Bitcoin News Today: Trump Revives GENIUS Act Push Boosting Bitcoin 10%

President Donald Trump has reignited efforts to advance cryptocurrency legislation in the United States, with renewed support for the GENIUS Act. This bill, which aims to regulate cryptocurrencies, had previously stalled due to congressional hurdles but is now poised to re-enter the voting phase. Trump's direct engagement with the House of Representatives has revitalized the bill's progress, bringing it back to the discussion table after a period of stagnation.

The GENIUS Act includes regulations and policies of particular interest to participants in the cryptocurrency market. With the support of new backers, the bill could soon face re-voting. Trump has urged Congress members to act promptly on crypto regulation, highlighting the significance of this legislative push. The bill's potential passage is closely watched by both domestic and global crypto stakeholders, as it could reshape the industry's legal framework and investor confidence.

The re-emergence of the GENIUS Act has already made waves in the market, with Bitcoin prices experiencing a notable increase. This uptick is attributed to heightened expectations for legal clarity among investors and market participants. Experts suggest that the successful progression of legislative processes could instill a sense of security within the sector, potentially leading to significant changes in the industry's overall structure.

Trump's initiatives, backed by the House of Representatives, indicate that the process of enacting the bill might advance further. The evolving legal framework for digital assets, particularly Bitcoin, has led to close monitoring of these developments. The recent legal uncertainties surrounding crypto assets have been influential in shaping investor attitudes, and the progress and outcomes of the bill continue to be closely watched by all involved in the industry.

On Wednesday, Donald Trump announced a significant development in the realm of cryptocurrency legislation. Eleven out of twelve House representatives agreed to support the GENIUS ACT bill, a move that underscores Trump's renewed commitment to advancing cryptocurrency regulations. This bill aims to safeguard investors and regulate the stablecoin market by ensuring issuers have the necessary reserves to maintain the value of stablecoins. Proponents of the GENIUS ACT believe that this legislation will provide a much-needed regulatory framework for stablecoins, which have been a contentious issue in the crypto industry.

Trump's push for the passage of stablecoin legislation is not merely political; it is also personal. Trump and his family stand to benefit from a boost to stablecoins, as they have made significant investments in various corners of the cryptocurrency industry. This includes mining operations, billion-dollar bitcoin purchases, a newly minted stablecoin, and a Trump-branded meme coin. The 's aggressive foray into the crypto industry reflects his broader vision to make the U.S. the global capital of cryptocurrency.

The enthusiasm for cryptocurrency legislation comes at a time when the industry has become a major player in Washington. The crypto industry has spent heavily on lobbying and influence efforts, aiming to gain legitimacy and regulatory clarity. This push for legislation is part of a broader effort to position the U.S. as a leader in the global cryptocurrency market, a goal that Trump has vowed to achieve in his second term.

The GENIUS ACT, along with other pieces of cryptocurrency-related legislation, is set to be taken up by the House during what has been dubbed "crypto week" in Congress. This week-long focus on cryptocurrency legislation is a response to the growing importance of the industry and the need for regulatory clarity. The House is also set to consider a cryptocurrency market structure legislation that is far more sweeping in scope, aiming to address a wide range of issues within the crypto industry.

The passage of the GENIUS ACT and other related legislation would mark a significant milestone for the cryptocurrency industry. It would provide a regulatory framework that has long been sought by industry stakeholders, helping to legitimize the use of stablecoins and other cryptocurrencies. This regulatory clarity would also help to attract more institutional investors to the crypto market, further boosting its growth and adoption.

However, the path to passing these bills has not been smooth. The crypto industry has faced opposition from various quarters, including concerns about the potential for market manipulation and the need for robust consumer protections. Despite these challenges, the industry's lobbying efforts and the support of key political figures like Trump have helped to keep the momentum going.

The renewed support for cryptocurrency legislation by Trump and his allies in Congress is a testament to the growing influence of the crypto industry. As the industry continues to evolve and gain mainstream acceptance, the need for regulatory clarity becomes increasingly important. The passage of the GENIUS ACT and other related legislation would be a significant step forward in this regard, helping to pave the way for greater adoption and innovation in the cryptocurrency market.