Trump urges swift House approval of GENIUS stablecoin law
U.S. President Donald Trump has appealed directly to the House of Representatives to pass the GENIUS Act—a bipartisan stablecoin regulation bill cleared by the Senate—without any amendments or delays, stressing that it will position the country as the 'undisputed leader' in digital assets.
The Senate passed the bill on 17 June with a decisive 68‑30 vote, supported by senators from both parties. It introduces stringent rules for stablecoin issuance, including full backing of coins with liquid reserves and monthly disclosures of reserve compositions, alongside audit and Treasury oversight provisions. Trump openly praised the legislation, calling it 'pure genius' and urging House Republicans to advance a 'clean' version so it reaches his desk before Congress breaks for its August recess.
Major market players reacted positively. The approval spurred significant gains in related equities: shares of Circle Internet, issuer of the USDC stablecoin, surged between 16% and 27%, reflecting investor optimism for regulatory clarity and mainstream token adoption.
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The GENIUS Act's framework mandates that only permitted issuers—such as banks or federally approved payment companies—may issue stablecoins for U.S. users. It requires a one‑to‑one reserve ratio in U.S. dollars or Treasuries and monthly public disclosures about reserve composition. Additionally, it introduces safeguards for consumer protection and bankruptcy protocols prioritising stablecoin holders. Large issuers will have to undergo annual audits, and the bill prohibits stabilecoin ownership by Congress members, though it excludes the President and Vice President.
While Trump's endorsement reflects his broader pro-crypto pivot—underscored by investments like Bitcoin, policy appointments, and support from his digital-assets advisory council—critics have flagged potential conflicts of interest. Trump and his family hold substantial stakes in crypto ventures including World Liberty Financial and its USD1 stablecoin, having earned tens of millions in 2024. Critics stress that exemption of the President from the bill's conflict-of-interest ban leaves a loophole that some fear could be exploited.
Senators on both sides celebrated the bill. Republican sponsor Bill Hagerty described it as a 'paradigm-shifting development' that moves the U.S. toward global leadership in crypto. Senate Banking Chair Tim Scott described it as 'the most significant digital assets legislation ever to pass the U.S. Senate'. Treasury Secretary Scott Bessent projected that the bill could expand the stablecoin market to $3 trillion‑plus by decade's end.
Nonetheless, the path ahead is not without hurdles. Some Democrats, including Elizabeth Warren, Jeff Merkley and others, raised objections during Senate negotiations, warning the bill could grant a 'super‑highway for corruption' and fails to curtail potential for big tech firms entering the stablecoin market. Senate negotiators incorporated numerous amendments to secure support, but key concerns remain unresolved.
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