Trump says GENIUS Act for stablecoins ready for House vote after initial bump

Published 16/07/2025, 02:56
© Reuters

Investing.com-- President Donald Trump said late Tuesday that the GENIUS Act, a U.S. legislation regulating stablecoins, is ready to pass through the House of Representatives during the legislative “Crypto Week.”

In a Truth Social post, Trump stated, "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule."

"Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible. I want to thank the Congressmen/women for their quick and positive response," he added.

This follows the House’s 196-222 vote rejecting a procedural measure required to advance consideration of the crypto bills supported by the industry as a group of right-wing Republicans revolted.

The GENIUS Act, which already received bipartisan Senate approval in June, would for the first time create a federal framework for payment stablecoins, requiring liquid-asset backing, audits, monthly disclosures, and dual federal-state oversight.

This is the centerpiece of House-designated “Crypto Week,” during which lawmakers also plan votes on the CLARITY Act and a bill to ban a central bank digital currency.

The push has fueled a rally in bitcoin, which hit record highs above $123,000 earlier this week on optimism that these bills would boost regulatory clarity and institutional investment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.