INSUBCONTINENT EXCLUSIVE:
Cryptocurrency-related bills backed by US President Donald Trump failed to clear a key procedural step in the House of Representatives on
larger effort to pass crypto legislation before the August recess.In a Tuesday post on his social media platform Truth Social, Trump ordered
all Republicans to vote yes on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, a bill designed to
regulate payment stablecoins in the US
The legislation is one of three bills, along with ones to address market structure and central bank digital currencies, that Republican
Republicans may have voted against the resolution
passed through the Senate in June with bipartisan support despite initial resistance from many Democrats, is expected to head for a floor
vote in the House by Thursday
At the time of publication, the bill was scheduled to be considered by the House sometime this week, but it was unclear whether the chamber
personally come under scrutiny for his role in pushing the stablecoin legislation due to his involvement in his family-backed crypto company
World Liberty Financial (WLF), which issued its own stablecoin and suggested a conflict of interest
They are calling for amendments in the three bills to address consumer protection and prevent the president, vice president, and members of
Congress from holding or promoting crypto over concerns with conflicts of interest.Magazine: GENIUS Act reopens the door for a Meta
stablecoin, but will it work?
