The U.S. just took a huge step forward in the crypto world, well, at least it’s trying to. The House of Representatives has officially passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and the Anti-Central Bank Digital Currency (CBDC) Act. These bills are getting big-time backing from none other than President Trump and Treasury Secretary Scott Bessent. That’s right, folks, the GENIUS Act is on its way to the President’s desk for a signature, while the Anti-CBDC Act is making its way to the Senate. Now, isn’t that a political plot twist?

Here’s the juicy part: the GENIUS Act isn’t just a name you can throw around for fun. This bill’s about getting stablecoin issuers to play by the rules. It demands that they back their coins with actual reserves and follow strict oversight. Some are calling it a masterstroke to make sure the U.S. doesn’t fall behind in the ever-growing digital asset space. If you ask me, it's about time someone put stablecoins in their place.

Blocking CBDC and Securing Privacy in Crypto

But wait, there’s more. The House didn’t just stop at making stablecoins legit. No, they also gave a big ol' thumbs-down to the idea of a U.S. central bank digital currency (CBDC). That’s right, the Anti-CBDC Act flat-out blocks the Federal Reserve from launching a digital dollar. It’s a reaction to the growing fears that CBDCs could turn into a government surveillance nightmare. Personal privacy? Financial autonomy? Well, those are apparently important in the crypto world, and lawmakers, particularly Republicans and crypto fans, are trying to keep the government’s hands out of it.

What makes all of this even more interesting is the bipartisan support behind these bills. That’s right, we’re talking both sides of the aisle here. And with Trump’s backing? Well, that pretty much ensures the GENIUS Act isn’t just another political gesture, it’s a serious play for the future of crypto in the U.S. And Bessent’s endorsement? That’s just the cherry on top of this government crypto sundae.

Now, the GENIUS Act is laser-focused on regulating stablecoins, but its impact goes beyond just that. It’s creating the kind of regulatory clarity that could set the stage for more widespread adoption of Bitcoin and other cryptocurrencies. Meanwhile, by axing the CBDC, it’s effectively saying, “No thanks” to a government-run digital currency that could’ve been a direct threat to decentralized tokens like Bitcoin.

The crypto industry is definitely watching closely, and I think it’s safe to say that the next few months will be very interesting. So, will this push for regulation help the crypto market thrive, or will it face roadblocks on its way to becoming mainstream? Stay tuned.

Truth Social Files for AI Trademarks to Serve “Non-Woke” News | HODL FM
In a move that feels straight out of a sci-fi novel, or maybe a…
hodl-post-imageHODL FM: The Wildest Ride in the Crypto MarketAnastasiia G
hodl-post-image

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.