Tangle "Crypto week" in Congress.
Jul 22, 2025
Recent U.S. legislation is shaking up the cryptocurrency landscape. The newly signed Genius Act establishes a regulatory framework for stablecoins, allowing banks and credit unions to issue their own digital currencies. President Trump hails it as a revolutionary step for financial technology. Meanwhile, lawmakers debate the implications of this bill, balancing innovation with consumer protection. Advocates see the Clarity Act as a way to enhance financial opportunities. As the stablecoin market surges, congressional discussions continue about its future and potential risks.
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Genius Act's Potential Finance Revolution
- The Genius Act formalizes stablecoins with a clear legal and regulatory framework.
- It could unleash a financial revolution akin to the Internet's birth, according to President Trump.
Right Views: Protecting the Dollar
- Conservative commentators praise the Genius Act for safeguarding the dollar and countering China's digital currency advances.
- They see it as crucial for maintaining US economic competitiveness globally.
Left Skepticism on Stablecoins
- Left critics warn that the Genius Act could foster instability without enough consumer protections.
- They compare stablecoin issuers to 1830s banks that caused chaotic financial runs.