House Republicans to Send GENIUS Act to Trump by July 7

House Republicans are preparing to send the Senate's landmark GENIUS Act to President Trump's desk as early as the week of July 7. This act, which establishes a regulatory framework for payment stablecoins, passed the Senate with a vote of 68-30, marking a significant milestone in cryptocurrency regulation. The GENIUS Act aims to provide clarity and stability to the cryptocurrency market by ensuring that stablecoins are backed on a 1:1 basis, which could potentially reduce or eliminate capital gains and losses when these coins are redeemed.

President Trump has been vocal about his support for the GENIUS Act, urging the House to expedite the process and send a "clean" bill to his desk without delay. This push for swift action comes as the administration seeks to integrate cryptocurrency into broader financial regulations, including its consideration as an asset in home loan risk assessments. This move would significantly expand the role of cryptocurrency in the financial landscape, aligning with the administration's broader goals of fostering innovation and economic growth.

In addition to the GENIUS Act, the CLARITY Act, which focuses on providing regulatory clarity for cryptocurrencies, is also expected to be fast-tracked to Trump's desk. According to Senator Cynthia Lummis, both the GENIUS Act and the CLARITY Act are anticipated to pass through Congress and reach the president's desk for signature by the end of the year. This dual legislative push underscores the administration's commitment to establishing a comprehensive regulatory framework for the cryptocurrency industry.

The passage of the GENIUS Act has sparked discussions about the potential merger of the GENIUS Act and the CLARITY Act, which could streamline the regulatory process and provide a more cohesive approach to cryptocurrency oversight. This merger would not only simplify the regulatory landscape but also ensure that both stablecoins and other cryptocurrencies are subject to clear and consistent guidelines.

The strategy here seems clear: ride the bipartisan momentum of stablecoin regulation to pull the broader market structure bill across the finish line. It’s a political high-wire act because while GENIUS has Senate traction, the CLARITY Act faces a rockier path, with agriculture and banking committees still weighing in. However, if anyone can turn regulatory chaos into a political showstopper, it’s Trump.

House Republicans are preparing to send the Senate's landmark GENIUS Act to President Trump's desk as early as the week of July 7. This act, which establishes a regulatory framework for payment stablecoins, passed the Senate with a vote of 68-30, marking a significant milestone in cryptocurrency regulation. The GENIUS Act aims to provide clarity and stability to the cryptocurrency market by ensuring that stablecoins are backed on a 1:1 basis, which could potentially reduce or eliminate capital gains and losses when these coins are redeemed.

President Trump has been vocal about his support for the GENIUS Act, urging the House to expedite the process and send a "clean" bill to his desk without delay. This push for swift action comes as the administration seeks to integrate cryptocurrency into broader financial regulations, including its consideration as an asset in home loan risk assessments. This move would significantly expand the role of cryptocurrency in the financial landscape, aligning with the administration's broader goals of fostering innovation and economic growth.

In addition to the GENIUS Act, the CLARITY Act, which focuses on providing regulatory clarity for cryptocurrencies, is also expected to be fast-tracked to Trump's desk. According to Senator Cynthia Lummis, both the GENIUS Act and the CLARITY Act are anticipated to pass through Congress and reach the president's desk for signature by the end of the year. This dual legislative push underscores the administration's commitment to establishing a comprehensive regulatory framework for the cryptocurrency industry.

The administration's efforts to fast-track these acts reflect a broader trend towards integrating cryptocurrency into mainstream financial regulations. By establishing a clear regulatory framework, the administration aims to foster innovation while protecting consumers and ensuring the stability of the financial system. The GENIUS Act and the CLARITY Act represent significant steps towards achieving these goals, and their potential passage by July would mark a pivotal moment in the evolution of cryptocurrency regulation.