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Trump is expected to see his first major legislative victory on cryptocurrency policy next week
BlockBeats News, July 11th, according to politico report, Trump is expected to see his first major legislative victory on cryptocurrency policy next week. House Republicans are preparing to pass a bill previously submitted to the Senate to establish new regulatory rules for stablecoins.
The U.S. House of Representatives is expected to vote early next week on the "GENIUS Act" introduced in the Senate. The bill aims to establish the first U.S. regulatory framework for so-called "stablecoins" pegged to the U.S. dollar. The bill, which received bipartisan support in the Senate last month, is poised to become the first major cryptocurrency regulation adopted by the U.S. Congress.
Trump's signing of this stablecoin bill could provide a significant boost to the long-elusive mainstream crypto industry. Crypto supporters hope that the U.S. government's endorsement, along with the customized regulatory framework they have been actively lobbying Congress for over the years, will enhance the legitimacy of cryptocurrencies, promote adoption, and open the door for further involvement in digital assets by traditional financial institutions.
This legislation could also be favorable for the Trump family itself: his sons founded a stablecoin issuing company last year.
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