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Trump pushes for rapid implementation of the GENIUS Act for stablecoins!
US President Trump calls for the rapid passage of the GENIUS Act to regulate stablecoins to promote innovation.
Trump pushes for rapid implementation of the GENIUS Act for stablecoins!
US President Donald Trump has increased pressure on the House of Representatives to quickly pass the GENIUS Act to regulate stablecoins. In a post on his Truth Social platform, Trump emphasized that it was important to act on the law immediately and without delays or additions. The GENIUS Act aims to create a clear regulatory framework for stablecoins directly pegged to the US dollar, thus representing a crucial step for the future of digital assets.
The GENIUS Act, introduced by Senator Bill Hagerty, requires stablecoins to be fully backed by US dollars or comparable liquid assets. Issuers with a market capitalization of over $50 billion are subject to annual audits to ensure they meet the required standards. In addition, strict anti-money laundering standards will be implemented, which is seen as an important step in increasing trust in the crypto sector.
Regulatory framework and market influence
Trump believes that regulating the stablecoin market will not only attract investments but also encourage innovation. Treasury Secretary Scott Bessent supports this perspective, highlighting that stablecoins could potentially further strengthen dollar dominance. In particular, listed stablecoins such as USDT and USDC account for over 60 percent of total crypto trading volume, according to TRM Labs, with over 90 percent of these stablecoins pegged to the US dollar.
The passage of the GENIUS Act by the US Senate by a vote of 68 to 30 is seen as a turning point in US crypto policy. The bill will now head to the House of Representatives, where it will face a decision amid a competing proposal, the Stablecoin Transparency and Accountability Act. Industry representatives are calling for simultaneous passage of the GENIUS Act and the Digital Asset Market Clarity Act to create a comprehensive regulatory framework.
Trump has signaled he is ready to sign the GENIUS Act if it reaches the House of Representatives. This decision could further boost the confidence of institutional investors in the crypto sector and lead to an inflow of capital into this emerging industry. Implementing a clear regulatory framework could also help increase trust in digital assets overall.
The shareholder reports on Trump's urgency to pass legislation, while BTC ECHO highlights the Senate's administrative act and its importance for crypto policy.