President Pushes for Immediate Action Following Senate Approval of Landmark Digital Asset Legislation
U.S. President Donald Trump has publicly called on the House of Representatives to pass the GENIUS Act, a landmark bill designed to regulate payment stablecoins, as quickly as possible following its successful passage in the Senate.
“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” Trump wrote in a June 20 Truth Social post.
“Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) passed the Senate on Tuesday in a 68–30 bipartisan vote. The legislation now awaits a vote in the Republican-controlled House, where it is expected to face both support and scrutiny from lawmakers on both sides of the aisle.
GENIUS Act Aims to Secure U.S. Leadership in Digital Currency
The GENIUS Act is widely seen as the most comprehensive federal framework for dollar-pegged stablecoins, digital assets that maintain a fixed value and are used in payments, remittances, and decentralized finance (DeFi).
Proponents of the bill argue that it will:
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Cement U.S. dollar dominance in global digital finance
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Create clear rules for stablecoin issuers
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Enable instantaneous, low-cost transactions
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Promote regulatory certainty for crypto innovation
“This bill will allow businesses of all sizes and Americans across the country to settle payments nearly instantaneously,” said bill sponsor Senator Bill Hagerty (R-TN).
“It’s a win for innovation, efficiency, and American leadership.”
Trump Ties Bill to Broader Economic Strategy
Trump’s endorsement of the GENIUS Act comes amid a broader push to position the U.S. as a leader in the digital asset economy. His administration has also floated plans for:
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A national Bitcoin reserve
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A crypto-friendly regulatory overhaul
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Promotion of U.S.-backed stablecoins in international trade
Trump’s public support for crypto marks a departure from past skepticism in Washington, especially during the early years of his presidency. With the 2026 election looming, analysts view his backing of digital assets as both strategic and political.
Democratic Resistance Remains
Despite the bill’s bipartisan support, several Democratic lawmakers have raised concerns — not about the framework itself, but about Trump’s potential conflicts of interest.
Senator Elizabeth Warren (D-MA) has been among the most vocal opponents, warning that Trump and his associates could personally profit from the bill’s passage. In particular, she referenced the USD1 stablecoin issued by World Liberty Financial, a platform reportedly tied to the Trump family.
“This is not about stablecoins,” Warren said in May.
“This is about a former president using the U.S. government to make hundreds of millions of dollars for himself and his family.”
Other Democrats, including Senator Mark Warner (D-VA), acknowledged the need for clear stablecoin rules but said lawmakers must avoid legislation that could enable self-dealing.
“The U.S. can’t afford to keep standing on the sidelines,” Warner said.
“But we also can’t pass a bill that opens the door to political profiteering.”
What’s in the GENIUS Act?
The GENIUS Act would establish federal oversight for payment stablecoins, focusing on transparency, consumer protection, and financial system stability. Key provisions include:
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1:1 reserve backing for all stablecoins
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Licensing requirements at the federal or state level for issuers
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Strict Anti-Money Laundering (AML) and Know Your Customer (KYC) checks
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Limits on the use of reserves, restricting investments to low-risk assets like U.S. Treasury repos
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A ban on fractional reserve banking by stablecoin issuers
The bill also gives regulatory authority to the Federal Reserve and state financial supervisors, creating a dual pathway for both banks and fintech companies.
Next Steps: House Vote and Trump’s Signature
The bill must now be taken up in the House of Representatives, where Republicans hold a slim majority. While the GOP broadly supports the bill, Democrats could propose amendments or delays linked to Trump’s crypto affiliations.
Trump, however, has called for an uncomplicated passage.
“NO DELAYS, NO ADD ONS,” he wrote in his Truth Social post.
“Get it to my desk. LIGHTNING FAST.”
If passed by the House, the bill will move to Trump’s desk for final approval and signature into law, marking the most significant federal crypto legislation in U.S. history.
A Boon for Stablecoin Industry and Digital Asset Ecosystem
Industry stakeholders have welcomed the Senate’s passage of the bill and Trump’s support. With a stable legal framework, companies such as:
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Circle (issuer of USDC)
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Tether
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Crypto exchanges (Coinbase, Kraken)
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Fintech platforms (PayPal, Stripe)
… could benefit from regulatory clarity, opening the door to mainstream adoption, institutional investment, and global payment innovation.
“With stablecoin volumes already surpassing Visa and Mastercard combined, the GENIUS Act will ensure the U.S. maintains dominance in digital payments,” said Treasury Secretary Scott Bessent in a recent statement.
Conclusion
The GENIUS Act has moved one step closer to becoming law — with Senate passage secured and Trump’s strong endorsement now placing pressure on the House to act swiftly. If passed without delay, the bill could signal a transformative moment in U.S. financial history — placing stablecoins at the center of a digitally driven, dollar-dominated global economy.
Whether political controversy around Trump’s crypto ventures will impact the bill’s momentum remains to be seen. For now, however, the message from the White House is clear: “Get it to my desk, ASAP.”
