Donald Trump is backing the GENIUS Act, a newly passed Senate bill focused on regulating stablecoins. He called it a brilliant step forward and urged the House of Representatives to pass it quickly, without adding anything new.
Trump posted on Truth Social, saying this bill would make the United States the “undisputed leader” in digital assets and could bring major investment and innovation. He made it clear he wants the bill on his desk “lightning fast,” with “no delays, no add-ons.”
GENIUS Act Sets First Stablecoin Rules
The GENIUS Act, recently passed by the Senate in a 68-30 vote, is the first US bill focused on stablecoins, digital tokens tied to the US dollar. It calls for full 1:1 reserve backing, proper licenses, and strong anti-money laundering checks. The bill also limits how issuers can use reserves, aiming to prevent risky practices and protect consumers.
While most House Republicans support regulating stablecoins, some are considering combining the GENIUS Act with a larger cryptocurrency bill. That broader package would define how digital assets are regulated across different agencies. However, Trump has warned against this approach, saying it would slow down progress and risk losing momentum.
Senator Hagerty Wants Bill Signed Before July 4
Senator Bill Hagerty, who sponsored the bill, agrees with Trump’s call for speed. He hopes to have the law signed before the Fourth of July. He also warned that adding new parts or merging them with other bills could delay approval in the Senate, where 60 votes are needed.
Political Tensions Still in Play
Although the bill has passed now, some Democrats have still voiced concerns. Senator Elizabeth Warren claimed the bill could benefit Trump’s family due to their ties to stablecoin projects, such as USD1. Others, like Senator Mark Warner, raised issues but admitted that the US can’t afford to fall behind in the global digital asset race.
While the bill is widely accepted, big institutions and banks are ready to enter once these rules come into effect. The goal is to make US dollar-backed stablecoins globally competitive, especially against Asian regulators. With Trump backing the bill, social media is buzzing with some excited for clear rules and new investment, while others worry about politics and rushing the process.
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