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Trump Pushes Republicans to Vote For GENIUS Act During “Crypto Week”
President Donald Trump has taken to Truth Social to urge Congressional Republicans to support the GENIUS Act, as lawmakers have designated this week as “Crypto Week”. The bill, which has already been passed by the Senate with bipartisan support, aims to create comprehensive federal rules for stablecoins – digital currencies tied to the U.S. dollar.
Trump tweeted, “Happy Crypto Week! The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets – Nobody does it better!” He went on to stress that “ALL REPUBLICANS SHOULD VOTE YES!”
The bill would require issuers of stablecoins to maintain full reserves with a 1:1 backing ratio using U.S. currency or Treasury securities. The legislation also stipulates that only approved companies could issue stablecoins, including subsidiaries of insured banks, federal-qualified nonbank issuers, and state-qualified issuers.
Companies with more than $10 billion in circulation would face mandatory federal oversight. Strong consumer protections are built into the bill, ensuring that coin holders receive priority treatment in the event of a company’s bankruptcy and mandating monthly audits to prove sufficient backing for coins issued.
Trump’s appeal has been met with support from several top Republicans in Congress. Senate Banking Committee Chairman Tim Scott (R-SC) praised the move as “a bold step forward – not just for financial innovation, but also for American leadership, consumer protection, and economic opportunity.”
Lead sponsor Senator Bill Hagerty (R-TN) reiterated his stance by stating that the bill will establish a clear, pro-growth, and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance.
The Digital Assets Subcommittee Chairperson, Senator Cynthia Lummis (R-WY), echoed this sentiment by labeling the bill as “a huge victory for the digital asset industry and a critical step in securing our nation’s financial future.”
House Speaker Mike Johnson has also expressed strong support, stating that House Republicans are committed to delivering Trump’s digital assets agenda.
The GENIUS Act is set to receive its first vote in the House after failing its initial attempt when twelve conservative Republicans opposed the bill citing concerns about how it was structured. The procedural vote collapsed due to this opposition.
The White House and Democratic leaders have been working tirelessly with lawmakers to forge a compromise, resulting in a revised version that secured sufficient support for its passage.
Source: bravenewcoin.com
