The Republican-controlled House on Thursday passed groundbreaking laws to regulate stubcoins with a major victory in the crypto industry.
Just as lawmakers focus on pro-law laws, the best bitcoin ever
President Donald Trump, a former code skeptic, has become a leading promoter in the industry.
Scripps News
WASHINGTON – The Republican-controlled House passed three people on July 17th in a bill that has been a huge victory for the cryptocurrency industry that helped President Donald Trump make tens of millions of dollars.
Part of the groundbreaking legal package called the Genius Act creates a regulatory framework for Stablecoins. This is a kind of cryptocurrency linked to the value of assets like the US dollar.
Supporters say the major bills will help set industry standards that protect consumers and allow stubcoin to become mainstream for digital payments and other financial products.
The main bill approved by the Senate in June passed the House with a 308-122 vote, with all Republicans and several Democrats in favor. Now it’s up to Trump’s desk to sign the law.
“This is a historic opportunity for the United States. After years of work, American innovators have the clarity they need to build at home here, ensuring the future of the digital economy.
But House leaders struck an unexpected hurdle mid-week while trying to advance three crypto bills, but broke the room’s records by the first proceedings on July 16, lasting around nine hours.
One measure that bans the Federal Reserve from establishing a central bank of cryptocurrency was a certain sticking point, with Republicans discussing how best to set the bill for success in future Senate votes. It fully passed through the lower chamber on July 17th, giving GOP support with a vote of 219-210, falling along the party line.
The clear law, which defines when cryptocurrencies are security or commodities and when clarifying the jurisdiction of the Securities and Exchange Commission over the entire financial sector, must pass the House on July 17th and head to the Senate.
Senate Democrats have expressed concern about their ties with Trump with the cryptocurrency industry.
“The Genius Act accelerates Trump corruption by surpassing the size of the stubcoin market and the reach and profitability of USD1,” said Senator Elizabeth Warren, Senator Elizabeth Warren in May.
One of Trump’s biggest gold-making ventures was World Liberty Financial, a cryptocurrency platform launched last year. It launched USD1, a US dollar-backed Stablecoin that brought in $57.3 million.
Trump also held a dinner in May for top buyers of $Trump Meme Coin, owned by an affiliate of the Trump organization.
However, supporters of the bill argued that it could help protect investors and help Americans with greater access to the financial system.
“The golden age of digital assets is here, and the US will lead,” Wisconsin Rep. Brian Steele said in a statement.
Contributors: Riley Begin, Medora Lee, Swapna Benugopal Ramaswamy, USA TODAY
