Trump to Sign Cryptocurrency Regulation Bill
Washington – President Trump is set to sign a significant bill regulating cryptocurrency on Friday, following its passage in the House, despite some conservative opposition.
The legislation, dubbed the Genius Act, marks a key step in establishing a regulatory framework for the $250 billion stablecoin market. Stablecoins are seen as a more secure type of cryptocurrency, often pegged to assets like the dollar. The act received support from 206 Republicans and 102 Democrats in the House.
The bill’s approval was uncertain earlier this week when conservative members blocked a procedural vote. However, a compromise was reached, allowing the legislation to move forward.
In addition to the Genius Act, lawmakers also endorsed two other cryptocurrency-related bills, concluding what they referred to as “Crypto Week” in Congress. One law aims to regulate digital products beyond stablecoins, while another, the Anti-CBDC National Surveillance Act, seeks to prevent the Federal Reserve from issuing digital currency directly to consumers.
Trump is expected to sign the Genius Act during a ceremony at the White House at 2:30 PM ET.
Moreover, House Republicans have also approved a proposal to restore funding for foreign aid and public broadcasting, totaling around $9 billion. Changes to this retirement package occurred during late-night votes, which also passed with some controversies. Notably, two Republicans sided with Democrats against this funding, which aims to support public radio and TV stations backed by U.S. international development efforts. The president is likely to sign this soon as well.
Regarding the funding cuts, Trump commented on longstanding GOP efforts to reduce federal support for organizations like NPR and PBS, remarking, “Republicans have tried to do this for 40 years and failed, but… this is big!!”
The signing of the Genius Act on Friday coincides with heightened focus on the Epstein case. Trump has instructed Attorney General Pam Bondy to seek the release of grand jury materials linked to Jeffrey Epstein, who was convicted as a sex offender and died in federal custody in 2019. Under increasing pressure, the Justice Department noted that no further documents would be released after reviewing the evidence.
Trump stated, “Based on the outrageous amount of publicity given to Jeffrey Epstein, I have asked Attorney General Pam Bondi, subject to court approval, to release all relevant grand jury testimony.” He characterized the situation as a “scam perpetuated by the Democrats” that needs to end now.
Bondi affirmed that the Justice Department is prepared to present the grand jury trial transcripts to the court. A judge will ultimately decide whether the materials can be made public, a process that could extend over weeks or months.
