EXCLUSIVE Top Republican previews big Trump-backed crypto move that could usher in a windfall of cash for the nation

Daily Mail​

7 hours ago

A top House Republican is looking forward to passing major crypto reform later this year following the passage of President Trump's Big Beautiful Bill.
Sitting in the House Whip's office, Minnesota Republican Tom Emmer revealed to the Daily Mail that Congress will move full steam ahead on multiple crypto bills later this summer or early this fall.
When asked what he is most 'excited' about on the upcoming legislative calendar, Emmer immediately answered 'the digital asset stuff.'
Emmer named the CLARITY Act, STABLE Act and GENIUS Act as a trio of crypto legislation that he wants passed by the end of this year.
Taken together, these bills seek to regulate stablecoins - cryptocurrencies designed to have stable values linked to assets like the U.S. dollar or gold - an industry that could soon be worth trillions.
Treasury Secretary Scott Bessent testified this week about the Trump administration's commitment to stablecoin legislation backed by the U.S. dollar that will supercharge a worldwide market.
Though that won't come until after the Congress passes the multi-trillion-dollar Trump-backed Big Beautiful Bill Act, which could soon get a vote in the GOP-controlled Senate.
That measure contains provisions to cut tax on tips or overtime and reforms to Medicaid and SNAP, and Emmer believes it will be signed into law by Independence Day - a self-imposed deadline congressional Republicans are desperate to meet.
'I'm more than confident that we will pass it and get it to the president's desk on or before July 4,' Emmer said confidently, though some in the Senate have called that timeline unlikely.
The White House and Congress have been pushing this year to open the U.S. markets up to wider stablecoin adoption, hoping that foreign countries would seek to invest in American crypto over foreign digital currencies.
The CLARITY Act seeks to set the regulatory foundation for the U.S. crypto market, aiming to protect consumers while boosting innovation; the STABLE Act zeroes in on stablecoins, requiring banks to fully back them with reserves and to submit monthly audits; and the GENIUS Act mirrors the Stable Act in the Senate, expanding rules to both banks and non-banks for issuing stablecoins.
Trump's crypto czar David Sacks said passing the GENIUS Act would unlock 'trillions of dollars of demand for our Treasuries practically overnight.'
Already the CLARITY Act has cleared the House Financial Services Committee and will next receive a full House floor vote.
Emmer also forecasts a vote for Stable Act.
'The Senate should be sending over their GENIUS Act anytime soon, if they don't, so be it,' Emmer said.
The GENIUS Act has hit some turbulence in the Senate as Democrats have take issue with the Trump family's foray into crypto - and specifically stablecoins - this year.
'The launch of a stablecoin directly tied to a sitting President who stands to benefit financially from the stablecoin's success is an unprecedented conflict of interest presenting significant threats to both our financial system and our democracy,' Sens. Elizabeth Warren Jeff Merkley wrote in a joint letter this week.
World Liberty Financial, the Trump family's crypto venture, has already struck deals to issue stable coins, including one with a partner in the U.A.E. worth $2 billion.
Getting these bills passed shouldn't be too difficult, Emmer reasoned, since crypto interests lawmakers on both sides of the aisle.
'I mean digital assets is fun because it's not a partisan issue,' he told the Daily Mail. 'When it comes to digital assets, it's nameless, faceless, genderless.'
But there are still powerful interests aligned against passage.
Some regional banks fear that wide use of stablecoins could undermine their market share in the financial industry.
Meanwhile, financial reform groups believe the legislation would permit Big Tech firms to act as private banks with unregulated currencies.