Trump Urges House to Pass GENIUS Act for Stablecoin Regulation

U.S. President Donald Trump has urged the House of Representatives to expedite the passage of the GENIUS Act, a bill focused on stablecoins that has already cleared the Senate. The legislation aims to create a federal framework for the issuance and trading of stablecoins, which Trump described as a means to establish "America the UNDISPUTED Leader in Digital Assets."

Trump's call to action came via a post on Truth Social, where he emphasized the need for swift passage without any delays or additional amendments. "The House will hopefully move LIGHTNING FAST, and pass a 'clean' GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS," he stated, highlighting the urgency he places on the matter.

Despite the Senate's approval of the GENIUS Act with a 68-30 vote, the bill faces a more challenging path in the House. Lawmakers are divided on whether to pass the bill in its current form or to integrate it with other crypto-related legislation, such as the CLARITY or STABLE Acts. Some lawmakers are also calling for stricter provisions due to concerns over potential conflicts of interest involving the Trump family's involvement in the digital asset space.

The House must now pass the bill before it can be signed into law. Senate Republicans have called for its enactment by July 4, but House Republicans are considering whether to fold it into broader crypto market legislation to enhance its chances of passage. Among the House Republicans, there is a push for their own stablecoin bill, the STABLE Act.

The Senate vote itself was preceded by a series of amendments, including language on conflicts of interest, which helped regain support from some Democrats. However, the final version of the bill still allows the sitting president, vice president, and their families to be involved with stablecoin ventures. Critics argue that this provision legitimizes and potentially enables ongoing conflicts of interest. Notably, USD1, a stablecoin launched by the Trump family’s platform World Liberty Financial, is currently one of the largest stablecoins by market capitalization.

Critics, including Senator Elizabeth Warren, have warned that the legislation could allow tech giants to exploit consumer data under the guise of innovation. "If Congress doesn’t fix it, billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors," she said.

In summary, the GENIUS Act, which aims to establish a federal framework for stablecoins, has passed the Senate but faces a contentious path in the House. Lawmakers are divided on how to proceed, with some advocating for a clean passage and others pushing for integration with broader crypto legislation. The bill's fate will depend on the ability of lawmakers to reconcile differences and build consensus on a comprehensive regulatory framework for digital assets.