In the USA, the cryptocurrency-friendly stablecoin law GENIUS Act received approval from the Senate after long efforts.
At this point, there is one last stage left for GENIUS, which US President Donald Trump plans to approve by August.
The GENIUS law must also receive approval from the House of Representatives before it can be signed by Trump.
Now, as all eyes turn to the House of Representatives, a new statement came from Donald Trump.
Accordingly, Trump, in his post on his Truth Social account, asked the House of Representatives to move quickly for the final signature of the GENIUS Act and urged it to pass as soon as possible.
Trump stated that the Senate passed an incredible bill that would make the United States the undisputed leader in the field of digital assets.
Describing the bill as pure genius, Trump said GENIIUS would bring major investments and major innovations to the United States.
“….There will be no country that can do better than this. (This bill) is truly a genius idea.
Get this to my desk now — NO DELAY, NO ADD-ON. With this I will show the world how to earn with digital assets like never before.”
The GENIUS law imposes strict requirements for stablecoin issuers, including compulsory licensing, full reserve support, annual audits for issuers with a market value of over $50 billion, and regulatory oversight by foreign entities.
The stablecoin bill GENIUS passed the Senate with a 68-30 vote and now awaits a vote in the House of Representatives.
*This is not investment advice.
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