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Investing.com-- U.S. President Donald Trump on Wednesday lauded a bill aimed at regulating stablecoin cryptocurrencies after it was approved by the Senate, and called for the House of Representatives to swiftly move the bill.
Trump said in a social media post that the GENIUS Act, which sets out a regulatory framework for stablecoins, will make the U.S. a leader in digital assets. The Senate voted in favor of the bill on Tuesday, sending it to the Republican-controlled House of Representatives where it will be considered and eventually voted on. If approved by the House, the bill will be sent to Trump to be signed into law.
“The House will hopefully move LIGHTNING FAST, and pass a “clean” GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump wrote in a post on Truth.Social.
The progress of the Genius Act through Congress shows Trump making good on his promises to dole out more crypto-friendly regulation. The bill establishes a regulatory framework for stablecoin operators, dictating certain reserve requirements while also outlining monthly disclosures by the operators of their reserves.
Stablecoins are a class of crypto that are pegged in a largely fixed value to a traditional currency, usually the U.S. dollar. Circle’s USDC and Tether’s USDT are currently the largest stablecoins in the market.
Stablecoins are a key means of facilitating crypto transactions, with their proponents also claiming that they can be used to facilitate traditional payments.
USDC operator Circle Internet Group Inc (NYSE:CRCL), which was recently listed in U.S. markets, soared nearly 34% on Wednesday. Bitcoin lagged, hovering around $104,000.