President Trump Hails Senate's Approval of GENIUS Act for Stablecoins
Trump praises Senate's stablecoin bill, urging swift House approval to position the U.S. as a leader in digital assets.
President Donald Trump has publicly praised the Senate's recent approval of the stablecoin legislation, known as the GENIUS Act, and is urging Congress to expedite its journey to his desk. In a Truth Social post, Trump expressed his enthusiasm for the bill, calling it an “incredible” move that would establish the United States as the leading force in digital assets.
"Nobody will do it better, it is pure GENIUS!" Trump enthused. "Digital Assets are the future, and our Nation is going to own it." His comments highlight the potential for significant investment opportunities and innovation that the act promises to unlock. Trump has implored the House of Representatives to act swiftly, stating, "Get it to my desk, ASAP — NO DELAYS, NO ADD ONS."
The GENIUS Act, formally known as the Guiding and Establishing the National Innovation for U.S. Stablecoins Act of 2025, seeks to provide a regulatory framework for stablecoins, cryptocurrencies that are pegged to the dollar like Tether USDT/USD and USD Coin USDC/USD. Analysts suggest the bill could pass by the end of summer, as reported by Benzinga.
The passage of the GENIUS Act is a significant milestone for the cryptocurrency industry, with Treasury Secretary Scott Bessent suggesting that it could help stablecoins evolve into a $3.7 trillion market by the decade's end. However, the bill has not been free from controversy. Former Bank of England economist Dan Davies has raised concerns, warning that stablecoins might pose a systemic risk to U.S. banks and the dollar due to insufficient oversight compared to traditional banks.
Despite opposition and concerns, the bill passed a crucial closure vote last month. The opposition was led by Sen. Elizabeth Warren (D-Mass), who criticized the legislation for potentially advancing Trump's alleged corrupt practices, referencing the USD1 stablecoin initiative backed by his family. Trump, in his latest financial disclosure, reported earnings exceeding $57 million from World Liberty Financial, the entity behind USD1.
As the cryptocurrency community watches closely, the GENIUS Act could redefine the landscape of digital assets in the U.S., setting the stage for future financial innovations.