The House of Representatives passed the Genius Act, a bill regulating stablecoins pegged to the U.S. dollar. President Donald Trump is expected to sign it into law. This legislation marks a significant advance for the cryptocurrency industry, which has struggled with regulatory hurdles since its inception. The approval by Congress enhances the legitimacy of blockchain technology, attracting attention from traditional financial institutions and tech companies. Despite broad bipartisan support, critics raise concerns about possible conflicts of interest tied to Trump's business empire and the implications of further cryptocurrency regulations.
The passage of the Genius Act establishes crucial rules for stablecoins, offering a substantial victory for the crypto industry under the Trump administration's support.
The approval from Congress signifies a newfound legitimacy for blockchain technology, prompting financial institutions and Big Tech to increasingly engage with cryptocurrencies.
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