Trump Signs Major Cryptocurrency Legislation
Washington – President Donald Trump is set to sign significant cryptocurrency legislation on Friday, marking a first for Congress.
Trump hinted at the event on his social media platform, True Social, stating, “Big Signature at 2:30pm at the White House,” which is planned for Eastern Standard Time. He expressed his excitement about Republican achievements, noting the records set in a short period.
The legislation, referred to as the Genius Act, is intended to establish safeguards for Stablecoins. The acronym “Genius” stands for “guiding and establishing national innovation for US Stablecoins.”
Stablecoins are a type of cryptocurrency linked to the US dollar, and the bill aims to help legitimize digital assets.
On Thursday, the House voted 308-122 in favor of sending the act, already passed by the Senate, to Trump’s desk. Notably, over 100 Democrats, including minority leader Hakeem Jeffries, joined Republicans to support the bill.
Representative Marjorie Taylor Greene of Georgia commented on social media, stating, “The bill regulates Stubcoins and provides backdoor-centric banking digital currency. The Federal Reserve has been planning CBDCs for many years.”
The House also advanced another cryptocurrency-related bill named the Clarity Act, which will now head to the Senate. This act aims to create a more industry-friendly regulatory environment for digital assets.
House Speaker Mike Johnson expressed his approval of the recently passed legislation, writing that the Clarity Act, Genius Act, and the anti-CBDC Surveillance State Act align with President Trump’s vision to establish Crypto as a fundamental aspect of the US economy and ensure that America leads in this evolving industry.
There was a hiccup earlier in the week when 13 Republicans sided with Democrats to halt debate on the legislation, prompting Johnson to call off remaining votes for that day. However, Trump intervened during a meeting with Republicans at the White House and expressed hopes for a vote on Wednesday.
“I’m in the Oval Office with 11 of the 12 MPs/women necessary to pass the Genius Act. After a brief discussion, there was unanimous agreement to support the rules. Mike Johnson will participate by phone,” Trump shared.
Those in the cryptocurrency sector are optimistic that this bill can bolster legitimacy and enhance consumer confidence.
