Crypto Bill Heads to Trump

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 ascertain the primary federal framework for stablecoin regulation. Stablecoins are a kind of cryptocurrency designed to take care of a nominal worth, often 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 temporary uncertainty—and the president’s intervention within the matter—the Home ultimately voted 217—212 on July 16 to advance the invoice to a flooring vote.

“President Trump promised to make America the crypto capital of the world,” Rep. Tom Emmer (R-Minn.) instructed reporters after the votes on a trio of crypto payments.

The Home adopted by means of on the president’s pledge by shifting ahead with an “America First digital belongings 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 cash displays our American values of privateness, particular person sovereignty, and free market rivals,” in response to 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.

“Individuals don’t need a government-controlled Central Financial institution Digital Forex,” Greene mentioned 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 embrace the ban on CBDC within the GENIUS Act.”

Chatting with reporters on July 17, forward of the vote, Greene mentioned it could 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 mentioned.

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 out to be a crypto advocate, confirmed that he met with a lot 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 through phone, and appears ahead to taking the Vote as early as doable,” 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 Home Republicans are for fact and transparency. And we all know President Trump will be trusted to make the fitting selections, to face for justice, and to guard the harmless,” 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 the US turns into the “crypto capital of the planet and the bitcoin superpower of the world.”

Some traders depend on stablecoins in periods of maximum 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 might decrease authorities borrowing prices and assist rein within the nationwide debt. It might additionally onramp hundreds of thousands of recent customers—throughout the globe—to the dollar-based digital asset economic system,” Treasury Secretary Scott Bessent mentioned on X final month.

—Andrew Moran, Nathan Worcester, and Joseph Lord

BOOKMARKS

The Court docket 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 instructor, two college students, and fogeys sued final 12 months to overturn it. 

Minnesota Gov. Tim Walz mentioned the Democrats must do extra to achieve out to young men, “particularly younger white males,” throughout a podcast interview with former DNC Chair Jamie Harrison. Walz urged the social gathering wants to vary its messaging and shift away from “slender” points like jail reform and employee exploitation. 

The White Home mentioned on Thursday that Donald Trump is suffering from “gentle swelling” in his decrease legs and bruises on his fingers as a result of persistent venous insufficiency. The situation is frequent 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. Court docket 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 depart voluntarily in alternate for $1,000 and an opportunity to return legally sooner or later. 

—Stacy Robinson

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