16.07.2025 04:06
The GENIUS Act, championed by former President Donald Trump, faces a critical procedural hurdle in Congress, with a crucial vote scheduled for tomorrow. Following a White House meeting where Trump, alongside eleven congressional representatives, lobbied for the Act's passage, deep divisions within the legislative body have become apparent. House Speaker Mike Johnson, participating remotely, urged a swift vote, further intensifying the already charged atmosphere.
Trump's forceful advocacy, characterized by his statement that the GENIUS Act will propel the United States far ahead of global competitors in the digital asset realm, has failed to completely quell opposition. Significant concerns remain, particularly surrounding the Act's proposed restrictions on Central Bank Digital Currencies (CBDCs). Republican congresswoman Marjorie Taylor Greene, among others, has openly voiced her disapproval due to the lack of proposed amendments, highlighting the deep fissures within the Republican party itself.
Investor anxiety is palpable, reflected in the immediate market downturn following the Oval Office meeting. Stock prices for major cryptocurrency-related companies plummeted: Circle experienced a decline exceeding 7%, Coinbase fell by over 4%, and MARA Holdings dropped by approximately 2%. This market reaction underscores the profound uncertainty surrounding the Act's potential impact on the digital asset landscape and the ongoing legislative complexities.
The upcoming vote marks yet another challenge for the GENIUS Act, which previously encountered setbacks in May 2025 due to conflicts involving the Trump family. This history underscores the persistent legislative obstacles the bill faces. While USDC, a stablecoin, maintained its $1.00 valuation with a market cap of $62.47 billion and a 24-hour trading volume of $18.58 billion (according to data from CoinMarketCap), the uncertainty surrounding the GENIUS Act’s fate undeniably casts a long shadow over the cryptocurrency market. The vote's outcome will significantly influence the future regulatory environment for digital assets in the United States.
