U.S. President Donald Trump is urging lawmakers to quickly pass the GENIUS Act, a bill that establishes a federal framework for stablecoin issuance and trading, following its Senate approval by a vote of 68-30. Trump called the bill an opportunity for America to lead in digital assets, emphasizing the need for it to reach his desk without amendments. However, the GENIUS Act faces opposition in the House, where lawmakers are debating whether to combine it with other crypto legislation. Critics express concern about potential conflicts of interest, particularly due to Trump's family's involvement in the crypto space through the company World Liberty Financial, which has seen significant financial gains from stablecoin ventures. Opponents, including Senator Elizabeth Warren, warn that the bill could enable tech giants to exploit consumer data. While some House Republicans aim to push their own stablecoin bill, the STABLE Act, pressure from Senate Republicans calls for the GENIUS Act's enactment by July 4. The contentious political climate surrounding this legislation reflects broader anxieties regarding regulation in the rapidly-evolving cryptocurrency sector.

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