In brief
- Trump has urged the House to pass the GENIUS Act without delay or amendments.
- The bill would create a framework for issuing and trading stablecoins in the U.S.
- But critics have raised concerns over White House crypto ties and conflicts of interest.
U.S. President Donald Trump is urging lawmakers in the House of Representatives to move quickly to pass the GENIUS Act, a stablecoin-focused bill that cleared the Senate in a 68-30 vote on Tuesday.
The legislation, which would establish a federal framework for the issuance and trading of stablecoins, was described by Trump as “incredible” and a path to making “America the UNDISPUTED Leader in Digital Assets.”
“The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump posted on Truth Social Wednesday.
“This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before,” he added.
Despite Senate passage, the GENIUS Act faces a more contentious path in the House. Lawmakers are divided over whether to pass the bill in its current form or combine it with other crypto-related legislation such as the CLARITY or STABLE Acts.
Others are demanding stricter provisions due to perceived conflicts of interest stemming from the Trump family’s involvement in the digital asset space.
The House must now pass the bill before it can be signed into law. While Senate Republicans have called for it to be enacted by July 4, House Republicans are weighing whether to fold it into broader crypto market legislation to improve its chances.
Among them, the House Republicans are pushing their own stablecoin bill, the STABLE Act.
The Senate vote itself came only after a series of amendments, including language on conflicts of interest, which helped regain support from some Democrats.
However, the final version still allows the sitting president and vice president, along with their families, to be involved with stablecoin ventures.
Critics argue the bill legitimizes and potentially enables ongoing conflicts. Most prominently, USD1, a stablecoin launched by the Trump family’s platform World Liberty Financial, is currently the eighth-largest stablecoin in the world by market capitalization.
“In advancing these bills, lawmakers forfeited their opportunity to confront Trump’s crypto grift—the largest, most flagrant corruption in presidential history,” Bartlett Naylor of Public Citizen previously told Decrypt.
Senator Elizabeth Warren 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.
Edited by Sebastian Sinclair
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