US President Donald Trump has urged the House of Representatives to swiftly pass the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act following its recent approval by the Senate.
Trump emphasized the need for rapid action, stating on Truth Social, “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” highlighting his intent to sign the bill into law without hesitation.
The Senate passed the GENIUS Act with a 68-30 vote, marking a significant step toward establishing clearer regulatory frameworks for stablecoins in the United States. The bill aims to position the United States as a leader in digital assets by enabling faster and more efficient payment settlements. Senator Bill Hagerty, the bill’s sponsor, noted that the legislation would allow businesses and consumers nationwide to complete transactions almost instantaneously, replacing the current delays that can last days or weeks.
Supporters argue that the GENIUS Act could reinforce the dominance of the US dollar in global finance by fostering innovation and regulatory clarity in the stablecoin sector. However, the bill has faced opposition, particularly from some Democrats concerned about President Trump’s interests in the crypto industry. Senator Elizabeth Warren has criticized the legislation, suggesting that Trump and his family could profit significantly from a Trump-backed stablecoin if the bill becomes law. Despite these concerns, other Democrats, like Senator Mark Warner, acknowledge the importance of engaging with the evolving crypto landscape rather than remaining on the sidelines.
The passage of the GENIUS Act would mark a pivotal moment in US cryptocurrency regulation, potentially setting standards for stablecoin issuance and oversight that could impact the broader digital asset market. Cryptocurrency prices remain relatively stable amid the legislative developments, with Bitcoin trading around $104,799 and Ethereum near $2,525 at the time of reporting. This legislative push reflects the growing recognition of stablecoins’ role in the future of finance and the urgent need for regulatory clarity in the rapidly evolving crypto industry.
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