GENIUS Act
Trump urges passage of clarity act amid bank-crypto dispute
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U.S. President Donald Trump criticized banks in a Truth Social post for undermining the GENIUS Act and holding the Clarity Act hostage over stablecoin yield issues. He called for swift congressional action to advance crypto market structure legislation. The dispute has stalled negotiations between banking and crypto sectors.
Donald Trump advanced bitcoin's standing in U.S. policy through executive actions and new legislation during his term. Bitcoin's price performance and public adoption have shown mixed results since the 2024 election.
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The US Senate has approved the GENIUS Act, establishing a federal framework for dollar-pegged stablecoins. The bill requires full backing by liquid assets and aims to reinforce US dollar dominance. It passed with bipartisan support amid debates over risks and political ties.