In a significant development for the digital currency landscape, US President Donald Trump enacted the GENIUS Act on Friday, establishing a crucial regulatory framework for stablecoins within the United States. After extensive deliberation and two prior rejections, the bill successfully navigated through Congress, providing a more definitive legal structure for payment stablecoins and enhancing their integration into the digital economy. The legislation is designed to encourage innovation while maintaining the dominance of the US dollar in the digital financial system.

Despite its passage, the bill faced substantial opposition. A prominent adversary was Representative Marjorie Taylor Greene from Georgia’s 14th District, who also chairs the DOGE Committee. Greene reiterated her opposition to the GENIUS Act, expressing concerns over its potential to pave the way for a Central Bank Digital Currency (CBDC) without explicitly prohibiting it. Her stance reflects a broader debate in Washington concerning the future of digital currencies, potential surveillance issues, and the preservation of financial freedom.

Nonetheless, the enactment of the GENIUS Act signifies a growing bipartisan agreement on the necessity of regulatory clarity to propel cryptocurrency innovation in the United States. Although not all stakeholders agree on its implications, the bill is now law, and its impact on stablecoins and decentralized finance (DeFi) is anticipated to unfold in the forthcoming months.

Representative Marjorie Taylor Greene, in her capacity as Chairwoman of the DOGE Committee, vehemently criticized the GENIUS Act following its signing by President Trump. Greene, who voted against the legislation, cautioned that the American populace is largely uninformed about the bill’s contents and consequences. She described the bill as a “Trojan horse” for the potential development of a Central Bank Digital Currency (CBDC), asserting, “This bill regulates stablecoins and provides a backdoor for a Centralized Bank Digital Currency.”

Greene has consistently opposed any legal measures that could facilitate the introduction of CBDCs, arguing that a government-controlled digital currency could be misused against American citizens. “Do you really trust your government not to do that to you?” she challenged, adding, “I don’t.”

Despite her opposition to the GENIUS Act, Greene supported the Anti-CBDC Surveillance State Act, aimed at prohibiting the Federal Reserve from issuing a CBDC. Although the House approved the bill, Greene warned of insufficient Senate votes to advance it.

She also backed the Clarity Act, which passed the House, offering provisions for self-custody and transparent regulatory guidelines for digital assets. However, Greene committed to opposing the bill if self-custody protections are diluted in Senate revisions, emphasizing, “Protecting individuals’ self-custody of their digital currency is paramount.”

Referencing the US’s departure from the gold standard in 1971, Greene argued that the nation is once again at a pivotal juncture—transitioning from physical cash to a fully digitized currency system. “Your ability to buy and sell will ultimately reside in digital accounts managed by banks and the government,” she cautioned.

The total cryptocurrency market capitalization has surged past the $3.6 trillion mark, reaching a new annual peak at $3.81 trillion. This breakout, following weeks of consolidation, signals renewed bullish momentum across the digital asset market. The move was underpinned by robust green candles and increasing trading volumes, indicating widespread participation among major cryptocurrencies and altcoins.

Importantly, this breakout solidifies a bullish market structure, characterized by higher highs and higher lows since the June trough. The 50-day simple moving average (SMA) stands around $3.04 trillion, while the 100-day SMA approaches $3.01 trillion—both well below current price levels, reinforcing the uptrend’s strength. The 200-day SMA at $2.55 trillion further confirms the market’s long-term bullish stance.

This uptrend coincides with the establishment of clearer legal parameters in the US, notably with the signing of the GENIUS Act, which enhances confidence in stablecoins and tokenized finance. While Bitcoin and Ethereum continue to spearhead this rally, altcoins are gaining momentum as capital flows throughout the ecosystem.

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