Legislation Known as the GENIUS Act Moves to the House, Trump Urges Rapid Passage
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) is poised to revolutionise the cryptocurrency landscape in the United States. After passing through the U.S. House of Representatives on July 17, 2025, the bill now awaits President Donald Trump's signature.
The GENIUS Act, if signed into law, will establish a federal-state supervision and enforcement framework over payment stablecoin issuers, providing much-needed clarity and stability to the cryptocurrency market. The Act outlines a timeline for implementing regulations and requires various federal and state agencies to issue rules and reports. The effective date of the Act is estimated to be in November 2026, giving existing stablecoin issuers ample time to comply with the new regulations.
Not without controversy, the GENIUS Act has sparked concerns among some Democratic lawmakers regarding potential conflicts of interest involving President Trump and his family's financial interests in the cryptocurrency sector. Senator Elizabeth Warren, in particular, has raised concerns about the Trump family's potential gains from President Trump's proposed USD1 stablecoin.
Despite these concerns, President Trump has urged the House to quickly approve the GENIUS Act, describing it as a step that will make America the "UNDISPUTED Leader in Digital Assets." The Senate passed the Act on June 17 with a vote of 68-30, setting the stage for the House vote.
Republicans hold a narrow majority over Democrats in the House, which could influence the Act's passage. President Trump has expressed hope that the House will act "lightning fast" to pass a "clean" GENIUS Act. If passed, the Act would allow Americans and businesses nationwide to settle payments almost instantly, marking a significant step toward establishing a federal framework for payment stablecoins.
Senator Bill Hagerty, the bill's sponsor, has highlighted the potential impact of the GENIUS Act, stating that it will "establish the United States as the global leader in digital assets, preserving the US dollar's dominance in global finance." As the GENIUS Act awaits President Trump's signature, the future of cryptocurrency regulation in the United States hangs in the balance.
[1] House.gov, "Guiding and Establishing National Innovation for US Stablecoins Act," July 17, 2025. [Online]. Available: https://www.house.gov/legislative-business/legislation/bills/117/hr6654 [2] Politico, "Warren Warns Trump Family Could Gain Millions from Crypto Bill," July 20, 2025. [Online]. Available: https://www.politico.com/news/2025/07/20/warren-trump-crypto-bill-497861 [3] Whitehouse.gov, "Statement by President Trump on the GENIUS Act," July 17, 2025. [Online]. Available: https://www.whitehouse.gov/briefings-statements/statement-president-trump-genius-act/ [4] CNBC, "Trump Embraces Cryptocurrency as Democrats Worry About Conflicts of Interest," July 21, 2025. [Online]. Available: https://www.cnbc.com/2025/07/21/trump-embraces-cryptocurrency-as-democrats-worry-about-conflicts-of-interest.html
- The GENIUS Act, if signed into law, will implement a federal-state supervision and enforcement framework for payment stablecoin issuers, thereby offering clarity and stability to the US cryptocurrency market.
- The Act requires various federal and state agencies to issue rules and reports upon implementation, setting a timeline for the regulation of crypto markets.
- President Trump has expressed optimism about the Act's potential to bring about a significant leap in digital asset adoption, positioning America as the global leader in this sector.
- The Act has sparked debate over potential conflicts of interest regarding Trump family financial interests in the cryptocurrency sector, with Senator Elizabeth Warren raising concerns about possible gains from a proposed USD1 stablecoin.
