The White House is urging the House of Representatives to expedite the passage of stablecoin legislation with minimal alterations. This push aims to counter efforts to link the bill to a broader cryptocurrency regulatory framework.
Following the Senate’s approval of the Genius Act last week, President Trump has urged the House to act swiftly, emphasizing a desire for a “clean” bill to be placed on his desk promptly.
“Get it to me without delay,” he stated, insisting this is a critical moment for the U.S. to lead in the digital asset space.
However, the motivation to pass the Stablecoin bill is driven by concerns that single-handed efforts might jeopardize essential cryptocurrency legislation addressing the larger regulatory market.
Jennifer Schulp, from the Cato Institute, expressed that passing stablecoin legislation without a comprehensive market structure bill poses risks. If that’s the case, there’s a chance the Senate won’t pursue a timely market structure bill.
Last week, the Senate passed the Genius Act—establishing a framework for regulating payment stability coins—with a vote of 68-30, marking a significant breakthrough for the crypto sector.
While this is a crucial step, the Stablecoin Bill is only part of a larger strategy.
Another priority for the Trump administration and GOP leaders is dividing oversight of the digital asset market between two regulators: the SEC and the CFTC, with hopes of having both measures passed by August.
Some House representatives have indicated interest in revisiting this commitment, having discussed the need for legislative clarity concerning market structure for digital assets earlier this month.
Christopher Niebourg, a senior analyst, noted that the House might leverage pressure on the Senate. A group of senators introduced guiding principles to facilitate legislative progress.
Senate Banking Committee Chairman Tim Scott has urged the House to send the bill swiftly to the president, aligning with Trump’s perspective.
“The President is correct—it’s time to take the lead,” Scott remarked. “The Genius Law sets clear boundaries for innovation, safeguards consumers, enhances national security, and ensures America shapes the future digital economy.”
Despite the bold push from Trump regarding the Genius Act, House lawmakers are still engaged in discussions about the bill, as noted by Schulp.
Reports suggest House leaders might consider combining Stablecoin and market structure bills for a vote next month, though no final decision has been made yet.
Schulp remarked that the impact of the White House remains uncertain, indicating a desire among House members to complete a comprehensive package rather than rush through just the stablecoin legislation.
When queried about tying the two bills together, House Financial Services Chair French Hill did not confirm a definitive plan, mentioning that he’s currently gauging members’ preferences regarding Trump’s timeline.
It increasingly seems unlikely that the bill will reach Trump’s desk imminently. Niebourg pointed out that the White House may still play a significant role in subsequent cryptocurrency legislation.
He suggested that Trump may exert influence to push the Stablecoin bill through by August, but combining it with market structure rules could delay both initiatives.
Even if there are discussions about coordinating the two pieces of legislation, there’s uncertainty about whether the House will present a unified front on the Genius Act, which won’t completely mirror the Senate’s version.
Schulp acknowledged ongoing discussions among lawmakers regarding possible amendments to align the two bills, suggesting that substantial work remains to reconcile their differences.
