- Trump urges swift passage of the GENIUS Act, framing stablecoin regulation as essential to U.S. dominance in digital assets.
- The GENIUS Act garners strong crypto industry support but draws sharp criticism over Trump’s ties to personal digital asset ventures.
- Lawmakers and regulators push for amendments to the GENIUS Act as concerns grow over financial oversight, ethics, and tech control.
President Donald Trump has declared America’s digital asset ambitions in a X post. He called the GENIUS Act a blueprint for digital dominance. The bill recently passed the Senate with a 68-30 bipartisan vote. It now awaits a House vote before landing on Trump’s desk. The legislation focuses on regulating stablecoins, a turning point for U.S. crypto policy.
The GENIUS Act mandates full backing of stablecoins with liquid assets such as U.S. dollars or Treasury bills. Moreover, it requires issuers to publicly disclose reserve data monthly. Trump emphasized urgency, urging the House to pass a clean version without delays. He described the bill as “American Brilliance at its best,” signaling a shift in U.S. financial innovation.
Besides regulatory structure, Trump framed the bill as a vehicle for economic leadership and digital asset supremacy. He also connected it to broader U.S. competitiveness. Hence, this legislation represents a calculated political and economic strategy. Trump’s digital push coincides with his personal crypto ventures, including $TRUMP and World Liberty Financial. These ties have sparked criticism from Democrats, raising concerns about ethics and governance.
Strong Industry Backing, But Divided Opinions
The crypto sector has long demanded regulatory clarity. Hence, industry leaders hailed the GENIUS Act as a milestone. The sector spent over $119 million backing pro-crypto candidates last year. Additionally, many view the bill as a step toward mainstream adoption of stablecoins for everyday payments. Still, some critics argue the bill lacks strong anti-money laundering provisions.
Senator Elizabeth Warren fiercely opposed it. She called it a threat to consumer protection and national security. She also accused Trump of exploiting digital asset laws for personal gain. Meanwhile, others worry Big Tech could launch private stablecoins under loose restrictions.
What’s Next for the GENIUS Act?
The bill still needs to clear the Republican-led House. Lawmakers may propose amendments addressing tech dominance and oversight loopholes. Consequently, negotiations could delay final approval. Still, Trump and his advisers want it signed before August. Bo Hines, leading Trump’s Digital Assets Council, confirmed this timeline.
Moreover, state regulators like CSBS demand stronger guardrails against financial instability. Their input may reshape the final version. However, the momentum around the bill signals a serious bid to solidify U.S. leadership in digital finance.
