President Donald Trump pushed the U.S. House of Representatives to send a cryptocurrency bill to his desk with “no delays, no add ons,” after the legislation passed through the Senate a day earlier.
The GENIUS Act for the first time establishes federal regulations for stablecoins and paves the way for the cryptocurrency sector to shed suspicion it’s garnered in the past. Its bipartisan passage through the Senate is a huge win for the industry.
A number of Democrats pushed back against the bill and advocated for modifications that secure anti-corruption protection and block the Trump family from unethically profiting off cryptocurrency. These lobbying efforts were unsuccessful in the Senate, however, and the bill passed 68-30.
Now, Trump is calling on the House to mirror the Senate and forego making any changes to the “incredible” bill.
“The House will hopefully move lightning fast and pass a ‘clean’ GENIUS Act,” Trump said on social media.
The president pressed Congress to take this step to ensure the U.S.’s leadership in the newly emerging sector of digital assets, a key part of the second Trump administration’s agenda.
“Digital assets are the future, and our nation is going to own it,” Trump said.
The GENIUS Act diminishes risk in using stablecoins, putting in place guardrails like monthly auditing and money laundering prevention tactics.
Sen. Kirsten Gillibrand, D-N.Y., who co-sponsored the bill, praised its advancement through Congress’ upper chamber.
“Senate passage of the GENIUS Act is a landmark moment in the bipartisan effort to regulate stablecoins,” Gillibrand said. “This bill will enable U.S. businesses and consumers to take advantage of the next generation of financial innovation.”
After the legislation cleared the Senate chamber Tuesday, Wall Street saw a jump in top cryptocurrency stock. Crypto exchange Coinbase surged 14% while stablecoin issuer Circle rose 20% Wednesday.
The GENIUS Act now faces a vote in the House before it can be signed into law by the president.
