“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” Trump wrote. He urged the House to move “LIGHTNING FAST” to send the bill to his desk, emphasizing, “NO DELAYS, NO ADD ONS.”
The GENIUS Act was passed in the Senate on Tuesday with a strong bipartisan vote of 68-30. The bill now heads to the House, where Republicans maintain a narrow majority over Democrats. If passed, it would mark the first major federal legislation dedicated specifically to regulating stablecoins.
At the core of the GENIUS Act is a comprehensive regulatory framework for dollar-pegged payment stablecoins. It mandates strict 1:1 reserve backing, ensuring that each digital dollar is fully backed by an actual U.S. dollar or an equivalent low-risk asset. Issuers would be required to obtain either federal or state licenses and comply with Anti-Money Laundering (AML) protocols.
The bill also includes important consumer protection measures. Stablecoin issuers would be restricted from using customer reserves for anything beyond redemption or safe investments like short-term Treasury securities. This is intended to reduce systemic risks and avoid the kind of shadow banking issues that have plagued parts of the financial sector.
Senator Bill Hagerty, the bill’s sponsor, said the GENIUS Act would allow businesses and consumers to make near-instant payments instead of waiting days or weeks for traditional banking settlements.
While the bill has gained bipartisan support, it initially faced hurdles. A cloture vote in May failed due to concerns from several Senate Democrats, many of whom questioned Trump’s financial connections to the crypto industry.
Senator Elizabeth Warren was one of the bill’s most vocal critics, alleging that Trump and his family could earn “hundreds of millions” through his USD1 stablecoin venture. Others, like Senator Mark Warner, voiced caution but acknowledged the need for the U.S. to stay competitive in the evolving digital currency space.
The post Trump Urges Swift House Approval of GENIUS Act After Senate Passage appeared first on BitcoinLinux.com.
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