- Trump demands House swiftly pass GENIUS Act, saying “NO DELAYS, NO ADD ONS” urgently.
- GENIUS Act mandates 1:1 reserve backing; Circle stock jumped 30% after Senate approval.
- Tether minted 1B USDT post-passage; Ripple issued 10M RLUSD, signaling strong market response.
U.S. President Donald Trump has called on the House of Representatives to approve the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The bill, which cleared the Senate with bipartisan support, now awaits House approval before it can be signed into law.
In a Truth Social post, Trump emphasized urgency, urging the House to pass a “clean” version of the bill without delays or amendments. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” he stated. Trump had previously expressed interest in receiving a stablecoin bill for signature before August.
The GENIUS Act outlines a regulatory structure for dollar-pegged cryptocurrencies. It requires stablecoins to be fully backed by U.S. dollars or equivalent liquid assets. For issuers with market caps above $50 billion, the bill mandates annual audits and sets clear parameters for foreign issuance of stablecoins.
Stablecoin Bill Gains Momentum Amid Industry Optimism
Trump praised the legislation, calling it a gateway to U.S. dominance in digital finance. “Digital Assets are the future, and our Nation is going to own it,” he wrote. He highlighted the bill’s potential to spur massive investment and innovation, establishing the U.S. as a global digital asset leader.
Despite the Senate’s approval, the GENIUS Act faces a competing bill in the House the STABLE Act. Recently advanced by the House Financial Services Committee, the STABLE Act focuses on transparency and accountability. Its pending status raises questions about whether the House might modify or integrate parts into the GENIUS Act.
The GENIUS Act’s advancement has already sparked positive market reactions. Circle stock soared 30% to a record high within hours of Senate approval. Industry giants like Ripple, Coinbase, and Gemini praised the Senate, pointing to the bill’s potential to boost innovation without requiring companies to relocate overseas.
Trump Endorses GENIUS Act for U.S. Stability
The proposed law mandates 1:1 reserve backing for payment stablecoins, along with federal or state licensing. The emitters have to follow the Anti-Money Laundering checks and ensure that patron protection standards are satisfied. Redeemable or safe investments, such as low-risk Treasury repos, must be the only ones for which reserves can be used, thus lowering systemic financial risk.
Tether created 1 billion USDT with a passage on Ethereum. Ripple also came up with the 10 million RLUSD. President Trump reiterated that stablecoins as an important factor for continuing the global dominance of the dollar. The GENIUS Act proposed to regulate the necessary part of this matter. The decision is up to the House, and they could go down in history as the first U.S. digital financiers.
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