This text was initially revealed by The Epoch Instances: Crypto Invoice 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 finally 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 means of on the president’s pledge by transferring ahead with an “America First digital assets agenda,” the Home majority whip mentioned.
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 money reflects our American values of privacy, individual sovereignty, and free market competitors,” 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’ll now head to the Senate.
The Anti-CBDC Surveillance State Act seeks to ban the issuance of a retail central financial institution digital foreign money, additionally known as a CBDC. The invoice additionally handed 219–210.
“Americans do not want a government-controlled Central Bank Digital Currency,” Greene mentioned on X.
“Republicans have a duty to ban CBDC. President Trump included a ban on CBDC in his January 23rd executive order and Congress must also include the ban on CBDC in the GENIUS Act.”
Talking to reporters on July 17, forward of the vote, Greene mentioned it might be a problem to cross a ban on CBDCs within the higher chamber.
“They don’t have the votes. They can’t get a 60,” she mentioned.
Trump and senior administration officers, in the meantime, have repeatedly urged Congress to cross the Genius Act as shortly as doable.
The president, who has turn out to be a crypto advocate, confirmed that he met with many of the representatives who voted towards the procedural vote.
“After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule. Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible,” Trump wrote in a July 15 submit on his social media platform, Reality Social.
Johnson, writing on X, thanked the president for intervening within the matter.
“All House Republicans are for truth and transparency. And we know President Trump can be trusted to make the right decisions, to stand for justice, and to protect the innocent,” Johnson mentioned.
Cryptocurrency is a key plank of the Trump administration’s financial agenda.
In July 2024, throughout his reelection marketing campaign, Trump mentioned at a bitcoin convention in Nashville that he would guarantee america turns into the “crypto capital of the planet and the bitcoin superpower of the world.”
Some buyers depend on stablecoins during times of utmost volatility within the cryptocurrency market or broader monetary markets.
Whereas the stablecoin market has turn out to be extra aggressive and various, the panorama stays dominated by Tether and USD Coin.
The White Home views stablecoins as each an funding automobile and an instrument to spice up demand for U.S. authorities bonds.
“This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy,” Treasury Secretary Scott Bessent mentioned 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 vital race idea within the classroom. Arkansas Gov. Sarah Huckabee Sanders signed an govt order banning this subject material in 2023, however a instructor, two college students, and fogeys sued final yr to overturn it.
Minnesota Gov. Tim Walz mentioned the Democrats have to do extra to achieve out to younger males, “especially young white men,” throughout a podcast interview with former DNC Chair Jamie Harrison. Walz advised the occasion wants to vary its messaging and shift away from “narrow” points like jail reform and employee exploitation.
The White Home mentioned on Thursday that Donald Trump is struggling from “mild swelling” in his decrease legs and bruises on his palms as a result of continual venous insufficiency. The situation is widespread amongst older individuals.
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 Workers 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 alternate for $1,000 and an opportunity to return legally sooner or later.
—Stacy Robinson
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