Key Highlights:
- President Trump is urging the House to pass the GENIUS Act without changes.
- The bill outlines a regulatory framework for stablecoin issuance and trading.
- Critics highlight conflicts of interest linked to Trump’s crypto ventures.
- Lawmakers remain divided on whether to amend or merge the bill.
Trump Calls for Swift Action on Stablecoin Legislation
President Trump is pressuring House lawmakers to pass the GENIUS Act, a stablecoin bill recently approved by the Senate. Trump praised the legislation as a vehicle to make America the global leader in digital assets, insisting on a clean version without amendments or delays.
The bill, which provides a federal framework for stablecoin issuance and trading, passed the Senate with a 68-30 vote. Trump emphasized urgency on Truth Social, urging the House to move "lightning fast" to get the bill to his desk.
Conflicts and Amendments Raise Tensions
While Senate Republicans aim for passage before July 4, House members are considering combining the GENIUS Act with broader crypto bills like the CLARITY or STABLE Acts. Conflicts of interest involving Trump’s family and their crypto ventures, such as World Liberty Financial, are central to the debate.
USD1, a stablecoin issued by the Trump family’s firm, is already one of the largest in circulation. Critics argue the legislation could legitimize personal financial gains under the guise of innovation.
Opposition and Concerns from Lawmakers
Democrats like Senator Elizabeth Warren caution the bill could empower tech giants to exploit user data and stifle competition. Proponents argue it provides much-needed clarity, but opponents see it as facilitating potential abuse.
The bill’s final version allows the President and Vice President to participate in stablecoin ventures, intensifying scrutiny of its ethics and intent.
