Background: U.S. President Donald Trump has called on the House of Representatives to swiftly pass the GENIUS Act without any amendments. This legislation marks the first attempt by the U.S. Congress to regulate stablecoins. The bill has already passed the Senate with a vote of 68 in favor and 30 against. It aims to establish a clear regulatory framework for payment stablecoins, including requirements for issuers to maintain a 1:1 reserve backing, obtain federal or state licenses, comply with anti-money laundering standards, and implement consumer protection measures.

Key Events: Trump publicly expressed his approval of the Senate's passage of the bill on his social platform, Truth Social, urging the House not to amend or delay the legislation. He specifically targeted House Republicans who were considering adjusting the bill or merging it with broader cryptocurrency legislation. There are internal disagreements among House Republicans about whether to pass the Senate version directly, which could lead to intra-party conflicts.

Potential Impact: The passage of this bill would provide the stablecoin market with the first federal regulatory framework, reducing systemic financial risks and advancing national leadership in digital asset policy. However, the bill has sparked controversy due to Trump's business ties with the crypto industry, causing some Democrats to adopt a cautious stance. SoSoValue reminds that this article is for informational purposes only and does not constitute legal, tax, or investment advice.

US President Donald Trump has called for the immediate passage of the GENIUS Act in the House without changes, as Congress inches closer to enacting the country’s first stablecoin regulation.Trump Calls for Unamended Passage of GENIUS ActUS President Donald Trump has urged the House of Representatives to promptly pass theGENIUS Actwithout any alterations, pressing lawmakers to avoid delays or modifications to the Senate-approved bill.Posting on his social media platform, Truth Social, Trump lauded the Senate’s endorsement of the bill and signaled his impatience for swift final approval, writing,His remarks come as a clear message to House Republicans, particularly Financial Services Chair French Hill (R-Ark.), who are considering adjustments to the Senate bill or merging it with broader crypto legislation for a future Senate vote.Senate Advances Landmark Stablecoin LegislationThe Senate passed the GENIUS Act earlier this week in a bipartisan 68-30 vote. Eighteen Democrats joined a majority of Republicans in backing the bill, formally titled the Guiding and Establishing National Innovation for US Stablecoins Act. It marks Congress’s first significant step toward regulating stablecoins, a rapidly growing segment of the digital asset market involving crypto tokens pegged to the US dollar.The legislation aims to establish a clear regulatory framework for payment stablecoins, requiring issuers to maintain full 1:1 reserve backing, secure licensing at the federal or state level, comply with anti-money laundering standards, and implement robust consumer protections. Additionally, the bill would restrict stablecoin issuers from deploying reserve assets for purposes beyond redemptions and low-risk investments, such as Treasury repos, to minimize systemic financial risks.House Republicans Divided on StrategyWhile House Republicans broadly support stablecoin regulation, the path forward remains uncertain. Lawmakers in the lower chamber have introduced their own stablecoin bill, which resembles the GENIUS Act, although several critical differences persist. The House version previously cleared the Financial Services Committee in April, and GOP leadership is expected to back stablecoin legislation in principle.However, the decision over whether to pass the Senate bill as-is or alter it before sending it back for a final vote could trigger intra-party divisions. Trump’s public demand for a “clean” version heightens pressure on House leaders ahead of the expected floor debate.Political Tensions and Industry TiesThe GENIUS Act has faced controversy, particularly over Trump’s business ties to the crypto sector. The bill narrowly failed an initial Senate vote in May after vocal criticism from Sen. Elizabeth Warren, who accused Trump and his family of potentially profiting substantially if the bill passes. Trump’s USD1 stablecoin reportedly generated $57 million in revenue last year.Despite the friction, some Senate Democrats view stablecoin regulation as a national priority. Sen. Mark Warner emphasized the need for the US to establish digital asset policy leadership, warning against falling behind international competitors.Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trump Urges the House to Quickly Pass the GENIUS Act Without Amendments, Advancing the First Federal Regulation of Stablecoins

Trump Urges the House to Quickly Pass the GENIUS Act Without Amendments, Advancing the First Federal Regulation of Stablecoins