Trump Pushes for Swift Passage of GENIUS Act as Stablecoin Bill Sparks House Debate

Former U.S. President Donald Trump is calling on lawmakers in the House of Representatives to urgently approve the GENIUS Act, a landmark stablecoin bill that passed the Senate in a 68-30 vote on Tuesday. The bill aims to set a nationwide regulatory framework for the issuance and oversight of stablecoins—a fast-growing segment in the cryptocurrency world.

Calling the legislation “incredible” and a step toward making the U.S. the “UNDISPUTED Leader in Digital Assets,” Trump posted on Truth Social Wednesday:

“The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

Despite the Senate's bipartisan support, the GENIUS Act now enters more turbulent waters in the House, where divisions remain. Some lawmakers support the bill as-is, while others want to merge it with broader crypto legislation, including the CLARITY or STABLE Acts, in a bid to address regulatory gaps and increase bipartisan backing.

Meanwhile, a separate proposal—the STABLE Act, backed by House Republicans—offers a competing approach to stablecoin oversight, with stricter regulatory provisions. The internal GOP debate may delay action, even as Senate Republicans press for final passage by July 4.

One source of controversy is the Trump family’s own involvement in digital assets. Critics argue that the GENIUS Act, even after amendments addressing conflicts of interest, still permits the president and vice president—and their families—to have stakes in stablecoin ventures.

Among the most high-profile examples is USD1, a stablecoin issued by World Liberty Financial, a platform linked to the Trump family. Now the eighth-largest stablecoin by market cap, USD1 has drawn scrutiny from lawmakers like Senator Elizabeth Warren.

“If Congress doesn’t fix this, billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg could launch their own stablecoins, track consumer behavior, and crush market competition,” Warren warned. She added that the bill, as written, could open the door to tech monopolies under the banner of innovation.

While Trump touts the GENIUS Act as a bold step toward American dominance in the digital economy, the path forward in the House is far from certain. As the July 4 target looms, lawmakers must decide whether to fast-track the bill or slow it down to address mounting concerns over conflicts, consumer protections, and corporate power.