President Donald Trump, who has pursuits within the stablecoin USD1 by way of his involvement in World Liberty Monetary, has referred to as on the US Home of Representatives to maneuver rapidly on the GENIUS Act, a brand new invoice geared toward regulating stablecoins and boosting America’s function within the digital asset economic system.
In a June 19 publish shared on Reality Social, Trump demanded rapid motion from lawmakers, saying he wanted a clear model of the invoice free from amendments or delays.
He mentioned:
“The Home will hopefully transfer [at] LIGHTNING FAST [pace], and cross a ‘clear’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The invoice, formally generally known as the Guiding and Establishing Nationwide Innovation for US Stablecoins Act, acquired robust bipartisan backing within the Senate earlier this week. It now awaits a vote within the Home earlier than reaching Trump’s desk for ultimate approval.
Trump praised the Senate’s help and positioned the laws as a turning level for US monetary management.
He said:
“[The Bill] goes to make America the UNDISPUTED Chief in Digital Property — No person will do it higher, it’s pure GENIUS! Digital Property are the longer term, and our Nation goes to personal it. We’re speaking about MASSIVE Funding, and Huge Innovation.”
Stablecoins will drive greenback supremacy
US Treasury Secretary Scott Bessent additionally welcomed the invoice’s progress, arguing that it may improve the greenback’s world power slightly than weaken it.
In line with him:
“Crypto is just not a menace to the greenback. In truth, stablecoins can reinforce greenback supremacy.”
He cited current forecasts projecting that the stablecoin market may develop to $3.7 trillion by 2030. Bessent believes a regulatory framework just like the GENIUS Act would encourage extra adoption of dollar-backed tokens, boosting demand for US Treasuries and probably decreasing federal borrowing prices.
He wrote:
“This newfound demand may decrease authorities borrowing prices and assist rein within the nationwide debt. It may additionally onramp thousands and thousands of recent customers—throughout the globe—to the dollar-based digital asset economic system. It’s a win-win-win for everybody concerned.”
Contemplating this, Bessent emphasised that the Trump administration is dedicated to establishing the US as a hub for digital asset innovation, including that:
“The GENIUS Act strikes us one step nearer to that objective.”
