WASHINGTON
President Donald Trump urged lawmakers to pass a series of bills Tuesday to bolster the US’ standing in digital assets as the House of Representatives holds its self-styled “Crypto Week.”
The House could vote as soon later Tuesday on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and Trump encouraged all Republicans in the chamber to lend their support because it “is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it.”
The act, which seeks to establish a regulatory framework for stablecoins, was approved in the Senate in June.
“Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!),” Trump said on social media, referring to the GENIUS Act.
“This is our moment – Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!” he added.
Speaker Mike Johnson said in a statement that the House would also consider the CLARITY Act and the Anti-CBDC Surveillance State Act.
If passed, the CLARITY Act would establish a framework to regulate digital commodities, or assets that rely on a blockchain to determine value. The Anti-CBDC Surveillance State Act would bar the Federal Reserve from establishing a central bank digital currency.
“During ‘Crypto Week,’ the House looks forward to the timely consideration of three landmark pieces of legislation,” said Johnson. “I commend the close partnership between the Financial Services and Agriculture Committees and the leadership of Chairmen French Hill and GT Thompson, and I look forward to President Trump signing them into law.”