What’s the Senate’s Genius Act?
The Genius Act, together with different crypto payments, might be reviewed by the House throughout “Crypto Week.”
- Two Florida representatives elected with assist from the cryptocurrency business are anticipated to again a brand new crypto regulatory invoice.
- The GENIUS Act would enable stablecoins backed by actual cash, probably growing buyer belief in cryptocurrency.
- Whereas some, together with former President Trump, assist the invoice, others like Senator Elizabeth Warren oppose it as a result of shopper safety and corruption considerations.
- Florida representatives are pushing for cryptocurrency integration into state authorities, together with potential investments in the state retirement fund.
A pair of Florida lawmakers elected to Congress with the assistance of the cryptocurrency business are poised to join a U.S. House majority backing the first crypto regulatory bill ever adopted by Congress.
U.S. Reps. Jimmy Patronis, R-Panama Metropolis, and Randy Nice, R-Palm Bay, drew a mixed $1.5 million from Republican-leaning crypto political committees main as much as their April 1 victories in special elections to Congress.
On the time, the business was desperate to bolster the GOP’s slim House majority because it labored towards advancing the so-called GENIUS Act, the milestone crypto invoice. The measure not too long ago received bipartisan assist in the Senate and is poised for a House vote, probably July 17.
The crypto PAC, Defend American Jobs, hailed Patronis and Nice’s elections, saying that the Floridians, “have proven a deep dedication to advancing pro-growth insurance policies and making certain the U.S. leads the world in crypto and digital asset innovation.”
Legislation would enable some crypto to be backed by actual cash
The GENIUS Act permits banks and firms to supply crypto stablecoins that will be tied to the U.S. greenback and backed by actual cash. With the change, crypto is anticipated to achieve extra prospects who could view stablecoin as a extra reliable digital asset than others in the crypto world, which isn’t at all times seen as dependable.
GENIUS stands for Guiding and Establishing Nationwide Innovation for U.S. Stablecoins.
President Trump, who as soon as dismissed cryptocurrency as a “rip-off” being “based mostly on skinny air,” has transformed right into a fan. The conversion comes as Trump personally profits from the business, which stands to achieve new credibility along with his signature on the GENIUS Act.
Bitcoin at all-time excessive as lawmakers concentrate on pro-crypto laws
President Donald Trump, as soon as a crypto skeptic, has turn out to be a significant promoter of the business.
Scripps Information
Trump and his household management 40% of World Liberty Monetary, which has been promoting crypto tokens. Gross sales to traders could have gained the Trump household round $20 million this month, in response to reporting by Forbes.
Final 12 months the president’s sons additionally began an organization that now affords stablecoins.
‘A superhighway for…Trump’s corruption,’ says Sen. Elizabeth Warren
U.S. Sen. Elizabeth Warren, D-Massachusetts, has been one of the main voices opposing the GENIUS Act, warning it has weak protections for shoppers and threatens monetary stability.
She additionally mentioned it’ll “create a superhighway for Donald Trump’s corruption.”
The crypto business poured thousands and thousands of {dollars} into Trump’s presidential marketing campaign final 12 months and later his inaugural committee. Florida fund-raiser Brian Ballard, who’s near Trump and to Florida’s main Republicans, counts crypto firm Ripple amongst his shoppers.
Patronis and Nice had been each endorsed by Trump in their particular election bids. They’re additionally selling the crypto business.
Nice has mentioned, “Floridians need crypto innovation.” Patronis, who held the state Cupboard put up of Chief Monetary Officer for seven years earlier than working for Congress, has tried to bring crypto into state government.
He proposed having some of the Florida Retirement System funds go into digital belongings comparable to Bitcoin, an thought which up to now has did not get off the bottom.
Patronis’ pitch to pension managers on the State Board of Administration got here after Trump spoke on the Bitcoin 2024 conference and advised making a nationwide reserve denominated in bitcoins.
Will state pensions ever make investments in Bitcoin?
Laws this spring by different Trump followers, Rep. Webster Barnaby, R-Deland, and Sen. Joe Gruters, R-Sarasota, additionally failed. It will’ve allowed the state to speculate as a lot as 10% of the state’s retirement fund and different holdings in Bitcoin, which not like stablecoin, just isn’t pegged to the worth of a secure asset.
Gruters is working for Florida’s chief monetary officer put up subsequent 12 months. The job is presently vacant since Patronis’ election to Congress.
Now rising as the newest Floridian to tout cryptocurrency is U.S. Rep. Mike Haridopolos, R-Indian Harbor Seaside, who’s his get together’s “whip,” or vote-organizer, on the Monetary Providers Committee.
“America must be the centerpoint of this chance,” Haridopolos mentioned on FOX Information. “It will scale back prices for companies and can make it extra clear as nicely. It would pace up the way in which we transfer cash at a decrease price.”
On crypto, Haridopolos mentioned “the president if totally engaged.”
John Kennedy is a reporter in the USA TODAY Community’s Florida Capital Bureau. He may be reached at jkennedy2@gannett.com, or on X at @JKennedyReport.
