President Donald Trump, who has pursuits within the stablecoin USD1 through his involvement in World Liberty Monetary, has referred to as on the US Home of Representatives to maneuver shortly on the GENIUS Act, a brand new invoice geared toward regulating stablecoins and boosting America’s function within the digital asset economic system.
In a June 19 put up shared on Fact Social, Trump demanded speedy motion from lawmakers, saying he wanted a clear model of the invoice free from amendments or delays.
He mentioned:
“The Home will hopefully transfer [at] LIGHTNING FAST [pace], and move a ‘clear’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The invoice, formally often known as the Guiding and Establishing Nationwide Innovation for US Stablecoins Act, obtained robust bipartisan backing within the Senate earlier this week. It now awaits a vote within the Home earlier than reaching Trump’s desk for ultimate approval.
Trump praised the Senate’s help and positioned the laws as a turning level for US monetary management.
He said:
“[The Bill] goes to make America the UNDISPUTED Chief in Digital Property — No one will do it higher, it’s pure GENIUS! Digital Property are the long run, and our Nation goes to personal it. We’re speaking about MASSIVE Funding, and Huge Innovation.”
Stablecoins will drive greenback supremacy
US Treasury Secretary Scott Bessent additionally welcomed the invoice’s progress, arguing that it might improve the greenback’s world energy moderately than weaken it.
In accordance with him:
“Crypto will not be a risk to the greenback. In truth, stablecoins can reinforce greenback supremacy.”
He cited current forecasts projecting that the stablecoin market might develop to $3.7 trillion by 2030. Bessent believes a regulatory framework just like the GENIUS Act would encourage extra adoption of dollar-backed tokens, boosting demand for US Treasuries and probably decreasing federal borrowing prices.
He wrote:
“This newfound demand might decrease authorities borrowing prices and assist rein within the nationwide debt. It might additionally onramp tens of millions of latest customers—throughout the globe—to the dollar-based digital asset economic system. It’s a win-win-win for everybody concerned.”
Contemplating this, Bessent emphasised that the Trump administration is dedicated to establishing the USA as a hub for digital asset innovation, including that:
“The GENIUS Act strikes us one step nearer to that aim.”