Trump Urges Congress to Approve ‘Genius Act’ as Lawmakers Discuss Crypto Regulation

Former President Donald Trump has called upon the House of Representatives to pass the “Financial Innovation and Technology for the 21st Century Act” (FIT21), also known as the “Genius Act,” as lawmakers continue to debate the regulatory framework for cryptocurrencies. Trump stated on his social media platform, “The House should pass the Genius Act NOW. It is essential to ensure that the future of crypto remains in the United States!!” This endorsement comes as the House is scheduled to vote on the bill, which aims to clarify the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. The legislation seeks to establish a clear regulatory framework for companies operating in the crypto space, providing them with the legal certainty needed to innovate and invest in the United States. Trump had previously been critical of cryptocurrencies, but he has now embraced the industry, promising to end the current administration’s regulatory war on crypto if re-elected. This shift signals the growing importance of cryptocurrencies in the political landscape. However, the bill faces opposition from some quarters, including the Biden administration, which has expressed concerns about certain aspects of the legislation. The vote on the bill is seen as a critical test for the future of crypto regulation in the United States.