Michaela
President Donald Trump has urged the House to quickly approve the GENIUS Act after the U.S. Senate has passed the Guiding and Establishing National Innovation for US Stablecoins Act by a majority vote. He aims to sign the bill into law soon.
In a post on his social media platform Truth Social, President Trump noted the Senate’s recent passage of a bill he described as one that will “make America the UNDISPUTED Leader in Digital Assets,” praising it as pure “genius.”
“Digital Assets are the future, and our Nation is going to own it. We are talking about MASSIVE Investment, and Big Innovation,” President Trump wrote. He expressed hope that the House would act “lightning fast” to pass a “clean” GENIUS Act.
“Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” President Trump further emphasized. “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.
Next up is a House vote, where Republicans hold a narrow majority over Democrats. Supporters of the GENIUS Act argue it is vital for preserving the US dollar’s dominance in global finance.
On June 17, the Senate passed the GENIUS Act with a 68-30 vote. Ahead of the vote, Senator Bill Hagerty, the bill’s sponsor, stated that once the GENIUS Act becomes law, businesses of all sizes, and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks.
The Senate approved the GENIUS Act on June 17 with a 68–30 vote, marking a significant step toward establishing a federal framework for payment stablecoins. Prior to the vote, bill sponsor Senator Bill Hagerty noted the legislation’s potential impact, noting that it would allow Americans and businesses nationwide to settle payments almost instantly, eliminating delays that currently stretch into days or even weeks.
Several Democratic lawmakers, including Senators Elizabeth Warren and Mark Warner, have raised concerns about President Trump and his family’s potential financial interests in the cryptocurrency sector. Senator Warren specifically warned that the Trump family stands to gain “hundreds of millions of dollars” from his USD1 stablecoin if the proposed legislation is enacted.
Despite sharing concerns about potential conflicts of interest, Senator Warner acknowledged that the United States cannot afford to remain on the sidelines as the cryptocurrency industry continues to advance.
Read More
- Trump Pushes Clear Crypto Regulations as Senate Preps GENIUS Act Vote
- US Senate Advances GENIUS Act Stablecoin Bill Amid Concerns
- Senate Advances GENIUS Act to Regulate $250B Stablecoin Market
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
