Key Insights
- President Trump announced that the GENIUS Act, aimed at regulating U.S. stablecoins, will likely pass the House early Wednesday after securing key congressional support.
- The bill, already approved by the Senate, mandates full backing of stablecoins with U.S. dollars or liquid assets, and introduces audit requirements for large issuers.
- Despite an earlier failed procedural vote, House leaders have scheduled a fresh vote on the GENIUS Act, CLARITY Act, and Anti-CBDC Act for Wednesday at 12:20 p.m.
WASHINGTON (MarketsXplora) — U.S. President Donald Trump announced late Tuesday that the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is poised to pass in the House of Representatives early Wednesday morning, in what could mark a pivotal moment for American digital asset regulation.
In a post on his Truth Social platform, Trump said he was in the Oval Office with 11 of the 12 lawmakers needed to advance the bill and confirmed that they had committed to voting in favor of the rule. “After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” he wrote.
Trump also noted that he spoke with House Speaker Mike Johnson, who reportedly affirmed he would bring the bill to a vote “as early as possible.”
GENIUS Act Gains Momentum After Trump Confirms Congressional Backing
The push follows a failed procedural vote earlier Tuesday in which lawmakers voted 196 to 223 against moving forward with three scheduled bills for the week — among them the GENIUS Act and the Digital Asset Market Clarity (CLARITY) Act. Despite the setback, discussions surrounding the two proposals have dominated Capitol Hill this week, prompting insiders to label the period “Crypto Week.”
The GENIUS Act, which has already cleared the Senate, proposes a regulatory framework that would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets. The legislation mandates annual audits for stablecoin issuers with market capitalizations exceeding $50 billion and includes specific provisions to govern stablecoin issuance by foreign entities.
Trump has emerged as one of the bill’s most vocal supporters, positioning it as a strategic tool for reinforcing U.S. dollar supremacy. “USD stablecoins will be central in strengthening dollar dominance,” he previously declared, adding that he expects the legislation to reach his desk before August.
In a sign of coordinated Republican leadership support, House Majority Leader Steve Scalise released an updated procedural schedule following Trump’s post, setting the stage for voting on the GENIUS Act, CLARITY Act, and the Anti-CBDC Act to begin at 12:20 p.m. on Wednesday.