Donald Trump administration pushes Genius Act affecting crypto industry

The Trump administration has pushed through the Genius Act, a piece of legislation that introduces new regulatory frameworks for the cryptocurrency industry. While proponents suggest the act provides much-needed market clarity, critics argue it creates high barriers to entry that favor established players over new startups.

Central to this development is World Liberty Financial (WLF), a project involving the Trump family that reportedly earns 75 percent of its profits. The project utilizes the USD1 stablecoin and has recently received preliminary approval for a banking license. Concerns have been raised regarding the potential for such digital assets to facilitate anonymous transactions and how new tax policies on cross-border transfers might interact with these private financial structures.