He said the cryptocurrency legislation will make the U.S. the “crypto capital of the world.”
President Donald Trump has signed three cryptocurrency bills into law, which were passed by the House of Representatives late last week. He said the GENIUS Act will “make America the UNDISPUTED Leader in Digital Assets.“
The first bill approved stablecoin regulations previously approved by the Senate. The second bill set general rules, also called the market structure, for digital assets in general, which the Senate reauthorized after review. The third bill will prevent the Federal Reserve from issuing its own digital currency.
The three bills were unanimously supported by the majority after negotiations with the House Freedom Caucus voting bloc, but most in the minority party did not support the bills, saying that their language did not go far enough to safeguard consumer protections and prevent money laundering.
“These bills are about protecting American consumers, protecting investment, bringing capital back the United States [and] making the United States a fintech leader in payments and in digital assets,” House Financial Services Chairman French Hill of Arkansas argued during the floor debate.
“Only by passing [these bills] will this Congress fully usher in the era of digital finance and ensure that Americans are protected whenever they engage with digital assets,” Congressman Hill said.
As the Lord Leads, Pray with Us…
- For wisdom for President Trump as he advocates for U.S. leadership in cryptocurrency.
- For members of Congress as they consider the president’s agenda and craft legislation.
Sources: Roll Call, The White House
