President Donald Trump said that he negotiated with rebel republicans who voted against Genius Act in procedural voting. He announced a success: the bill is to have a majority in the House of Representatives!
Donald Trump personally joins the war about stablecoin
President Donald Trump announced on his Social Social Social Platform that after a failed procedural vote on Genius Act, a law that is to regulate the Stablecoin market, negotiated with 11 out of 12 Republican congressmen, whose voices are needed to win in the House of Representatives:
I am in the oval office of 11 of 12 congressmen necessary to adopt the Genius act and after a short discussion everyone agreed to vote tomorrow morning for the law.
We learned that he took part in the conversations – on the phone – chairman of the Chamber of Representatives, Mike Johnson, through which, according to the Congressmen group, the majority could not be found.
Regulation purpose
The Genius act aims to regulate the Stablecoin market, but in such a way as to create a new market for buyers of US bonds. Simply, the issuer of dollar Stablecoin will have to cover its value with the government’s securities. Thanks to this, assuming the development of the Stablecoin market, the demand for bonds will increase, and the US will be able to debt faster and harder at a lower cost.
The problem is that during the last procedural vote in the “Genius Act, only 196 Congressmen voted for” Genius Act, and as many as 223 were against. Trump’s negotiations, if they actually prove successful, are to help push in regulations.
But why did there be rebellion on board? Congressmenka Marjorie Taylor Greene stated on the Social Platform X that the reason was the conflict with Johnson:
I just voted not regarding the Genius Act, because it does not cover the prohibition (emission) of the digital currency of the central bank and because the chairman Johnson did not allow us to submit amendments to the Genius act.
So it’s about additional protection of Americans: blocking the possibility of CBDC emissions forever, which the Republican party has been warning for a long time. Despite the fact that work on the digitization of the dollar was not carried out in Feda.
