President Trump Calls the GENIUS Stablecoin Act a "Genius Peak" After Senate Passage, Urges House to Approve Quickly.
The U.S. Senate passed the GENIUS Act with bipartisan support, establishing the first federal legal framework for stablecoins and marking an important milestone in digital asset regulation. The bill requires stablecoins to be backed 1:1 by reserve assets, conduct monthly audits, and comply with anti-money laundering (AML) regulations, while allowing banks, fintech companies, and retailers to issue these digital currencies.
Donald Trump celebrated this success on Truth Social with enthusiastic language: "The Senate just passed a fantastic Bill that will make America the UNDISPUTED LEADER in Digital Assets — No one does it better, this is GENIUS Peak!" Trump emphasized digital assets as the future and called on the House to act "LIGHTNING FAST" to pass the "clean" act without any attached provisions.
He further affirmed this as a "MASSIVE investment opportunity and POWERFUL innovation" and demanded the bill be transferred to his desk "IMMEDIATELY — NO DELAY, NO ATTACHMENTS." Trump described this as "American brilliance at its highest level" and committed to showing the world how to "WIN with Digital Assets like never before."
Despite passing the Senate, the bill currently faces challenges in the House. The GENIUS Act focuses supervisory authority on the U.S. Treasury Department but encounters opposition from some representatives supporting a power-sharing oversight mechanism between different regulatory agencies. Some critics argue the bill lacks stronger mechanisms to prevent conflicts of interest, while others fear it could be a stepping stone to central bank digital currency (CBDC) issuance.
However, supporters – including many cryptocurrency industry businesses – argue that the GENIUS Act will strengthen the global role of the USD and modernize the U.S. financial system. Treasury Secretary Scott Bessent believes the act will boost demand for U.S. government bonds, creating dual benefits for both digital and traditional financial markets.
Trump's public support for the bill further increases its political momentum, shaping it as a victory for innovative creativity and American leadership in financial technology. If enacted, the act could pave the way for stablecoins to enter the traditional banking system, realizing Trump's vision of U.S. dominance in the global digital asset space.
