U.S. President Trump urged the House of Representatives to swiftly pass the "Guidance and Establishment of the National Innovation Act for Stablecoins in the United States" (GENIUS Act) so that he can sign it into law as soon as possible. The bill was passed in the Senate on Tuesday with a vote of 68 to 30 and aims to consolidate the United States' leadership position in the digital asset sector. Supporters of the bill believe it will promote the dominance of the U.S. dollar in global finance and enable various businesses and American citizens to achieve near-instant payment settlements. Previously, the bill failed to pass the Senate cloture vote in May due to Democratic opposition related to Trump's ties with the crypto industry.

US President Donald Trump has urged the House to pass the Guiding and Establishing National Innovation for US Stablecoins Act as soon as possible so he can officially sign it into law. ”The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” Trump said before calling on the House of Representatives to pass the bill “LIGHTNING FAST” in a Truth Social post on Thursday. ”Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” the US president said of the GENIUS Act. His post cames after the US Senate passed the GENIUS Act in a 68-30 vote on Tuesday. A vote in the House is next, where Republicans also hold a slim majority over Democrats. Related: Stablecoins will soon have their ‘iPhone moment,’ Circle CEO Many proponents of the GENIUS Act believe it would play a crucial role in maintaining US dollar dominance in global finance. The bill’s sponsor, Senator Bill Hagerty, said that it would allow “businesses of all sizes, and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks.” The GENIUS Act initially failed a cloture vote in the Senate in May in response to Democratic opposition to Trump’s connections to the crypto industry. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions 

Trump Urges the House to Quickly Pass the GENIUS Stablecoin Bill

Trump Urges the House to Quickly Pass the GENIUS Stablecoin Bill