Senate Banking Committee Chairman Tim Scott (R-SC) told Breitbart News in an interview that the passage of a stablecoin bill helps to fulfill President Donald Trump’s mission to make America the “cryptocurrency capital of the world.”
Scott spoke to Breitbart News as the Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act, a bill that aims to provide a clear regulatory framework for the roughly $238 billion stablecoin market.
A stablecoin is a form of cryptocurrency that is pegged to the value of another asset such as the United States dollar.
The legislation’s passage serves as a stark contrast from when the Biden administration hounded the crypto industry, while Donald Trump campaigned on a pro-crypto platform.
Now, the Senate
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