On Friday, US President Donald Trump signed the GENIUS Act into regulation, marking a pivotal second for stablecoin regulation in america. After months of debate and two earlier rejections, the invoice lastly handed by Congress, setting a clearer authorized framework for cost stablecoins and their function within the broader digital financial system. The laws goals to spice up innovation whereas reinforcing the US greenback’s place within the digital monetary system.
Nevertheless, the invoice didn’t cross with out resistance. Among the many most vocal opponents was Rep. Marjorie Taylor Greene, who represents Georgia’s 14th District and serves as Chairwoman of the DOGE Committee. Greene reaffirmed her vote towards the GENIUS Act, citing issues that it lays the groundwork for a Central Financial institution Digital Forex (CBDC) with out explicitly banning it. Her place echoes a wider debate in Washington over the way forward for digital currencies, surveillance dangers, and monetary freedom.
Regardless of the pushback, the GENIUS Act’s passage displays a rising bipartisan consensus that regulatory readability is required to foster crypto innovation within the US. Whereas not all voices are aligned on its implications, the invoice is now regulation, and its real-world affect on stablecoins and DeFi may very well be felt within the months forward.
Marjorie Taylor Greene Slams GENIUS Act
Rep. Marjorie Taylor Greene, Chairwoman of the DOGE Committee, delivered a powerful rebuke of the GENIUS Act following its passage and President Trump’s signature on Friday. Greene, who voted towards the invoice, warned that the American public “hardly has any thought what it’s, what it means, and what handed.” In her assertion, she known as the invoice a Malicious program for Central Financial institution Digital Forex (CBDC) improvement, stating, “This invoice regulates stablecoins and gives for the backdoor Centralized Financial institution Digital Forex.”
Greene has lengthy opposed any laws which may open the door to CBDCs, arguing {that a} cashless society managed by government-issued digital forex may very well be weaponized towards US residents. “Do you really belief your authorities to by no means try this to you?” she challenged. “I don’t.”
Whereas Greene opposed the GENIUS Act, she voted sure on the Anti-CBDC Surveillance State Act, a invoice that may ban the Federal Reserve from issuing a CBDC. Regardless of Home approval, Greene warned that the Senate lacks the votes to maneuver the invoice ahead.
She additionally supported the Readability Act, which handed the Home and contains provisions for self-custody and clear regulatory tips for digital belongings. Nevertheless, she promised to vote no if self-custody protections are eliminated in Senate revisions. “An important factor that should stay is defending individuals’s self-custody of their digital forex.”
Referencing the US exit from the gold commonplace in 1971, Greene argued the nation is once more at a crossroads—this time shifting from tangible money to a totally digitized forex system. “Your potential to purchase and promote will finally be held in digital accounts managed by the banks and the federal government,” she warned.
Crypto Market Cap Evaluation
The entire crypto market capitalization has damaged decisively above the $3.6 trillion stage, reaching a brand new yearly excessive at $3.81 trillion, as proven within the chart. This breakout comes after a number of weeks of consolidation and alerts renewed bullish energy throughout the digital asset area. The transfer was supported by robust inexperienced candles and growing quantity, suggesting broad participation throughout majors and altcoins.
Importantly, the breakout confirms a bullish construction, with increased highs and better lows forming because the June backside. The 50-day easy shifting common (SMA) sits round $3.04T, and the 100-day SMA nears $3.01T — each considerably under present worth ranges, reinforcing the energy of the uptrend. The 200-day SMA at $2.55T additionally confirms the long-term bullish posture.
This breakout coincides with a backdrop of authorized readability within the US, notably after the signing of the GENIUS Act, which boosts confidence in stablecoins and tokenized finance. Bitcoin and Ethereum proceed to steer the cost, however altcoins are actually gaining momentum as capital rotates throughout the ecosystem.
Featured picture from Dall-E, chart from TradingView
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