Donald Trump has thrown his support behind the GENIUS Act, a freshly approved Senate bill aimed at establishing stablecoin regulations. He praised it as a smart and timely move, urging the House to approve it swiftly without introducing any changes.
Trump said in a Truth Social post that the bill would put the U.S. as the “undisputed leader” in the digital asset space, potentially unlocking substantial investment and technological advancement. He emphasized his desire to see the bill reach his desk “without delay or additions.”
Passed by the Senate with a 68-30 majority, the GENIUS Act marks the first U.S. legislation dedicated to stablecoins—digital assets pegged to the U.S. dollar. The bill mandates full 1:1 reserve backing, licensed operations, and robust anti-money laundering safeguards. It also restricts how reserve funds can be used, aiming to minimize risk and ensure consumer protection.
Although many House Republicans favor clear rules for stablecoins, some are exploring the idea of merging the GENIUS Act into a broader crypto framework that would define regulatory roles across agencies. Trump, however, has cautioned against this, warning it could stall progress and weaken momentum.
Senator Bill Hagerty, the bill’s sponsor, echoed Trump’s push for urgency, expressing his goal to see the legislation signed into law before July 4. He cautioned that attaching additional provisions or combining it with other legislation could hinder progress in the Senate, where securing 60 votes remains essential.
Despite its passage, some Democrats remain critical of the bill. Senator Elizabeth Warren argued it might benefit Trump’s family due to their links with stablecoin ventures like USD1. Senator Mark Warner also expressed reservations but acknowledged that the U.S. cannot afford to fall behind in the world of digital assets..
Although the legislation enjoys broad support, major financial institutions and banks are poised to engage once the regulations are officially in place.The main goal is to make the United States more competitive. Dollar-backed stablecoins on a global scale, especially in comparison to Asian regulatory frameworks. With Trump’s endorsement, social platforms are abuzz—some celebrate the clarity and investment potential, while others remain wary of political motives and the speed of implementation.
