Donald Trump said that, after meeting with members in Congress, there is now enough support for the GENIUS Act to be passed through the House.
Trump stated, “They have all agreed to vote in favor of Rule tomorrow morning.” Speaker of the House Mike Johnson attended the meeting by telephone and is looking forward to voting as soon as possible.
After a brief discussion, I am currently in the Oval Office, with 11 of 12 Congressmen/women who are needed to pass the GENIUS Act. They have all agreed that they will vote tomorrow in favor of Rule. Speaker of the House Mike Johnson attended the meeting by telephone and is looking forward to voting as soon as possible. I would like to thank Congressmen/women who responded quickly and positively. Make America Great Again!
The bill would create a federal framework to regulate stablecoins.
The Republican impasse’s resolution was important for Trump’s domestic agenda and the legislative process at Congress. The GENIUS Act, the Guiding and Establishing Nation Innovation for U.S. Stablecoins Act, would establish a federal framework that has been long-awaited to regulate stablecoins. Stablecoins are a type of cryptocurrency whose growth is based on assets like the U.S. Dollar.
The digital asset industry and certain segments of the finance sector have demanded such regulation. They argue that it will provide certainty and unlock innovations. Some Democrats and a small group of Republicans are still critical. They highlight concerns over potential conflicts of interests, safeguards against corrupt practices and the increasing influence of Big Tech in finance.
Trump keeps his promises
