Former President Donald Trump has called on the House of Representatives to quickly pass the GENIUS Act, legislation that would establish a federal framework for issuing and trading stablecoins in the United States. The bill passed the Senate with a 68-30 vote.
Trump described the bill as “incredible” and a means to make “America the UNDISPUTED Leader in Digital Assets.” He urged the House to pass a “clean” version without delays or amendments, emphasizing the bill as “American Brilliance at its best.”
Despite Senate approval, the GENIUS Act faces challenges in the House, where lawmakers are divided. Some prefer passing the bill as is, while others want to merge it with related crypto legislation like the CLARITY or STABLE Acts. House Republicans are considering integrating it into broader crypto market reforms and have also proposed their own stablecoin bill, the STABLE Act.
The Senate’s version includes amendments addressing conflicts of interest, but still permits the sitting president, vice president, and their families to participate in stablecoin ventures. Critics raise concerns about potential conflicts, citing Trump family involvement in the stablecoin USD1, launched by their World Liberty Financial platform. USD1 ranks as the eighth-largest stablecoin by market capitalization.
Public Citizen’s Bartlett Naylor criticized the legislation for overlooking what he called “the largest, most flagrant corruption in presidential history.” Senator Elizabeth Warren also warned that the bill could enable tech giants to misuse consumer data and limit competition if Congress does not amend it.