The House of Representatives is in the process of debating three cryptocurrency bills during the second day of “Crypto Week.” These bills are the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.
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“The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it,” said Trump in a Truth Social post on Tuesday. “Digital Assets are the FUTURE, and we are leading by a lot!” He added that the U.S. is the global leader in crypto and that he will continue to work with the Senate and the House to pass legislation that will support the industry.
What is the GENIUS Act?
GENIUS stands for “Guiding and Establishing National Innovation for U.S. Stablecoins” and seeks to establish a legal framework for the $238 billion stablecoin market. Stablecoins are a form of cryptocurrency designed to maintain a value equal to a reference asset, such as the U.S. dollar. The act would also provide a path for private companies to issue their own stablecoins in a regulated setting that provides consumer protections.
The legislation was approved by the Senate last month in a bipartisan show of support.
According to TipRanks’ Trump Dashboard, Coinbase (COIN), Riot Platforms (RIOT), MARA Holdings (MARA), and four other stocks will likely be impacted by Trump’s post.
