‘HAPPY CRYPTO WEEK!’: Trump urges Republicans to vote ‘YES’ ahead of GENIUS Act voting in House

US President Donald Trump on Tuesday (Jul 11) took to social media to wish everyone a “HAPPY CRYPTO WEEK”. He said that the House will soon vote on a “tremendous” bill to make America the “undisputed, number one leader in digital assets”. He added that the GENIUS Act will put the United States “lightyears ahead” of China, Europe and other nations. He further urged all republicans to vote for the bill, saying that it will make the country “bigger and better than before”. This comes as the US House of Representatives is set to pass a series of crypto-related bills this week.

The US president wrote on his Truth Social platform, “HAPPY CRYPTO WEEK! The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets - Nobody does it better! The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!).”

He further added, “This is our moment - Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!”

What is GENIUS Act?

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data. It will help build a clearer framework for banks, companies and other entities to issue digital currencies. A stablecoin is a type of cryptocurrency that attempts to keep its value stable, while crypto assets like Bitcoin are volatile in nature.

The bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).