Trump Urges Republicans to Vote on GENIUS Act for Stablecoin Regulation

US President Donald Trump has urged all Republicans in the House of Representatives to vote in favor of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill designed to regulate payment stablecoins. Trump's call for action came via a post on his social media platform, Truth Social, where he urged Republicans to "get the first vote done this afternoon." The GENIUS Act is one of three bills that Republican House leaders have been pushing as part of their "crypto week" plans, alongside legislation addressing market structure and central bank digital currencies.

The GENIUS Act, which passed through the Senate in June with bipartisan support, is expected to head for a floor vote in the House by Thursday. However, there is uncertainty surrounding whether the House will proceed with a floor vote on the legislation on Tuesday, as initially called for by Trump. The bill's passage is seen as a significant step in establishing a regulatory framework for cryptocurrencies in the United States.

Trump's involvement in pushing the stablecoin legislation has drawn scrutiny due to his ties to World Liberty Financial (WLF), a family-backed crypto company that issued its own stablecoin. This has raised concerns about a potential conflict of interest. Additionally, reports have suggested that Binance, a major cryptocurrency exchange, played a role in the creation of WLF’s USD1 stablecoin, which was used by an investment firm to settle a $2-billion investment into the crypto exchange.

The GENIUS Act's potential passage is part of a broader effort by the Trump administration to assert control over federal spending and regulatory frameworks. The administration has also proposed a rescissions package to claw back $9.4 billion in federal funding, targeting areas such as public broadcasting and foreign aid. This package has faced resistance from some Republicans, who have expressed concerns about the cuts and the potential for executive overreach. The Senate is expected to vote on this package this week, with a deadline of Friday to send it to Trump's desk for his signature.

The political landscape is further complicated by the confirmation hearing for former Rep. Mike Waltz, who is nominated to be the U.S. ambassador to the United Nations. Waltz's hearing is scheduled for Tuesday and is expected to focus on a controversy from March, when he mistakenly added a journalist to a sensitive group chat discussing plans to attack Houthi rebels in Yemen. This incident has raised questions about the handling of sensitive information and could impact Waltz's confirmation.

The House is also expected to consider other key legislation this week, including the Digital Asset Market Clarity Act, which aims to clarify the regulatory roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission in the digital asset market. Additionally, the House will vote on a bill to fund the Pentagon for the fiscal year 2026, which includes a discretionary allocation of $831.5 billion and a 3.8 percent increase in basic pay for military personnel. However, the bill faces opposition from Democrats, who argue that it includes policy riders that could harm democracy both domestically and internationally.

The GENIUS Act's potential passage represents a significant milestone in the regulation of cryptocurrencies in the United States. If enacted, it would provide a clear regulatory framework for payment stablecoins, safeguarding digital assets from potential targeting by future administrations and boosting demand for U.S. treasuries. The bill also aims to ensure robust consumer protections and uphold the U.S. dollar's role as the global reserve currency. The House's consideration of the GENIUS Act, along with other key legislation, underscores the importance of this week in shaping the future of cryptocurrency regulation and federal spending in the United States.