Cryptocurrency
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- Donald Trump has endorsed the GENIUS Act, calling it “incredible” and “desperately needed”
- The president has urged lawmakers in the House to pass the stablecoin legislation swiftly
- Trump’s remarks mark the most prominent political support for federal crypto regulation to date
President Donald Trump has thrown his support behind the GENIUS Act, a major piece of stablecoin legislation currently moving through Congress. In a post on Truth Social, Trump described the bill as “desperately needed and will help cement the USA as the future of crypto—and the future is now!” Trump urged the House of Representatives to pass the bill without delay, aligning himself with growing Republican interest in blockchain innovation, although critics will say that Trump is desperate to get the bill passed because it will benefit his growing crypto empire.
Cryptocurrency GENIUS Act Will “Cement the USA as the Future of Crypto”
Trump’s post, made Wednesday afternoon, praised the bill as “incredible” and part of “common sense regulation” that would protect consumers while promoting U.S. leadership in financial technology. “The GENIUS Act… has already passed the Senate with strong bipartisan support. Now it is time for the House to act,” he wrote. “OUR COUNTRY MUST BE THE LEADER IN THE FIELD, THERE IS NO SECOND PLACE!”
The GENIUS Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins*, would create the first federal framework for issuing dollar-backed digital tokens, setting clear rules requiring stablecoins to be fully backed by cash or short-term Treasuries and subject to regular audits. Only entities approved by federal regulators would be allowed to issue such coins, bringing to an end the tide of unbacked and untrustworthy stablecoins.
Cryptocurrency Bill Would Boost Trump’s Crypto Ambitions
The GENIUS Act passed the Senate this week by a wide margin, with bipartisan support rare for such a hot-button topic. Stablecoins, which serve as digital representations of the dollar, have exploded in use across crypto markets but remain loosely regulated, with lawmakers long debating how best to balance innovation with systemic risk.
Trump’s backing may give the bill a final push in the House, especially among Republicans who have traditionally been skeptical of digital assets. The president post ended with typical bravado: “MAKE AMERICA GREAT THROUGH CRYPTO!” However, Democrats have warned that Trump is only pushing the bill because it would benefit his World Liberty Financial crypto project, and in particular his USD1 stabelcoin. Prime among these critics is Elizabeth Warren, who was clear in her opprobrium:
“Donald Trump has turned the presidency into a crypto cash machine. The Genius act [should have] prohibited the President AND his family from profiting from any stablecoin project.”
Trump and the rest of the crypto community in the U.S. will be watching the imminent House vote on the GENIUS Act with intrigue, although only Trump will have the champagne in his hand as he does so.
