President Donald Trump lauded the Senate’s passing of the stablecoin legislation Wednesday, urging Congress to get it to his desk without delays.
What Happened: In a Truth social post, Trump said that the “incredible” GENIUS Act would position the U.S. as the “undisputed” leader in digital assets.
“Nobody will do it better, it is pure GENIUS!” Trump stated. “Digital Assets are the future, and our Nation is going to own it.”
He further emphasized the potential for massive investment and innovation and asked the House, where the bill will be debated next, to move “lightning fast.”
“Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump added.
According to a Benzinga report, the GENIUS Act, or the Guiding and Establishing the National Innovation for U.S. Stablecoins Act of 2025, is expected to pass by the end of summer.
Why It Matters: The Senate passed the GENIUS Act on Tuesday, a bill establishing the country's first regulatory framework for dollar-pegged cryptocurrencies, such as Tether USDT/USD and USD Coin USDC/USD. The cryptocurrency industry celebrated the development, while Treasury Secretary Scott Bessent said that the passage might help stablecoins grow into a $3.7 trillion market by the end of the decade.
However, some experts have expressed concerns. Former Bank of England economist Dan Davies warned that stablecoins could pose a ‘systemic risk’ to U.S. banks and the dollar. He compared stablecoin issuers to banks that lack the oversight and safeguards of traditional institutions.
The bill passed the closure vote last month despite vehement opposition by Sen. Elizabeth Warren (D-Mass), who alleged that the legislation would “turbocharge” Trump’s corruption, citing the family-backed USD1 stablecoin initiative. Trump reported incomes exceeding $57 million from World Liberty Financial, the firm behind USD1, in his latest disclosure.
Photo courtesy: Maxim Elramsisy / Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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