US President Donald Trump asked the House of Representatives to pass the Guiding and Establishing National Innovation for US Stablecoins Act as soon as possible.
He said the Senate had already approved the bill, and he was ready to sign it into law. The goal is to make America the clear leader in digital assets.
Senate Backing and Next Steps
On Tuesday, the Senate passed the GENIUS Act by a vote of 68 to 30. With Republicans holding a slim majority, the measure now moves to the House.
Trump used his Truth Social channel on Thursday to demand a “lightning fast” vote and no changes or additions to the text.
Supporters Highlight Consumer Safeguards
Proponents say the bill will protect consumers and set clear rules for stablecoins. Christian Catalini, founder of the MIT Cryptoeconomics Lab, told ABC News that the act will help these tokens become a normal tool for daily payments. They believe a standard framework will boost trust and encourage investment.
Also Read: U.S. Bancorp Eyes Stablecoin Sector, Says CEO Gunjan Kedia
Not everyone agrees. Some warn that the GENIUS Act does not fix conflicts of interest, especially given Trump’s public comments on crypto. Opponents argue the rules are too weak and could expose users and the wider financial system to harm if stablecoins fail or are mismanaged.
What the GENIUS Act Covers?
The measure focuses on issuing and trading stablecoins, which are digital tokens backed by assets like US dollars or gold.
It sets requirements for issuers to hold reserves and submit to regular audits. The aim is to prevent runs and sudden losses that could ripple through the market.
Stablecoins and Dollar Dominance
Many backers see stablecoins as a way to keep the US dollar at the centre of global finance. They say faster settlement times will help businesses and individuals move money without waiting days for bank transfers.
Senator Bill Hagerty, the bill’s sponsor, noted that near‑instant payments could benefit companies of all sizes across the country.
JPMorgan Tests New Token
In related news, JPMorgan Chase began testing its digital deposit token, called JPMD. This week, the bank sent a set amount of the token to the crypto exchange Coinbase.
The move signals that big banks are also exploring how digital tokens could speed up payments and settlements.
House Decision Looms
With the Senate’s vote complete and Trump pushing for quick action, the House faces pressure to act.
Lawmakers must weigh the benefits of clear rules and faster payments against concerns over oversight and market stability. The final text could shape the future of digital money in the United States.
Also Read: Senate Advances Cross-Party GENIUS Act To Regulate Stablecoins With Procedural Vote 66-32