tl;dr
U.S. President Donald Trump is urging the House of Representatives to quickly pass the GENIUS Act, a stablecoin regulation bill that recently passed the Senate 68-30. The legislation aims to create a federal framework for stablecoin issuance and trading. Trump praised the bill as a way to make Ameri...
President Donald Trump is urging the House of Representatives to swiftly pass the GENIUS Act, a stablecoin regulation bill that recently passed the Senate with a 68-30 vote. This legislation aims to establish a federal framework governing the issuance and trading of stablecoins, which Trump hails as a critical step toward making the United States the undisputed leader in digital assets. He called for quick, unaltered approval without any delays or additions.
Despite Senate approval, the GENIUS Act faces significant contention in the House. Lawmakers are divided over whether to approve the bill in its current form or to merge it with other crypto-related legislation such as the CLARITY or STABLE Acts. Some members push for stricter provisions, citing conflicts of interest due to the Trump family’s own involvement in stablecoin ventures.
Controversially, the final version of the bill allows the sitting president, vice president, and their families to engage in stablecoin activities. This provision has drawn sharp criticism, with opponents arguing that it legitimizes conflicts of interest and fails to address potential corruption risks. The Trump family’s USD1 stablecoin, ranked eighth globally by market capitalization, fuels these accusations of crypto-related corruption.
Adding to the debate, Senator Elizabeth Warren warned that without Congressional intervention, the legislation could open the door for major tech companies such as Tesla, Amazon, and Facebook to exploit consumer data under the pretext of innovation. She expressed concern that these firms could launch stablecoins that track purchases, misuse data, and stifle competition.
The ongoing House discussion will determine whether the GENIUS Act will emerge as a standalone bill or be folded into broader legislative efforts. The outcome has significant implications not only for stablecoin regulation but also for ethical standards and data privacy in the rapidly evolving digital asset space.