Trump Demands House Speed Pass GENIUS Act—Calls It ‘Game-Changing’ for America

Washington shakes as Trump throws weight behind 'historic' legislation.

The GENIUS Act—now racing through Congress—could rewrite the rules of innovation. Former President Trump's public push adds rocket fuel to the debate.

Key takeaways:

- High-stakes political maneuvering hits warp speed

- Both parties scrambling to position themselves

- Wall Street already pricing in potential winners (and lining up lobbyists)

One banking exec quipped: 'Finally, a bill that'll make our compliance department earn their bonuses.' The act's real impact? That depends on who's holding the pen when the ink dries.

Source: Trump’s Truth Social post via Bill Hargert/X

Focus turns to the House

The stablecoin bill garnered bipartisan support during its final passage in the Senate on the 17th of June.

The next stage will be consideration by the House, which also has a similar bill, the STABLE (Stablecoin Transparency and Accountability for Better Ledger Economy) Act. 

According to the blockchain intelligence firm TRM Labs, the key issues at the House will be, 

“The structure of federal oversight, coordination with state regulators, and the regulatory treatment of algorithmic stablecoins.”

For perspective, the GENIUS Act only focuses on ‘payment stablecoins’ backed one for one by U.S. treasury bonds and other cash equivalents. 

That said, the urgency for House approval on the bill was also echoed by Blockchain Association, an umbrella voice for crypto industry advocacy. 

“Now, the issue moves to the House, where we urge Members to act swiftly in determining the path forward for this important legislation.”

Industry leaders welcomed Trump’s stance on moving the legislation faster. This was a stark difference and relief from Biden-era enforcement action in the sector.

Reacting to the president’s clarion call, Bitwise CEO Hunter Horsley said, 

“2025 is different”

For his part, the U.S. Treasury Secretary Scott Bessent dismissed claims of crypto being a threat to the dollar and slammed governments for ignoring the sector for far too long. He added, 

“This administration is committed to establishing the United States as a hub for digital asset innovation, and the GENIUS Act moves us one step closer to that goal.”

Stablecoins or digital dollars offer near-instant, cheaper and flexible payments that rival slow and expensive traditional offerings by Visa and Mastercard.

In fact, the GENIUS Act passage showed the market was ready for the potential disruption of digital dollars. 

Visa and Mastercard shares dropped about 5% while Coinbase’s COIN and stablecoin issuer Circle (CRCL) shares jumped 16% and 34% respectively. 

Source: Google Finance  (Stock performance on 18th June) 

But some cautioned that the TradFi players shouldn’t be overlooked because they will probably unveil similar offerings.