishment of strategic reserves for Bitcoin may significantly alter the cryptocurrency market, driving growth and development in the industry.
