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Trump Urges Swift Passage of GENIUS Act After Senate Approval, Aims to Cement U.S. Leadership in Digital Assets
President Donald Trump has called on the U.S. House of Representatives to act quickly and pass the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), following its approval in the Senate earlier this week. The President emphasized his desire to sign the legislation into law without delay.
“The Senate just passed an incredible bill that is going to make America the UNDISPUTED leader in digital assets,” Trump wrote on Truth Social Thursday, urging the House to move “LIGHTNING FAST.” He added, “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The Senate passed the GENIUS Act in a bipartisan 68-30 vote on Tuesday. The bill now heads to the House of Representatives, where Republicans hold a narrow majority over Democrats.
GENIUS Act Seen as Key to U.S. Financial Leadership
Supporters of the GENIUS Act argue that the legislation could help solidify the U.S. dollar’s dominance in global financial markets by establishing clear, robust guidelines for the rapidly evolving stablecoin sector. Senator Bill Hagerty, who sponsored the bill, said it would revolutionize payment systems for businesses and consumers alike.
“Businesses of all sizes — and Americans across the country — will be able to settle payments nearly instantaneously, rather than waiting days or even weeks,” Hagerty stated.
A Contentious Path to Senate Passage
The bill faced significant challenges before securing Senate approval. It initially failed to pass a cloture vote in May, largely due to opposition from several Democrats concerned about Trump’s ties to the crypto industry.
Senator Elizabeth Warren emerged as one of the most vocal critics, alleging that Trump and his family could personally profit “hundreds of millions” from his USD1 stablecoin venture if the bill becomes law. Other Democrats, including Senator Mark Warner, voiced concerns but ultimately acknowledged that the U.S. cannot afford to fall behind as digital finance advances globally.
Regulatory Framework for Stablecoin Issuers
The GENIUS Act proposes a comprehensive regulatory framework for dollar-pegged stablecoins. Key provisions include full 1:1 reserve backing, mandatory licensing at either the federal or state level, rigorous Anti-Money Laundering compliance, and enhanced consumer protections.
Importantly, the bill would restrict how stablecoin issuers can manage their reserves, limiting investments to highly secure assets such as low-risk Treasury repurchase agreements. This measure aims to mitigate systemic risks and prevent potential shadow-banking activities.
As the House prepares to take up the legislation, all eyes are on whether the GENIUS Act will become a defining moment for the future of U.S. digital asset policy.
