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Although GENIUS Act already provided rule on stablecoins in previous year, current bill is last piece in seeing whether U.S will lead business or if it will be taken over by other countries. Simple passing of the bill without tough changes by the banks would cause Trump-led price jump. Current bad decision of market in my view is high risk bets where Trump can pressure Senate to win the bill, but banks fighting it, even win would be weakened with same rules business is attempting to get rid of.
