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Highlights
- Donald Trump is tipping the GENIUS Act to put the US in pole position for digital assets.
- The House is inching toward a decisive vote to usher in robust stablecoin regulations.
- Lawmakers will also consider the CLARITY Act and the Anti-CBDC Surveillance State Act.
- Several Republican House members are balking at the prospect of passing the GENIUS Act over CBDC concerns.
US President Donald Trump is backing the passage of the GENIUS Act on the floor of the House, noting that the bill can tip the scales for global digital asset domination. Dubbed Crypto Week, US lawmakers are scrambling to pass a raft of regulations over the coming days, expected to transform the country’s digital asset landscape.
GENIUS Act To Solidify America’s Leading Position In Digital Assets
As the House inches toward a vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act), Donald Trump has declared full support for the bill. According to a Truth Social post reshared on X, Trump reveals that the GENIUS Act will extend America’s lead in digital assets if passed into law.
Particularly, the US President notes that the bill will put significant distance between the US and other countries keen to occupy first place. Trump name-checks Europe and China while urging all Republican House members to vote in favour of the GENIUS Act.
The GENIUS Act joins a raft of bills up for deliberation by the House as the Crypto Week gets underway. One month after its passage in the Senate, Trump is pushing for a swift passage in the House without amendments.
“The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying to endlessly catch up, but they just can’t do it,” said Trump.
Donald Trump Backs Crypto Week
The US President has given a nod to the Crypto Week, urging the House to pass key bills to advance America’s digital asset ambitions. Apart from the GENIUS Act, Donald Trump wants the US lawmakers to vote in favor of the CLARITY Act, a pivotal legislation tipped to establish clearer regulatory guidelines for digital asset service providers.
Furthermore, there is the Anti-CBDC Surveillance State Act angling to ban the Federal Reserve from issuing a central bank digital currency (CBDC). Meanwhile, pundits say the House may pass crypto bills by July 17 in a big leap toward digital asset regulation for the US.
“This is our moment – digital assets, GENIUS, Clarity,” said Trump. “It’s all part of making America great again.
However, a group of House Democrats has announced Anti-Crypto Corruption Week to stifle the passage of the GENIUS and CLARITY Acts. Some Republican House members are raising concerns over the GENIUS Act’s soft stance on CBDCs, potentially providing a backdoor for their eventual rollout.
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