This article was originally published by The Epoch Times: Crypto Bill Heads to Trump
Home lawmakers handed a stablecoin invoice on July 17 in a vote of 308–122, sending it to President Donald Trump’s desk for his signature.
The Genius Act—Guiding and Establishing Nationwide Innovation for U.S. Stablecoins Act—goals to determine the primary federal framework for stablecoin regulation. Stablecoins are a kind of cryptocurrency designed to keep up a nominal worth, normally pegged to the greenback one-to-one.
It handed the Senate in June in a 68–30 vote.
It briefly stalled within the Home on July 15, after a contingent of 13 conservative Republicans sided with Democrats to tank a key procedural vote.
After transient uncertainty—and the president’s intervention within the matter—the Home ultimately voted 217—212 on July 16 to advance the invoice to a ground vote.
“President Trump promised to make America the crypto capital of the world,” Rep. Tom Emmer (R-Minn.) informed reporters after the votes on a trio of crypto payments.
The Home adopted by way of on the president’s pledge by transferring ahead with an “America First digital property agenda,” the Home majority whip stated.
The trio of crypto payments—the Genius Act, the Readability Act, and the Anti-CBDC Surveillance State Act—will solidify the U.S. greenback hegemony, spark innovation, and guarantee “digital cash displays our American values of privateness, particular person sovereignty, and free market rivals,” based on Emmer.
White Home press secretary Karoline Leavitt confirmed to reporters at a July 17 press briefing that the president is planning a signing ceremony for the Genius Act.
Home Speaker Mike Johnson (R-La.) had confronted opposition from GOP lawmakers, together with Rep. Marjorie Taylor Greene (R-Ga.), who wished to mix the Genius Act with two different cryptocurrency-related payments, together with the Readability Act and the Anti-CBDC Surveillance State Act this week.
The Digital Asset Market Constructionand Investor Readability Act goals to create a complete market construction for the cryptocurrency sector. The invoice loved bipartisan assist and handed 294–134. It should now head to the Senate.
The Anti-CBDC Surveillance State Act seeks to ban the issuance of a retail central financial institution digital forex, additionally known as a CBDC. The invoice additionally handed 219–210.
“People don’t need a government-controlled Central Financial institution Digital Foreign money,” Greene stated on X.
“Republicans have an obligation to ban CBDC. President Trump included a ban on CBDC in his January twenty third government order and Congress should additionally embody the ban on CBDC within the GENIUS Act.”
Chatting with reporters on July 17, forward of the vote, Greene stated it might be a problem to move a ban on CBDCs within the higher chamber.
“They don’t have the votes. They’ll’t get a 60,” she stated.
Trump and senior administration officers, in the meantime, have repeatedly urged Congress to move the Genius Act as shortly as doable.
The president, who has turn into a crypto advocate, confirmed that he met with many of the representatives who voted in opposition to the procedural vote.
“After a brief dialogue, they’ve all agreed to vote tomorrow morning in favor of the Rule. Speaker of the Home Mike Johnson was on the assembly by way of phone, and appears ahead to taking the Vote as early as doable,” Trump wrote in a July 15 put up on his social media platform, Fact Social.
Johnson, writing on X, thanked the president for intervening within the matter.
“All Home Republicans are for reality and transparency. And we all know President Trump might be trusted to make the correct selections, to face for justice, and to guard the harmless,” Johnson stated.
Cryptocurrency is a key plank of the Trump administration’s financial agenda.
In July 2024, throughout his reelection marketing campaign, Trump stated at a bitcoin convention in Nashville that he would guarantee the US turns into the “crypto capital of the planet and the bitcoin superpower of the world.”
Some buyers depend on stablecoins during times of maximum volatility within the cryptocurrency market or broader monetary markets.
Whereas the stablecoin market has turn into extra aggressive and numerous, the panorama stays dominated by Tether and USD Coin.
The White Home views stablecoins as each an funding car and an instrument to spice up demand for U.S. authorities bonds.
“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,” Treasury Secretary Scott Bessent stated on X final month.
—Andrew Moran, Nathan Worcester, and Joseph Lord
BOOKMARKS
The Courtroom of Appeals for the Eighth Circuit dominated this week that Arkansas can ban critical race theory within the classroom. Arkansas Gov. Sarah Huckabee Sanders signed an government order banning this subject material in 2023, however a trainer, two college students, and fogeys sued final yr to overturn it.
Minnesota Gov. Tim Walz stated the Democrats have to do extra to achieve out to young men, “particularly younger white males,” throughout a podcast interview with former DNC Chair Jamie Harrison. Walz prompt the celebration wants to vary its messaging and shift away from “slender” points like jail reform and employee exploitation.
The White Home stated on Thursday that Donald Trump is suffering from “gentle swelling” in his decrease legs and bruises on his arms because of power venous insufficiency. The situation is widespread amongst older folks.
The Senate Judiciary Committee on Thursday superior the nominations of Jeanine Pirro to be U.S. lawyer for the District of Columbia and Emil Bove to be a choose on the U.S. Courtroom of Appeals for the Third Circuit. Each obtained a 12–0 vote from GOP members, after the Democrats walked out of the assembly in protest of Bove’s nomination.
Stephen Miller, White Home Homeland Safety Adviser and Deputy Chief of Employees for Coverage, reported on Thursday that greater than 1 million unlawful immigrants have self-deported since Trump took workplace in January. The federal government has been pushing immigrants to go away voluntarily in change for $1,000 and an opportunity to return legally sooner or later.
—Stacy Robinson
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