Republican Lawmaker Votes NO On GENIUS Act Over Missing CBDC Ban Details

The US House of Representatives unexpectedly voted against the GENIUS Act, a bill aimed at clarifying stablecoin regulations, during Crypto Week. Representative Marjorie Taylor Greene opposed the bill because it didn't include a ban on Central Bank Digital Currencies (CBDCs). Greene and others believe CBDCs pose a threat to financial freedom and privacy, a view supported by former President Trump. Despite the setback, Trump expressed optimism that the GENIUS Act could still pass. Separately, stablecoin dominance in the crypto market has fallen to 7.08%, indicating a shift as investors move capital from stablecoins into more volatile assets like Bitcoin and Ethereum. This decline suggests a growing risk appetite and potential for market growth, as liquidity is moving into, not out of, the market.