United States President Donald Trump has urged the House of Representatives to approve the Guiding and Establishing National Innovation for US Stablecoins Act—otherwise known as the GENIUS Act—as soon as possible. Trump, in a social media post, referred to it as a "fantastic" bill that would have the United States become the "undisputed leader" in digital assets and appealed to lawmakers to send it to his desk without delays or amendments.
The Senate approved the bill in a 68–30 vote late this week and now moves to the House, where Republicans maintain a narrow majority. Trump's tweet encouraged the House to get the bill to his desk "LIGHTNING FAST," saying, "Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.
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As reported by Cointelegraph, the GENIUS Act is designed to regulate the payment of stablecoins backed by the US dollar. It proposes full 1:1 reserve backing, licensing at either the state or federal level, anti-money laundering checks, and tight rules on reserve use to avoid shadow banking risks. Issuers will only be allowed to use reserves for redemptions or low-risk investments such as Treasury repos.
Senator Bill Hagerty, the sponsor of the bill, stated the legislation would enable individuals and companies to complete payments almost in real-time rather than waiting days. The bill earlier flunked a Senate vote in May after some Democrats had concerns regarding Trump's connections with the crypto sector. Senator Elizabeth Warren, one of Trump's sharp critics, asserted the Trump family could rake in heavily if their USD1 stablecoin initiative were passed in the bill.
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Binance Adds Inheritance Feature For Crypto Users
Binance founder Changpeng Zhao has urged crypto platforms to implement a "will function" so that users can leave their digital assets after death. "This is something people tend to avoid, but the truth is, humans cannot live forever," Zhao wrote in an X post. He recommended that platforms implement a mechanism to split assets into predetermined accounts based on user guidelines.
Binance just introduced such an option in its June 12 update, reports Cointelegraph. It now allows users to designate an emergency contact who will be notified after a time of inactivity. That person can then initiate the process of claiming inheritance.
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The change was appreciated by the entire crypto world. Over USD 1 billion of crypto gets lost every year when people die suddenly and haven't planned. Others suggested that the idea should be extended to cover transferring full accounts, including digital identity, content, and reach.
South Korea To Examine Crypto Exchange Fees
South Korea's financial regulator is set to review fees for trading imposed by local cryptocurrency exchanges, in a bid to make it cheaper for users to carry out transactions. The action is in line with a campaign pledge by President Lee Jae-myung to lower expenses for young cryptocurrency traders.
According to Cointelegraph, the Financial Services Commission (FSC) will introduce an investigation into the existing fee models and their comparison with global exchanges. The regulator wants to know if local exchanges are charging overly high commissions that are cumbersome for users.
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An FSC official explained during a policy briefing that the commission must decide if fees are reasonable or need to be intervened on. No specific rate has been tabled yet, but the FSC will look at surveys and data gathered from exchanges to set future policy guidelines.
