President Donald Trump has called on the House of Representatives to move quickly in passing the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), signaling his eagerness to sign the legislation into law without delay.
“This bill just cleared the Senate — a historic step that will put the U.S. at the forefront of the digital asset revolution,” Trump declared in a post on Truth Social Thursday, emphasizing urgency by stating, “Send it to me immediately. No delays, no extra provisions!”
The Senate approved the bill earlier in the week with a 68-30 vote, paving the way for it to be taken up in the House, where Republicans currently hold a narrow majority.
GENIUS Act Aims to Cement US Dollar’s Role in Global Digital Finance
Supporters argue the GENIUS Act will help reinforce the dominance of the U.S. dollar in a fast-evolving global financial landscape. Senator Bill Hagerty, who introduced the bill, highlighted that it would enable individuals and businesses to process payments nearly in real time — eliminating the need for days-long waiting periods.
Turbulent Path to the Senate Floor
The bill initially struggled to gain traction after failing a procedural vote in May. Opposition came primarily from Democratic lawmakers, with some raising alarms over Trump’s ties to the cryptocurrency world.
Senator Elizabeth Warren emerged as a leading critic, accusing Trump of potentially profiting significantly — potentially “hundreds of millions” — from his USD1 stablecoin if the legislation were enacted.
Meanwhile, other Democrats, including Senator Mark Warner, voiced concerns about Trump’s crypto dealings but ultimately acknowledged that the U.S. must engage with the digital asset space rather than be left behind.
Establishing a Regulatory Framework for Stablecoins
The GENIUS Act proposes a comprehensive set of rules for issuing dollar-backed stablecoins, including strict reserve requirements, mandatory licensing at either the state or federal level, compliance with Anti-Money Laundering standards, and key consumer safeguards.
Under the proposed legislation, stablecoin issuers would be barred from using reserves for anything beyond redemptions and approved low-risk investments, aiming to prevent systemic risks associated with unregulated financial practices.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
