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Trump Hails GENIUS Act As The Key To US Digital Asset Supremacy

  • US President Donald Trump supports the Senate's stablecoin bill, calling it 'pure GENIUS' for US digital asset supremacy.
  • Trump urges the House to swiftly pass the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
  • He emphasizes no delays or changes to the bill, wanting a 'clean' version approved quickly.
  • House representatives have to decide whether to approve the Senate bill as is or include it in broader crypto regulations.
  • Senator Bill Hagerty aims to get the GENIUS Act to Trump before July 4th, pushing for House approval without additional amendments.
  • US faces global competition as other jurisdictions like the EU, Singapore, and Hong Kong work on their stablecoin frameworks.
  • Industry experts suggest clear US rules could prevent stablecoin issuers from relocating abroad.
  • Lobbyists emphasize the importance of federal clarity to ensure consistent regulations and consumer protection.
  • There were tough negotiations in the Senate to pass the bill with enough support from both parties.
  • Some in the House worry that a standalone vote on the stablecoin bill could delay addressing broader crypto issues.
  • The GENIUS Act sets a deadline for the House to approve and get it to Trump's desk as soon as possible.
  • Concerns exist that fragmented legislation could leave gaps in auditing reserves or protecting consumers.
  • If the House introduces 'market structure' language, the bill might need further Senate review.
  • Key Republicans in the House have shown support for similar measures but differences remain on reserve requirements and registration.
  • The bill's sponsor aims for a quick approval process to maintain US leadership in digital assets.
  • The stability of US rules potentially impacts stablecoin issuers' decisions to remain in the country.

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