Trump Wants To Pass The GENIUS Act "Lightning Fast"

President Donald Trump has urged the U.S. House of Representatives to pass the GENIUS Act “lightning fast” following its approval in the Senate. The bill, designed to regulate stablecoin payments, could play a pivotal role in modernizing America’s financial system and asserting U.S. dominance in the evolving digital asset landscape.

• Trump urges Congress to deliver a stablecoin bill to his desk “ASAP,” signaling a major shift in U.S. financial policy.
• The GENIUS Act sets a clear regulatory framework for stablecoin payments, including reserve backing and licensing.
• Supporters say the bill will speed up transactions and strengthen the U.S. dollar’s global position.

The Guiding and Establishing National Innovation for US Stablecoins Act—dubbed the GENIUS Act—aims to bring clarity and structure to the world of stablecoin payments. The bill mandates that all payment stablecoins be backed 1:1 with U.S. dollars, require state or federal licensing, and comply with Anti-Money Laundering (AML) regulations.

If enacted, the legislation could revolutionize how Americans transact. By enabling near-instant settlement and reducing dependency on traditional banking timelines, stablecoin payments may become a cornerstone of the modern financial infrastructure. 

Beyond speed and efficiency, the bill has implications for U.S. financial dominance. By regulating stablecoin development, lawmakers believe the dollar can retain its global influence in a digital-first world.

However, the bill’s journey hasn’t been without controversy. It initially failed a Senate cloture vote in May, primarily due to concerns about political entanglements and Trump’s rumored stablecoin development plans.

Expert Opinion and Quotes

Sen. Elizabeth Warren: “If the GENIUS Act goes forward without changes, Donald Trump will continue to line his pockets with his crypto scams - while his policies continue to tank the economy for the rest of us.” - Source

FAQs

What is the GENIUS Act?
The GENIUS Act outlines a regulatory structure for stablecoin payments, including requirements like 1:1 reserve backing and federal or state licenses for issuers.

Why are stablecoin payments important?
They enable near-instant, low-cost digital transactions, offering an efficient alternative to traditional banking processes.

How does the GENIUS Act affect stablecoin development?
It encourages stablecoin development by providing legal clarity and safeguarding consumer trust, potentially driving adoption at scale.

What concerns have been raised about the bill?
Some lawmakers worry about Trump’s personal crypto connections and the potential for financial gain through stablecoin development ventures.

Will this bill make the U.S. a leader in digital finance?
Supporters argue that by regulating stablecoin payments, the U.S. could solidify its leadership in the digital economy and maintain dollar dominance.