President Donald Trump is urging the House of Representatives to quickly pass the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, expressing a desire to sign the landmark digital asset legislation into law by August.
The GENIUS Act, which seeks to establish a comprehensive regulatory framework for dollar-pegged cryptocurrencies, secured bipartisan support and passed the Senate on Tuesday. It now moves to the House for consideration.
In a Truth Social post, President Trump called for the House to “move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act,” adding, “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.” His push underscores a clear ambition to position the U.S. as a leader in the rapidly evolving digital asset space.
The proposed legislation outlines key provisions, including requirements for stablecoins to be fully backed by U.S. dollars or highly liquid assets. It also mandates annual audits for issuers with a market capitalization exceeding $50 billion and sets guidelines for foreign issuance, aiming to bolster transparency and stability within the digital economy.
President Trump has been a vocal proponent of U.S. dollar stablecoins, asserting that the GENIUS Act will cement the nation’s status as the “undisputed leader” in digital assets. “Digital Assets are the future, and our Nation is going to own it,” Trump wrote, anticipating “MASSIVE Investment, and Big Innovation.”
However, the path forward in the House may not be entirely straightforward. The House Financial Services Committee has already advanced its own stablecoin legislation, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, out of committee. While the STABLE Act has yet to face a full House vote, its existence could lead to calls for integrating elements of the STABLE Act into the GENIUS Act, or even a prioritization of the House’s own bill, potentially complicating the swift passage the President desires.