All posts tagged "Genius Act"

President Donald Trump had a searing response Tuesday to the banking industry, saying that banks were trying to "undermine" controversial legislation he has touted.

Trump has pushed the Guiding and Establishing National Innovation for U.S. Stablecoins, also known as the GENIUS Act. The bill seeks to create a legal framework for stablecoins, or digital assets whose value is tied to a physical asset like fiat currency or gold. It has support from the crypto industry, which considers the bill an important step toward mainstreaming digital assets.

Trump attacked banks, calling them out and claiming that if the United States doesn't act quickly to pass the cryptocurrency bill, China would benefit and make America less competitive. ...

President Donald Trump made a beeline past reporters who attempted to ask questions ostensibly about sex-trafficker Jeffrey Epstein following a bill signing ceremony Friday.

One reporter shouted a question about Trump's directive to unseal grand jury testimony regarding his former associate.

"Mr. President, why not go further than just unsealing —" she shouted before her audio cut out....

Even Democrats who once supported regulatory legislation for "stablecoins" are backing off now that the Trump family is a major player in the crypto market, according to a new report in The New York Times.

Stablecoins are "a type of cryptocurrency that maintains a price of $1"; Crypto traders like stablecoins because they don't "swing in value the way other digital currencies do, making them convenient for many types of business transactions," according to the report.

A bill backed by the crypto industry called the GENIUS Act would be "one of the first formal acts by lawmakers to create a regulatory system that could help the industry grow in the United States."...