This text was initially printed by The Epoch Instances: Crypto Invoice Heads to Trump
Home lawmakers handed a stablecoin invoice on July 17 in a vote of 308–122, sending it to President Donald Trump’s desk for his signature.
The Genius Act—Guiding and Establishing Nationwide Innovation for U.S. Stablecoins Act—goals to ascertain the primary federal framework for stablecoin regulation. Stablecoins are a sort of cryptocurrency designed to take care of a nominal worth, often pegged to the greenback one-to-one.
It handed the Senate in June in a 68–30 vote.
It briefly stalled within the Home on July 15, after a contingent of 13 conservative Republicans sided with Democrats to tank a key procedural vote.
After temporary uncertainty—and the president’s intervention within the matter—the Home finally voted 217—212 on July 16 to advance the invoice to a ground vote.
“President Trump promised to make America the crypto capital of the world,” Rep. Tom Emmer (R-Minn.) instructed reporters after the votes on a trio of crypto payments.
The Home adopted by means of on the president’s pledge by shifting ahead with an “America First digital property agenda,” the Home majority whip stated.
The trio of crypto payments—the Genius Act, the Readability Act, and the Anti-CBDC Surveillance State Act—will solidify the U.S. greenback hegemony, spark innovation, and guarantee “digital cash displays our American values of privateness, particular person sovereignty, and free market opponents,” based on Emmer.
White Home press secretary Karoline Leavitt confirmed to reporters at a July 17 press briefing that the president is planning a signing ceremony for the Genius Act.
Home Speaker Mike Johnson (R-La.) had confronted opposition from GOP lawmakers, together with Rep. Marjorie Taylor Greene (R-Ga.), who needed to mix the Genius Act with two different cryptocurrency-related payments, together with the Readability Act and the Anti-CBDC Surveillance State Act this week.
The Digital Asset Market Constructionand Investor Readability Act goals to create a complete market construction for the cryptocurrency sector. The invoice loved bipartisan assist and handed 294–134. It can now head to the Senate.
The Anti-CBDC Surveillance State Act seeks to ban the issuance of a retail central financial institution digital foreign money, additionally known as a CBDC. The invoice additionally handed 219–210.
“Individuals don’t need a government-controlled Central Financial institution Digital Foreign money,” Greene stated on X.
“Republicans have an obligation to ban CBDC. President Trump included a ban on CBDC in his January twenty third govt order and Congress should additionally embrace the ban on CBDC within the GENIUS Act.”
Chatting with reporters on July 17, forward of the vote, Greene stated it will be a problem to go a ban on CBDCs within the higher chamber.
“They don’t have the votes. They’ll’t get a 60,” she stated.
Trump and senior administration officers, in the meantime, have repeatedly urged Congress to go the Genius Act as shortly as potential.
The president, who has turn out to be a crypto advocate, confirmed that he met with a lot of the representatives who voted in opposition to the procedural vote.
“After a brief dialogue, they’ve all agreed to vote tomorrow morning in favor of the Rule. Speaker of the Home Mike Johnson was on the assembly by way of phone, and appears ahead to taking the Vote as early as potential,” Trump wrote in a July 15 publish on his social media platform, Reality Social.
Johnson, writing on X, thanked the president for intervening within the matter.
“All Home Republicans are for reality and transparency. And we all know President Trump might be trusted to make the proper selections, to face for justice, and to guard the harmless,” Johnson stated.
Cryptocurrency is a key plank of the Trump administration’s financial agenda.
In July 2024, throughout his reelection marketing campaign, Trump stated at a bitcoin convention in Nashville that he would guarantee the US turns into the “crypto capital of the planet and the bitcoin superpower of the world.”
Some buyers depend on stablecoins during times of maximum volatility within the cryptocurrency market or broader monetary markets.
Whereas the stablecoin market has turn out to be extra aggressive and numerous, the panorama stays dominated by Tether and USD Coin.
The White Home views stablecoins as each an funding car and an instrument to spice up demand for U.S. authorities bonds.
“This newfound demand might decrease authorities borrowing prices and assist rein within the nationwide debt. It might additionally onramp thousands and thousands of recent customers—throughout the globe—to the dollar-based digital asset economic system,” Treasury Secretary Scott Bessent stated on X final month.
—Andrew Moran, Nathan Worcester, and Joseph Lord
BOOKMARKS
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Minnesota Gov. Tim Walz stated the Democrats must do extra to succeed in out to younger males, “particularly younger white males,” throughout a podcast interview with former DNC Chair Jamie Harrison. Walz prompt the occasion wants to alter its messaging and shift away from “slender” points like jail reform and employee exploitation.
The White Home stated on Thursday that Donald Trump is struggling from “gentle swelling” in his decrease legs and bruises on his arms as a result of power venous insufficiency. The situation is frequent amongst older individuals.
The Senate Judiciary Committee on Thursday superior the nominations of Jeanine Pirro to be U.S. legal professional for the District of Columbia and Emil Bove to be a choose on the U.S. Court docket of Appeals for the Third Circuit. Each acquired a 12–0 vote from GOP members, after the Democrats walked out of the assembly in protest of Bove’s nomination.
Stephen Miller, White Home Homeland Safety Adviser and Deputy Chief of Workers for Coverage, reported on Thursday that greater than 1 million unlawful immigrants have self-deported since Trump took workplace in January. The federal government has been pushing immigrants to depart voluntarily in change for $1,000 and an opportunity to return legally sooner or later.
—Stacy Robinson
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