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Trump presses the House to pass the Genius Act on cryptocurrencies: "Get it to my desk, ASAP"

After the Senate's half-sanction, only the House's approval is needed to send the bill to the president's desk.

Trump and Johnson at the White House/ Brendan Smialowski.

Trump and Johnson at the White House/ Brendan Smialowski.AFP

Joaquín Núñez
Published by
Joaquín Núñez

Donald Trump called on the House of Representatives to pass the Genius Act, the first comprehensive federal framework for stablecoins. Following the Senate's half-sanction, only the House's approval is needed to send the bill to the president's desk.

With a broad bipartisan coalition, the Senate advanced the bill with 68 votes in favor and 30 against. 18 Democrats voted with nearly all Republicans, as Josh Hawley (R-MO) and Rand Paul (R-KY) joined in the negative.

Amid negotiations to pass both the "One Big, Beautiful Bill" and the spending cuts proposed by the Department of Government Efficiency (DOGE), the president pressed the House to pass the Genius Act as soon as possible.

"The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS! Digital Assets are the future, and our Nation is going to own it. We are talking about MASSIVE Investment, and Big Innovation. The House will hopefully move LIGHTNING FAST, and pass a “clean” GENIUS Act," the president expressed on his Truth Social account.

"Get it to my desk, ASAP — NO DELAYS, NO ADD ONS. This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before!", he added.

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What does the Genius Act do?

The legislation hopes to be the first regulatory framework on cryptocurrencies in the country, formalizing a multi-billion dollar industry. Unlike Bitcoin or Ethereum, a stablecoin is a type of cryptocurrency that is designed to always hold the same value. It is pegged to something stable, for example the dollar. Stablecoins are not issued by the Federal Government, but by private companies.

Among other things, it would do the following:

It encourages full backing. That is, if a company issues 100,000 stablecoins, it must have $100,000 held as a backup.

Monthly or annual audit, depending on the amount of reserves.

If the issuing company goes bankrupt, people holding stablecoins will have priority to get their money back.

Anti-money laundering measures are incorporated to prevent corruption.

Members of Congress and members of the Executive Branch will not be allowed to issue stablecoins, except for the president and vice president.

The legislation contemplates two types of stablecoin issuers: large and small. Large issuers would be those that have issued more than $10 billion and must meet requirements similar to those of a bank. On the contrary, the small ones are those that have issued 10 billion and must follow the clear ones of backing and transparency.
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