President Donald Trump is signing the GENIUS Act, which will regulate stablecoin cryptocurrencies, whose values are pegged to the U.S. dollar, at around 2:30 p.m. Friday.
Trump needed to convince about a dozen Republicans to vote for the bill after they stalled it due to certain provisions not included in the bill, namely, the lack of a ban on central bank digital currency. They agreed to vote for it after the president’s intervention.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” Trump wrote on Truth Social. “I want to thank the Congressmen/women for their quick and positive response,” he added. “MAKE AMERICA GREAT AGAIN!”
