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This legislation, referred to as the “Genius Act,” had bipartisan sponsorship from leaders, including Senator Bill Hagerty, and initially garnered support from several Democrats. It was positioned as a means to legitimize the use of digital currencies as actual currency rather than mere speculative investments. However, the Democrats ultimately chose to backtrack, ostensibly to avoid granting the President a significant legislative victory that could boost his popularity among crypto supporters. This decision points to an underlying political strategy where the desire to undermine Trump’s influence took precedence over advancing beneficial legislation.