Trump Pushes for Quick GENIUS Stablecoin Act Approval as US Eyes Leadership in Crypto Regulation
US President Donald Trump has appealed to the House of Representatives for the swift passage of the GENIUS Act, a landmark stablecoin regulation bill following its strong bipartisan approval in the Senate (68-30 vote). The GENIUS Act would impose strict regulatory requirements on payment stablecoin issuers, such as compulsory licensing, full reserve backing (1-to-1 with US Treasury bonds and cash equivalents), annual audits for major issuers (over $50 billion market value), and oversight mechanisms involving coordination with federal and state regulators. Trump highlighted the importance of rapid legislative action to avoid delays or amendments, aiming to boost significant investment and innovation in the US digital asset sector while challenging the dominance of legacy payment networks. Industry leaders, crypto advocates, and issuers, including Circle and Coinbase, expressed strong support, with notable market reactions: Circle shares jumped 34% and Coinbase rose 16%, while traditional payment players Visa and Mastercard fell by roughly 5%. The Act’s advancement signals a marked shift from prior Biden-era enforcement-led approaches, potentially positioning the US as a global hub for digital asset innovation. If passed by the House, Trump intends to sign the Act into law by August, a move expected to significantly impact the stablecoin market and shift the broader US crypto regulatory landscape. Traders are closely monitoring developments, as increased regulatory clarity could foster greater competition and adoption within the crypto market.
Bullish
The GENIUS Act’s advancement with bipartisan support and Trump’s vocal backing marks a pivotal step toward clear and comprehensive stablecoin regulation in the US. The regulatory clarity and supportive legislative environment are expected to attract institutional capital, foster innovation, and drive greater adoption of stablecoins and related digital assets. Short-term, this news has prompted significant positive market reactions, particularly for companies like Circle and Coinbase that stand to directly benefit from clear rules and heightened legitimacy. In the long-term, the move may enhance US leadership in the crypto sector, challenge established payment networks, and increase competition—a bullish scenario as traders often reward regulatory certainty and prospects for sector expansion.