Trump Pushes House To Pass Stablecoin Bill In Milestone For Crypto Industry
Senate Republicans and former President Donald Trump are intensifying efforts to advance cryptocurrency legislation, setting the stage for a potential clash with the House. This latest push focuses on solidifying the United States’ role as a global hub for digital assets, with particular attention on stablecoins.
The Senate recently passed a bipartisan bill aimed at regulating stablecoins—cryptocurrencies pegged to the U.S. dollar—providing a first-of-its-kind regulatory framework for this rapidly growing segment of the crypto market. The legislation, known as the GENIUS Act, garnered strong bipartisan support, passing the Senate with a 68-30 vote. Several Democrats joined Republicans to approve measures that would require stablecoin issuers to back tokens with liquid assets, such as U.S. dollars or short-term Treasury bills, and disclose the composition of reserves on a monthly basis.
While the Senate approved the measure, the House is considering whether to expand the legislation to include broader crypto market reforms. House Republicans, who have long advocated for cryptocurrency regulation, are planning a dedicated “crypto week” to push both the stablecoin bill and a more comprehensive market structure plan that could alter how securities and commodities laws apply to digital assets.
The main challenge lies in reconciling differing priorities. Trump and Senate Republicans are pushing for a “clean” passage of the stablecoin bill without any amendments or additional provisions. Key GOP senators have indicated that they will not consider broader market structure changes until September, citing the difficulty of winning Democratic support for a more expansive approach.
House leaders have signaled they will avoid merging the stablecoin legislation with their larger crypto overhaul, but negotiations remain ongoing, particularly around French Hill’s market structure bill, which is a central piece of the House GOP’s cryptocurrency agenda.
As lawmakers prepare to return to Washington next week, tensions are mounting over how quickly and comprehensively cryptocurrency legislation can move forward. The outcome of these negotiations will determine whether the United States can establish clear rules for stablecoins while potentially shaping broader regulatory policy for the digital asset market.