Trump Urges House to Fast-Track Stablecoin Bill as GENIUS Act Gains Momentum

Former President Donald TRUMP has called on the U.S. House of Representatives to accelerate approval of the GENIUS Act, a bipartisan stablecoin bill passed by the Senate on June 17. In a Truth Social post, Trump hailed the legislation as "incredible" and pledged to showcase U.S. leadership in digital assets. The bill focuses exclusively on payment stablecoins backed 1:1 by Treasury bonds and cash equivalents.

Market reaction was immediate, with Circle's share price surging while traditional payment giants Visa and Mastercard saw declines. The House now faces key decisions on federal oversight frameworks and algorithmic stablecoin regulation as it reconciles the GENIUS Act with its own STABLE Act proposal.

Industry advocates including the Blockchain Association are pushing for swift House action, framing the legislation as critical for maintaining U.S. competitiveness in cryptocurrency markets. The regulatory clarity could provide tailwinds for compliant stablecoin issuers while potentially disrupting legacy payment networks.