Trump endorses GENIUS Act, says will make US the “undisputed leader”

President Donald Trump took to Truth Social to enthusiastically endorse the Senate-approved Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. He urged the House of Representatives to advance it “lightning fast.” “The Senate just passed an incredible Bill that is going to make America the UND ISPUTED Leader in Digital Assets … Get it t o my desk, ASAP — NO DE LAYS, N O ADD ONS,” Trump posted He characterized the legislation as “incredible” and “pure GENIUS,” asserting confidently that this was American brilliance at its best, and they would show the world how to win with digital assets like never before. Trump said the House should quickly pass a “clean” version of the Senate bill. His message serves as a warning to House Republicans — includi ng Congressman French H ill — who are considering how much to alter the Senate bill and whether to incorporate it into a larger package of crypto legislation that would go back to the Senate. Trump expresses excitement about the ‘GENIUS Act’ making the US a global leader in crypto Trump’s post came one day after the Senate passed the cryptocurrency bill in question, which aims to establish the first US regulatory framework for digital tokens called stablecoins, which are tied to the dollar’s value. House Republicans support passing stablecoin legislation but might hesitate to approve the Senate’s GENIUS Act bill. This is because the Republican Party in the House has proposed its own version of stablecoin legislation that shares similarities with the Senate’s bill, yet there are several important differences. The House’s proposal passed through the Financial Services Committee in April. Trump expressed excitement about the stablecoin bill, stating that the Senate passed an amazing bill to make America the“undisputed leader” in digital assets. He said, “Nobody will do it better; it is pure GENIUS!” The US President further stated that digital assets are their future. He then asserted that their nation was going to take charge. Based on his argument, they discuss massive investments and major innovations in this context. Hill has been advocating for years to promote crypto-friendly laws in the House and is also considering how to pass multiple digital asset bills successfully this year. He has considered combining stablecoin legislation with another larger bill — a key part of the Republican Party’s effort to support the crypto industry, which would divide oversight of digital assets among market regulators. Additionally, Brooke Nethercott, Hill’s spokesperson, stated that the Arkansas Republican is eager to keep working with their members and House leadership as they find a way forward. Some House Republicans, however, worry that simply passing the Senate’s stablecoin bill — even if it aligns with their version — could weaken efforts to push for broader market structure legislation that affects more areas of the crypto industry than just stablecoins. Senator Bill Hagerty eyes a legislative victory with the stablecoin bill In the Senate, Republicans are eager to quickly achieve a legislative victory by sending their stablecoin bill to Trump for approval. This bill has gone through months of tough negotiations, and senators worry that a larger crypto package would struggle to pass in the Senate, where they need Democratic votes to reach the 60-vote requirement. Senator Bill Hagerty, the main sponsor of the Senate stablecoin bill, mentioned in an interview last week that his goal is to secure a win for the American people and get it to the president before the Fourth of July. According to Hagerty, it was clear that they have a great opportunity for a significant win for the American public right now. He then cautioned that if they change the bill to include market structure legislation, it would need to return to the Senate for more work. Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now

Source: Cryptopolitan