Jakarta, Pintu News – In a surprising turn of events, US President Donald Trump revealed Tuesday evening that an agreement has been reached with congressional leaders to move forward with the groundbreaking GENIUS Act. This announcement comes after an unexpected setback earlier in the week when Republicans in the House of Representatives failed to pass a procedural vote.
House Speaker Mike Johnson, participating via telephone, voiced his strong support for expediting the bill’s progress. The previous unsuccessful vote on Tuesday, where Republicans fell short of the required 196-222 majority, was a significant setback.
That earlier failure stemmed from disagreements within the Republican Freedom Caucus. Members of this group opposed a legislative package that combined the GENIUS Act with both the Clarity Act and specific defense budget allocations.
The GENIUS Act: Establishing a Federal Framework
The GENIUS Act is designed to create the very first federal structure for dollar-backed stablecoins. It would grant considerable power to the US Treasury and establish a clear pathway for private sector firms to issue digital dollar equivalents.
Having already secured Senate approval back in June by a margin of 68-30, the legislation enjoys support from both parties, though some Democrats have voiced concerns relating to President Trump’s own involvement in crypto ventures.
The proposed new legal structure seeks to provide oversight for the stablecoin market, which has an approximate value of $238 billion. With clearer regulations in place, banks, corporations, and other organizations will be better equipped to issue these virtual currencies. This is anticipated to enhance user confidence and promote wider acceptance of crypto assets.
Read also: Deutsche Bank: “Bitcoin (BTC) is Now More Stable!”
Projected Economic Effects and Market Forecasts
Treasury Secretary Scott Bessent has estimated that the American stablecoin market could potentially expand by nearly eight times, reaching a value exceeding $2 trillion in the coming years. This projection underscores the substantial potential economic consequences of the legislation.
With well-defined regulations, a noticeable increase in the use and incorporation of stablecoins within the traditional financial system is expected. A major catalyst driving this momentum is sustained pressure from President Trump, who has presented stablecoin regulation as vital to ensuring American technological dominance over competitors such as China and Europe.
Experts observing the industry suggest that the GENIUS Act represents the most attainable legislative objective within the cryptocurrency sector, with prominent market participants actively seeking regulatory clarity to legitimize widespread adoption.
Conclusion
Following this renewed endorsement, President Trump expressed his appreciation to members of Congress for their rapid and favorable response. This assurance signals heightened optimism in advance of the upcoming procedural vote scheduled for Thursday. The implementation of these new measures is anticipated to drive significant advancements in crypto regulation within the United States.
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