In a latest post on Truth Social amid “Crypto Week”, US President Donald Trump threw his weight behind a “tremendous bill”, known as a “GENIUS Act.”
(Source: Donald Trump on Truth Social)
US President Trump Backs GENIUS Act, Calls for US Dominance in Crypto Race
POTUS believes that this bill will help America secure its supremacy in the digital asset race against global rivals, such as China and Europe.
“Digital Assets are the FUTURE, and we are leading by a lot,” Trump stated in a post, urging unanimous Republican support for the vote expected this afternoon.
The bill, which promises regulatory clarity and incentives for blockchain innovation, has reignited partisan tensions, with Democrats yet to signal full backing.
Trump framed the GENIUS Act as a knockout blow to competitors like China, Europe, and all others. He thinks that this bill will outpace its competitors due to its fragmented crypto rules. However, he argues that the bill lacks consumer protections.
Some industry leaders praised the move, saying this could finally unlock institutional adoption. On the other hand, skeptics warn of a “rushed framework” favoring speculation over stability.
The US President stated in a post, “We are leading the World, and will work hard with the Senate and the House to get even more legislation passed!”
Amidst impressive developments in crypto regulations, major financial institutions and banking giants are rushing to integrate cryptocurrency into their traditional financial markets.
For instance, according to a famous TV personality, Jamie Dimon, JPMorgan CEO Jamie Dimon revealed that he will “go all in on crypto,” a reversal from his statement last year when he called cryptocurrency fraudulent and a Ponzi scheme.
Dimon also mentioned that the banking giant will get involved in crypto stablecoins. “We’re going to be involved in both JPMorgan deposit coins and stablecoins to understand it, to be good at it,” Dimon said during an earnings conference call. “I think they’re real, but I don’t know why you’d want to [use a] stablecoin as opposed to just payment.”
Earlier today, U.S. House Committee on Financial Services Chairman French Hill stated that, “The era of digital assets is no longer just a promise; it’s a national priority. Under President Trump’s leadership, the U.S. has an opportunity to reassert its role as the global leader in technological innovation and financial freedom.”
Also Read: US House Makes Digital Assets a National Priority for Growth
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