President Trump on Wednesday urged the House to pass a bill regulating payment stablecoins that cleared the Senate earlier this week, asking lawmakers to quickly get the legislation to his desk without any changes.
“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS!” Trump wrote in a post on Truth Social of the GENIUS Act.
“Digital Assets are the future, and our Nation is going to own it,” he continued. “We are talking about MASSIVE Investment, and Big Innovation. The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act.”
The Senate voted 68-30 Tuesday to pass the GENIUS Act Tuesday, with 18 Democrats joining most Republicans to get the stablecoin bill across the finish line. It marked a milestone moment for the crypto industry as the first major digital asset legislation to clear the chamber.
“Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump added. “This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before!”
After embracing the industry on the campaign trail, Trump has made crypto legislation a priority for his administration, which has repeatedly underscored that it hopes to pass two key crypto bills before Congress leaves for its August recess.
In addition to the stablecoin bill, the White House and GOP lawmakers are trying to pass legislation that would divvy up oversight of the rest of the digital asset market between two financial regulators.
While Trump pushes lawmakers to get a “clean” GENIUS Act to his desk as fast as possible, some in the industry and Congress have voiced support for tying the two crypto bills together to ensure they don’t lose momentum before getting to market structure.
However, others are pushing to take the win on stablecoin legislation and tackle market structure legislation afterward.
The House Financial Services Committee has advanced its own stablecoin bill, the STABLE Act, as well as a market structure bill, the Digital Asset Market Clarity Act. The market structure legislation, which falls under two different jurisdictions, was also reported out of the House Agriculture Committee last week.
The push to get crypto legislation across the finish line has faced several hurdles, most notably Trump’s own involvement in the industry. The president and his sons launched a crypto venture last fall, World Liberty Financial, which has since unveiled a stablecoin.
The dollar-backed digital token was used to complete a high-profile $2 billion transaction between an Emirati firm and the crypto exchange Binance last month.
Trump has also launched a meme coin, the top investors in which he invited to a private dinner in May. Meanwhile, the parent company of his Truth Social platform, Trump Media & Technology Group, has expanded its reach into crypto, raising $2.5 billion to create a bitcoin reserve and taking steps toward launching several crypto-related financial assets.
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