Former U.S. President Donald Trump has called on the House of Representatives to rapidly approve the GENIUS Act, a bipartisan bill aimed at creating a clear federal regulatory framework for stablecoins. This legislation has already passed the Senate with a significant majority (68-30) and seeks to foster financial innovation, consumer protection, and U.S. leadership in digital assets.
Key supporters, including U.S. Senate Banking Committee Chair Tim Scott and Treasury Secretary Scott Bessent, emphasize the potential for the stablecoin market to expand substantially — possibly reaching $2 trillion over the next decade. The GENIUS Act focuses on establishing rigorous audit requirements and regulatory compliance measures designed to enhance transparency and encourage institutional participation.
Despite its Senate success, the bill faces debate in the House, where some lawmakers want to merge it with related cryptocurrency legislation, such as the STABLE Act, or add stricter provisions addressing conflicts of interest, especially due to connections between the Trump family and stablecoin ventures. Critics point out possible risks related to ongoing conflicts and consumer data exploitation.
Trump has urged the House to pass a 'clean' version of the bill without delays or amendments to enable swift enactment. Proponents claim this would elevate America's standing as a leader in digital asset regulation, while opponents remain cautious about potential loopholes that might benefit large tech firms or the Trump family's stablecoin projects. Notably, the USD1 stablecoin from the Trump-linked World Liberty Financial is among the largest stablecoins by market capitalization.