Trump: Poised for Quick Crypto Win
President Donald Trump is set to achieve his first significant legislative victory in cryptocurrency policy next week. This win is anticipated as House Republicans prepare to accept and vote on a Senate bill that aims to create new rules for stablecoins.
This development marks a crucial moment for the crypto industry, which has long sought clear regulatory frameworks to foster mainstream adoption and attract traditional financial institutions.
House Vote: Senate’s GENIUS Act
The House of Representatives is scheduled to vote early next week on the Senate’s GENIUS Act. This landmark bill is designed to establish the first-ever U.S. regulatory framework specifically for stablecoins, which are cryptocurrencies pegged to the value of the dollar.
Having already passed the Senate with bipartisan support last month, the GENIUS Act is now poised to become the first major crypto regulatory measure to be adopted by Congress, setting a significant precedent for future digital asset legislation.
Industry Boost: Legitimacy and Adoption
President Trump’s signature on the stablecoin bill could provide a substantial boost to the crypto industry, which has struggled for years to gain mainstream acceptance. Crypto supporters are optimistic that a stamp of legitimacy from the U.S. government, coupled with a tailored regulatory framework they have actively lobbied for, will significantly enhance adoption.
This legal clarity is expected to open doors for traditional financial institutions to engage more actively with digital assets, potentially benefiting the President’s own family, whose sons launched a company last year that now issues a stablecoin.
Broader Crypto Rules: Concurrent House Votes
In addition to the stablecoin bill, the House will also hold votes next week on a broader overhaul of crypto rules. This includes legislation that would divide oversight of digital assets between different market regulators, aiming to clarify jurisdictional boundaries. A third proposal to ban a central bank digital currency (CBDC) in the U.S. will also be put to a vote. The House Rules Committee is scheduled to meet on Monday to consider these legislations, likely setting up a floor vote as early as Tuesday, indicating a comprehensive legislative push.
GENIUS Bill: Thwarted by GOP Senators
These upcoming votes will conclude an earlier push by some House Republicans to package all the crypto bills together, in an attempt to compel the Senate to take them up as a single legislative unit. However, that effort was ultimately thwarted by a public pressure campaign from GOP senators, who were backed by President Trump, advocating for the GENIUS bill to pass as a standalone measure. Key Senate Republicans have since vowed to advance a separate, standalone market structure bill in September, suggesting a more fragmented but still active legislative approach.
Proposed Changes: Hill’s Market Structure Bill
Although House Republicans are preparing to send the Senate stablecoin bill to President Trump without further amendments, they have not abandoned efforts to introduce changes to the measure. A new version of House Financial Services Chair French Hill’s sweeping market structure bill, unveiled by the Rules Committee on Thursday, includes a section that would insert several modifications into the GENIUS Act.
These proposed changes encompass revised accounting requirements and a provision that would allow for commodity-backed stablecoins, as well as tweaking language that requires public non-financial companies to get approval from a review committee to issue a stablecoin, extending this requirement to private companies.
Political Implications: Trump’s Crypto Stance
The impending passage of the stablecoin bill marks a significant political win for President Trump, solidifying his administration’s pro-crypto stance. This legislative achievement could be leveraged to demonstrate his commitment to fostering innovation in the digital asset space.
The outcome of these votes will not only shape the regulatory landscape for stablecoins and other digital assets but also underscore the increasing influence of cryptocurrency policy in U.S. politics, potentially impacting future electoral strategies and industry engagement.
