Senate Republicans and President Donald Trump are once again putting pressure on the House\u2014this time over cryptocurrency policy. At the center of the debate is Trump\u2019s push to make the United States the global leader in digital assets, especially stablecoins, a type of cryptocurrency designed to maintain a fixed value by being pegged to the U.S. dollar.<\/p>\n
Last month, the Senate passed the GENIUS Act<\/strong>, a bipartisan bill aimed at regulating stablecoins. The legislation would require stablecoin issuers to back their tokens with liquid assets like U.S. dollars or Treasury bills and to publicly disclose their reserves on a monthly basis. The bill passed by a 68-30 vote and now awaits consideration in the Republican-controlled House. Trump has urged House Republicans to pass the bill quickly and without changes.<\/p>\n However, House Republicans are contemplating a broader legislative package. When lawmakers return next week, they plan a \u201ccrypto week\u201d to consider both the GENIUS Act and a more sweeping reform known as the market structure bill. This legislation, championed by House Financial Services Chair French Hill, would overhaul how cryptocurrencies are treated under U.S. securities and commodities law.<\/p>\n Trump and Senate Republicans have pushed back on expanding the scope of the GENIUS Act. They argue that adding broader crypto reforms could unravel the fragile bipartisan support needed to get the bill through the Senate. Sen. Bill Hagerty (R-Tenn.), the bill\u2019s lead sponsor, warned that even small changes could cost vital Democratic votes.<\/p>\n The House passed a stablecoin bill last year, but it died in the then-Democratic Senate. Now, with Republicans in control and the White House applying pressure, House leaders must decide whether to pass the GENIUS Act as-is or take a bolder legislative step. Trump\u2019s advisers say their goal is to finalize stablecoin legislation before the end of August.<\/p>\n","protected":false},"excerpt":{"rendered":" Senate Republicans and President Donald Trump are once again putting pressure on the House\u2014this time over cryptocurrency policy. At the center of the debate is Trump\u2019s push… <\/p>\n","protected":false},"author":2,"featured_media":10966,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-10965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n