Trump Urges House to Pass GENIUS Stablecoin Bill

U.S. President Donald Trump urged the House of Representatives to advance the GENIUS Act for his final sign-off swiftly. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed final voting in the Senate with bipartisan support on Tuesday, moving it to the House for consideration.  “The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act,” the U.S. President wrote on Truth Social. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

The U.S. president previously said he wants a stablecoin bill on his desk by August. The bill aims to establish a regulatory framework for dollar-pegged cryptocurrencies, including requirements for stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandates annual audits for issuers with a market capitalization exceeding $50 billion, and outlines guidelines for foreign issuance. 

Trump, who has publicly endorsed U.S. dollar stablecoins, stated that the bill will make the U.S. the “undisputed leader” in digital assets. “Digital Assets are the future, and our Nation is going to own it,” Trump wrote. “We are talking about MASSIVE Investment, and Big Innovation.”