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Trump Urges U.S. House to Fast-Track ‘Incredible’ GENIUS Act
President Donald Trump has called upon the U.S. House of Representatives to expedite the passage of the stablecoin bill, dubbed the GENIUS Act. In a statement posted on his Truth Social platform, Trump described the legislation as “incredible.” He expressed enthusiasm for the bill’s potential impact on the digital asset landscape.
The GENIUS Act recently gained bipartisan support in the Senate and has cleared its final hurdle before moving to the House. This development marks a significant shift from the previous administration’s stance on cryptocurrency regulation.
Trump’s call to action is aimed at encouraging the House of Representatives to accelerate their consideration of the bill. It remains unclear whether his involvement will have any material impact on the legislative process, but it is undoubtedly an extraordinary example of presidential support for the crypto industry.
The GENIUS Act focuses exclusively on “payment stablecoins” that are backed one-for-one by U.S. treasury bonds and other cash equivalents. In contrast to other proposed regulations in the space, this legislation does not address the broader topic of cryptocurrency or decentralized finance (DeFi) as a whole. Instead, it specifically targets a type of asset that can be used for everyday transactions.
Industry leaders have welcomed Trump’s stance on accelerating the legislative process, citing the urgent need for regulatory clarity in the crypto sector. Bitwise CEO Hunter Horsley has emphasized that “2025 is different” and expressed relief that the current administration’s approach is more favorable to the industry.
On the other hand, U.S. Treasury Secretary Scott Bessent has dismissed concerns surrounding the potential impact of stablecoins on the U.S. dollar’s value. He has urged governments worldwide to acknowledge the importance of digital assets in today’s financial landscape and recognize their contribution towards promoting global economic growth.
The stablecoin market is poised for significant disruption, as these innovative digital dollars have already begun to capture a substantial portion of traditional payment platforms like Visa and Mastercard. The passage of the GENIUS Act has triggered an immediate impact on the market, with stocks in Visa and Mastercard plummeting by approximately 5%. Conversely, Circle, a prominent stablecoin issuer, witnessed a surge in its stock price, seeing a rise of roughly 16% after the bill’s passage.
Experts have cautioned that traditional financial institutions will likely respond to this shift by launching their own digital dollar offerings. As such, it remains crucial for regulatory bodies to act quickly and provide clarity on how these new entities will be treated within existing frameworks.
Sources: AMBCrypto
Source: ambcrypto.com
