President Donald Trump made a direct enchantment to Congressional Republicans on Reality Social, urging them to assist the GENIUS Act throughout what lawmakers have designated as “Crypto Week.” The invoice would create America’s first federal guidelines for stablecoins – digital currencies tied to the U.S. greenback.
Talking concerning the GENIUS Act, Trump posted on Truth Social: “Completely happy Crypto Week! The Home will quickly VOTE on an incredible Invoice to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Belongings – No person does it higher!” He added: “ALL REPUBLICANS SHOULD VOTE YES!”
The laws has already handed the Senate with bipartisan assist and desires solely Home approval to achieve Trump’s desk. If signed into legislation, it could mark the primary main federal cryptocurrency regulation in U.S. historical past.
Some Home Republicans Block Crypto Payments Regardless of Trump’s Push
Regardless of former President Trump’s push for a YES vote, the procedural vote collapsed after twelve conservative Republicans opposed it, citing issues about how the cryptocurrency laws was structured. This disruption halted Home proceedings, marking a setback for Speaker Mike Johnson and the Republican management.
The vote led to a 196-223 defeat, failing to safe the required majority and successfully stopping debate and last votes on the GENIUS Act alongside two extra crypto-focused payments. Republicans voting towards the procedural step included Representatives Ann Paulina Luna, Scott Perry, Chip Roy, Victoria Spartz, Michael Cloud, Andrew Clyde, Eli Crane, Andy Harris, Marjorie Taylor Greene, Tim Burchett, Keith Self, and Andy Biggs.
Home Speaker Mike Johnson reportedly indicated that the Home would maintain one other vote later at this time.
What the GENIUS Act Would Do
The GENIUS Act (Guiding and Establishing Nationwide Innovation for U.S. Stablecoins Act of 2025) would create complete federal guidelines for stablecoins – cryptocurrencies pegged to the U.S. greenback. The laws targets the $238 billion stablecoin market and requires issuers to keep up full reserves with a 1:1 backing ratio utilizing U.S. foreign money or Treasury securities.
Beneath the brand new guidelines, solely authorised firms might problem stablecoins: subsidiaries of insured banks, federal-qualified nonbank issuers, and state-qualified issuers. Firms with greater than $10 billion in circulation would face obligatory federal oversight.
The invoice consists of robust client protections. Coin holders would get precedence if an organization goes bankrupt, and issuers should conduct month-to-month audits to show they find the money for backing their cash.
Robust Republican Help in Congress
A number of prime Republicans have rallied behind Trump’s name for assist. Senate Banking Committee Chairman Tim Scott (R-SC) said: “At the moment is a daring step ahead – not only for monetary innovation, however for American management, client safety, and financial alternative.”
Lead sponsor Senator Invoice Hagerty (R-TN) declared: “The GENIUS Act establishes a transparent, pro-growth, and safe regulatory framework to modernize our funds system and cement U.S. greenback dominance.”
Senator Cynthia Lummis (R-WY), who leads the Digital Belongings Subcommittee, referred to as the invoice “an enormous victory for the digital asset business and a vital step in securing our nation’s monetary future.”
Home Speaker Mike Johnson (R-LA) additionally voiced robust assist, saying Home Republicans are taking steps to ship Trump’s digital belongings agenda.
Senate Already Handed the Invoice
The Senate passed the GENIUS Act on June 17, 2025, with a strong bipartisan vote of 68-30. Eighteen Democrats joined all Republicans (besides three who voted towards) in supporting the measure.
The bipartisan assist got here after months of negotiations between Republicans, Democrats, and the White Home. The invoice initially failed in early Could when Democratic senators modified their place, however intensive talks produced a compromise model that gained the wanted assist.
Trump’s Monetary Curiosity Raises Questions
Trump’s monetary disclosure revealed he earned not less than $57 million in 2024 from crypto ventures, together with World Liberty Monetary, creating what critics name vital conflicts of curiosity.
Senator Elizabeth Warren warned the invoice creates issues for corruption, noting that whereas the laws stops members of Congress from benefiting from stablecoins, it doesn’t embody the president.
The PBS reported that “Senate passes crypto invoice ‘GENIUS Act’ with out addressing Trump’s investments” regardless of these issues being raised throughout debate.
Trade Funding Pays Off
The cryptocurrency business spent about $250 million in the 2024 election cycle to elect essentially the most pro-crypto Congress in U.S. historical past. This large political funding seems to be paying off with the GENIUS Act’s progress.
Trump has reworked from a crypto skeptic to an advocate, now positioning himself to make America the “crypto capital of the world.” This shift aligns together with his broader enterprise pursuits within the digital asset house.
What Occurs Subsequent
If the Home passes the invoice, it could go on to Trump for his signature. Treasury Secretary Scott Bessent has endorsed the laws and estimates the stablecoin market might develop to $3.7 trillion by 2030.
The regulatory framework would legitimize stablecoins for mainstream funds, with main companies like Amazon and Walmart reportedly making ready their very own stablecoin choices.
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