Trump Urges Swift Approval of GENIUS Act for Crypto Regulation

President Donald Trump has urged the House of Representatives to swiftly approve the GENIUS Act without any amendments. The Senate had previously passed the bill with a decisive 68-30 vote, demonstrating a rare bipartisan agreement on digital asset regulation. The GENIUS Act, introduced by Senator Bill Hagerty, proposes a unified federal framework for managing the rapidly growing crypto sector. It aims to modernize payment systems by enabling instant settlement, replacing older methods that often take several days to process.

The bill is now under review by House lawmakers, who are negotiating how to combine it with the STABLE Act, a separate House proposal focusing on stablecoins. This combination could alter the scope of the GENIUS Act. Trump has opposed any alterations, stating that edits would cause significant delays in final approval. According to Trump's latest post on Truth Social, the bill is “incredible” and should be passed swiftly to maintain U.S. leadership in financial innovation. He pointed out that a reconciled version with the Senate would cause unwarranted delays.

Since Trump’s message, the crypto industry leaders have communicated with Capitol Hill in an outburst. Players in the industry are now trying to find out how the president’s pressure may influence the time both GENIUS and STABLE Acts pass. House lawmakers now face growing pressure to align with the president’s timeline, which reportedly targets August for enactment. However, merging both pieces of legislation could mean extended debate, further hearings, and possible opposition from some members.

The White House has already given an initial indication as to what may become the centerpiece of crypto regulation in the future. It favors explicitly adopting the GENIUS Act. Trump’s current remarks have also strengthened the demands of the stakeholders, urging the Senate version to prioritize the draft by the House. Lawmakers are in a serious dilemma because they must balance political and market pressure. Their approach may define whether the U.S. finds a solution quickly to create comprehensive legislation on digital assets.

As the crypto industry is becoming nervous and Trump insists on taking action quickly, the House now holds the cards on the destiny of the GENIUS Act. Legislators have to face a choice now, whether to pursue the Senate version and the risk of such legislation being delayed through mixing them into different ones. The GENIUS Act is part of a broader effort to regulate stablecoins, which have gained prominence due to their stability and utility in financial transactions. By providing a regulatory framework, the legislation aims to mitigate risks associated with stablecoins, such as market manipulation and consumer protection issues. The bill's passage would represent a significant step forward in the regulation of digital currencies, potentially paving the way for further legislative actions in the crypto space.