Trump Announces Congressional Breakthrough on GENIUS Act, Paving Way for Stablecoin Regulation

President TRUMP declared a legislative victory for the GENIUS Act, securing commitments from 11 of 12 needed Congress members during an Oval Office meeting. House Speaker Mike Johnson participated remotely, endorsing accelerated proceedings. This marks a sharp reversal from Tuesday's failed procedural vote, where Republican infighting blocked bundled "Crypto Week" legislation.

The GENIUS Act creates the first federal framework for dollar-pegged stablecoins, granting Treasury Department oversight while enabling private sector issuance. June's 68-30 Senate passage demonstrated rare bipartisan alignment, despite Democratic concerns over Trump's crypto ties. Treasury Secretary Scott Bessent projects the U.S. stablecoin market could surge to $2 trillion within years under the new regime.