4 hours ago
President Donald Trump, who has interests successful the stablecoin USD1 via his engagement successful World Liberty Financial, has called connected the US House of Representatives to determination rapidly connected the GENIUS Act, a caller measure aimed astatine regulating stablecoins and boosting America’s relation successful the integer plus economy.
In a June 19 post shared connected Truth Social, Trump demanded contiguous enactment from lawmakers, saying helium needed a cleanable mentation of the measure escaped from amendments oregon delays.
He said:
“The House volition hopefully determination [at] LIGHTNING FAST [pace], and walk a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The bill, formally known arsenic the Guiding and Establishing National Innovation for US Stablecoins Act, received beardown bipartisan backing successful the Senate earlier this week. It present awaits a ballot successful the House earlier reaching Trump’s table for last approval.
Trump praised the Senate’s enactment and positioned the authorities arsenic a turning constituent for US fiscal leadership.
He stated:
“[The Bill] is going to marque America the UNDISPUTED Leader successful Digital Assets — Nobody volition bash it better, it is axenic GENIUS! Digital Assets are the future, and our Nation is going to ain it. We are talking astir MASSIVE Investment, and Big Innovation.”
Stablecoins volition thrust dollar supremacy
US Treasury Secretary Scott Bessent besides welcomed the bill’s progress, arguing that it could heighten the dollar’s planetary spot alternatively than weaken it.
According to him:
“Crypto is not a menace to the dollar. In fact, stablecoins tin reenforce dollar supremacy.”
He cited caller forecasts projecting that the stablecoin marketplace could turn to $3.7 trillion by 2030. Bessent believes a regulatory model similar the GENIUS Act would promote much adoption of dollar-backed tokens, boosting request for US Treasuries and perchance reducing national borrowing costs.
He wrote:
“This newfound request could little authorities borrowing costs and assistance rein successful the nationalist debt. It could besides onramp millions of caller users—across the globe—to the dollar-based integer plus economy. It’s a win-win-win for everyone involved.”
Considering this, Bessent emphasized that the Trump medication is committed to establishing the United States arsenic a hub for integer plus innovation, adding that:
“The GENIUS Act moves america 1 measurement person to that goal.”
The station Donald Trump urges swift GENIUS Act transition to predominate integer plus space appeared archetypal connected CryptoSlate.
English (US) 