Trump Pushes for Swift Passage of National Innovation and Stablecoin Law
U.S. President Donald Trump has called on the House of Representatives to quickly pass the national innovation and stablecoin law, urging swift action to get it signed into law.
“The Senate has passed an incredible bill that will position America as a leader in digital assets,” he stated, sharing his thoughts on Truth Social. He highlighted the importance of the House moving “lightning fast” on the legislation.
“Get it on my desk as soon as possible—no delays,” Trump emphasized regarding what he called a “genius” act.
This follows the Senate’s passing of the Genius Act, which received a 68-30 vote earlier this week.
Now, the focus shifts to the House vote. Here, Republicans hold a slimmer majority compared to Democrats.
Supporters See Strategic Advantage
Proponents of the Genius Act believe it is essential for maintaining the U.S. dollar’s dominance in global finance. “This will allow businesses and individuals across the country to resolve payments almost instantly, rather than waiting days or weeks,” said Senator Bill Hagerty, who sponsored the bill.
Previous Challenges for the Crypto Bill
The Genius Act faced an earlier setback in May when it failed to pass a cloture vote in the Senate, primarily due to concerns raised by some Democrats regarding Trump’s ties to the crypto sector.
One of the vocal critics has been Senator Elizabeth Warren, who claimed that Trump and his family could stand to make “hundreds of millions of dollars” if the bill became law.
Other Democrats, like Mark Warner, while expressing reservations about Trump’s crypto endeavors, argue that the country cannot afford to “stand on the sidelines” as the crypto industry progresses.
Defining Framework for Stablecoins
The Genius Act aims to establish a clear regulatory framework for stablecoins, requiring a 1:1 reserve backing, federal or state-level licensing, anti-money laundering compliance, and consumer protections.
Additionally, it may prevent stablecoin issuers from investing reserves in certain safe investments, like Treasury repos, to mitigate the risks associated with shadow banking.
