Skip to content
- Trump’s GENIUS Act aims to solidify U.S. leadership in crypto.
- GENIUS Act prevents Fed from issuing a retail CBDC.
- May declared “Crypto Week” to boost blockchain policy focus.
According to Eleanor Terrett on X, President Donald Trump has secured critical backing from 11 out of 12 required congressional members to advance the GENIUS Act. This bill is designed to make the U.S. a global leader in digital assets. During a White House meeting on July 15, Trump confirmed the bill’s growing momentum.
Speaker of the House Mike Johnson, who participated virtually, stressed the need for quick action. Trump described the event as an imperative point in the leadership of American financial technologies. He also pointed out that the GENIUS Act would enable the U.S. to gain a competitive advantage over rivals such as China and the EU.
Some members of Congress also criticized the bill because they feared it would launch a Central Bank Digital Currency (CBDC). Eleanor Terrett explained that the GENIUS Act has language that forbids the Federal Reserve from providing a retail CBDC. These concerns are addressed in that the bill clearly implies that it can not prescribe services such as digital wallets or personal accounts.
U.S. Aims for Digital Asset Dominance in Global Race
Other markets, such as Asia and Europe, are already acting early on to regulate digital assets as the world race to do the same gets hotter. Trump’s initiative on the GENIUS Act is a strategic shift toward America trying to take control of the digital asset sector.
The terms of the bill are meant to place the U.S. on the edge of digital asset policy and blockchain development.
Trump further released a statement in May declaring May Crypto Week in a bid to highlight federal tech policy and blockchain advancement. This is a big leap in terms of regulation by the U.S., and it is a big leap in its struggle to regulate.
David Sacks, a White House advisor on crypto and AI, commended Trump for being a leader. He dubbed the president the dealmaker-in-chief who advanced the GENIUS Act. Trump’s impact on present events has been instrumental in the bill’s progress, ensuring that the U.S. remains in the lead in digital assets.
Trump’s change of Heart is evident after opposing digital assets, he is now supporting them. This shift is visible in his 2024 campaign, which takes crypto donations and plans to cut down on regulations. The GENIUS Act is in line with this new position and supports Trump’s vision of transforming the U.S. into the hub of next-generation technology.
Backed by Congress, the GENIUS Act is also on its way to transforming the U.S. stance on digital assets. The bill’s enactment will guarantee that America will be the leader in digital asset innovation in the years to come.
Also Read: Pump.fun Sends $55M in Tokens to Wintermute, Price Crashes Over 22%
