Trump wants to send Bill the genius directly to his office, without delay star-news.press/wp
Encryption correspondent
Shalini Nagarajan
Encryption correspondent
Shalini Nagarajan
Involve
US President Donald Trump called on the House of Representatives to It passes rapidly the genius law Without any amendments, legislators urge to deliver the draft law to his office “as quickly as possible.”
In a publication on the social truth on Thursday, Trump celebrated the approval of the Senate on the draft law and warned of any attempts to delay or amend it.
“The Senate has passed an incredible bill that will make America the undisputed leader in digital assets,” he wrote. “Take it to my office, as soon as possible – no delay, no adding Once.”
The batch comes a day after the Senate passed the Genius Act in 68 to 30 votes, as 18 democrats joined most Republicans in support.
The draft law is known as officially known as the Righting and Establishment of the National Innovation of the American Stablecoins Law, and it represents the first major attempt by Congress to organize Stablecoins, which are encrypted symbols related to US dollars.
The genius law faces the audit of Trump’s encryption gains before discussing the House of Representatives
After that, the House of Representatives is expected to take this measure, as Republicans carry a narrow majority. While the leadership of the Republican Party is likely to support the draft law, partisan tensions remain.
The genius law failed to vote for the Senate in May. This was largely due to concerns about Trump’s relations with the encryption industry. Senator Elizabeth Warren, one of the most powerful critics of the bill, has caused serious objections. She accused the president and his family of being to make “hundreds of millions” if the bill becomes a law.
According to Stable Stablecoin from Trump, $ 57 million last year. Despite the controversy, many Democrats say the need to organize the growing stablecoin sector is urgent. Senator Mark Warner, who also raised concerns about Trump encryption projects, argued that the United States cannot afford to stay on the margin while other countries move forward with the policy of digital assets.
With support from industry, Stableco Bill advances forward despite organizational gaps
If the House of Representatives pass the genius law, it will create a federal license system for Stablecoin Exporters. Each symbol will be required to maintain full support 1: 1 in US dollars.
In addition, the draft law restricts how to use reserves, which limits them to recovery and low -risk investments such as reservoir. It also imposes anti -money laundering and consumer protection checks.
Once it is cleared by the House of Representatives, the bill will go to President Trump for its final signature.
Large encryption companies greatly welcomed the legislation. Many millions spent pressure in Washington to form the rules of digital assets. However, critics say that the bill leaves important gaps.
Although it is prohibited for members of Congress and their families to win Stablecoins, it does not apply to the same rule to the president or the first family. As a result, Trump can continue to issue Stablecoins even when he signs the regulations that rule in the law.
Other provisions in the draft law also have also criticized. It prohibits the carrier stablecoins, a step that some say it protects traditional banks but suffocates innovation. In addition, strict compliance rules in the bill can increase costs. This may push the smaller sources and the energy concentration between a few big players.
However, the momentum appears to prefer the bill. Trump’s allies sees his urgency as a strategy to close digital asset policy. They hope to avoid delaying the parliamentary negotiations or the risk of assembling the draft law with a more controversial legislation.
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2025-06-19 04:15:00
