Trump pushes stablecoin bill, but House shows signs of division

President Donald Trump urged Republicans to support the GENIUS Act, a bill aimed at regulating payment stablecoins, calling it a key move to make the U.S. the global leader in digital assets and surpass China and Europe in the race for crypto dominance.

Despite the push, at least 13 Republican lawmakers voted against a procedural resolution in the House on Tuesday, preventing it from passing. House Speaker Mike Johnson said another vote would take place later the same day.

The GENIUS Act previously passed the Senate with bipartisan support and is expected to go to a full House vote this week.

❗ Conflict of interest concerns

Trump faced criticism for promoting the bill while having ties to World Liberty Financial (WLF), a crypto company backed by his family that issued the USD1 stablecoin. Bloomberg reported that Binance helped create USD1, which was used by an Abu Dhabi-based fund in a $2 billion investment in Binance.

Representative Maxine Waters warned that WLF’s foreign funding poses ethical and national security risks, calling it “a direct payment to the sitting U.S. President.”

In response, Democrats launched a campaign dubbed “Anti-Crypto Corruption Week”, calling for amendments to the three Republican-led crypto bills to enhance consumer protection and prevent the President, Vice President, and Congress members from holding or promoting crypto assets.