#CryptoStocks The US President, Donald Trump, is urging House lawmakers to act quickly to approve the GENIUS Act, a bill focused on stablecoins that was passed by the Senate in a vote of 68 to 30 on Tuesday.
The legislation, which would establish a federal framework for the issuance and trading of stablecoins, was described by Trump as "incredible" and a way to make "America the UNDISPUTED Leader in Digital Assets."
"The Senate, I hope, will move at LIGHTNING SPEED and pass a clean GENIUS Act. Get it to my desk as soon as possible — NO DELAYS, NO ADDITIONS," Trump posted on Truth Social on Wednesday (18).
"This is brilliant America at its best, and we will show the world how to WIN with digital assets like never before," he added.
Despite the Senate's approval, the GENIUS Act faces a more contentious path in the House. Lawmakers are divided on whether to pass the bill in its current form or combine it with other cryptocurrency-related legislation, such as the CLARITY or STABLE acts.
Others are calling for stricter provisions due to perceived conflicts of interest arising from the Trump family's involvement in the digital asset space.
The House must now approve the bill before it can be signed into law. While Senate Republicans have called for it to be enacted by July 4, House Republicans are weighing whether to incorporate it into broader cryptocurrency market legislation to improve its chances.
Among them, House Republicans are pushing their own stablecoin bill, the STABLE Act.
The Senate vote occurred only after a series of amendments, including language on conflicts of interest, which helped regain the support of some Democrats.
However, the final version still allows the sitting president and vice president, along with their families, to be involved in stablecoin ventures.
Critics argue that the bill legitimizes and potentially enables ongoing conflicts. Most prominently, USD1, a stablecoin launched by the Trump family's World Liberty Financial platform, is currently the eighth largest stablecoin in the world by market capitalization.
"In promoting these bills, lawmakers have given up their opportunity to confront Trump's crypto fraud — the biggest and most blatant corruption in presidential history," said Bartlett Naylor of Public Citizen earlier to Decrypt.
Senator Elizabeth Warren warned that the legislation could allow tech giants to exploit consumer data under the guise of innovation.
"If Congress doesn't fix this, billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg could launch stablecoins that track their purchases, exploit their data, and eliminate competitors," she said.
