Trump Demands Quick Action on Senate-Passed Crypto Bill
President Donald Trump is applying significant pressure on House Republicans to rapidly adopt a “clean” version of the Senate-passed legislation aimed at regulating stablecoins, a key type of cryptocurrency. His call comes just two days after the Senate approved the measure, setting the stage for a potential legislative showdown in the House of Representatives.
Late Wednesday, the former president took to his Truth Social platform, urging the House to send the Senate’s stablecoin bill to his desk “LIGHTNING FAST.” He explicitly demanded “NO DELAYS, NO ADD ONS,” signalling his desire for the lower chamber to approve the bill without amendments.
This direct appeal serves as a strong message to House GOP leaders, including Financial Services Committee Chair French Hill (R-Ark.). House Republicans have been deliberating their approach: whether to accept the Senate’s bill as is, make changes, or potentially integrate it into a broader package of digital asset legislation.
Stablecoin Regulation: A First Step
The Senate-passed bill is significant as it would establish the United States’ first dedicated regulatory framework for stablecoins – digital tokens designed to maintain a stable value, often pegged to the U.S. dollar.
While House Republicans generally support enacting stablecoin legislation, they have reservations about simply rubber-stamping the Senate version, reportedly known as the “GENIUS Act.” The House Financial Services Committee advanced its own stablecoin bill in April, which shares similarities with the Senate proposal but includes notable differences.
Trump Praises Senate Bill as ‘Pure Genius’
In his social media post, Trump lauded the Senate bill, calling it “incredible” and predicting it would position America as the “UNDISPUTED Leader in Digital Assets.” He emphasized that “Digital Assets are the future” and that the U.S. is poised to “own it,” anticipating “MASSIVE Investment, and Big Innovation.”
House Weighs Broader Crypto Legislation
Representative French Hill, a long-time advocate for industry-friendly crypto policies, is exploring the most effective path to pass multiple digital asset bills this year. A primary consideration is packaging the stablecoin legislation with a larger “market structure” bill. This broader measure is seen by many Republicans as crucial for the crypto industry, as it would clarify regulatory oversight by dividing responsibilities between different market regulators.
According to a statement from Hill’s spokesperson, Brooke Nethercott, the Arkansas congressman is “looking forward to continued collaboration with our members and House leadership as we work toward a path forward.”
However, some House Republicans fear that passing only the Senate stablecoin bill, even if reconciled with their own version, could diminish momentum for advancing the more comprehensive market structure legislation. The market structure bill impacts a wider segment of the crypto industry compared to the narrower focus of the stablecoin measure.
Senate Seeks a Quick Win
In contrast, Senate Republicans are keen to secure a swift legislative victory by getting their stablecoin bill to Trump’s desk without further complications. The bill resulted from months of complex negotiations. Senators are concerned that attaching it to a larger, more intricate crypto package could make passage through the Senate significantly harder, requiring Democratic support to overcome the 60-vote threshold.
Senator Bill Hagerty (R-Tenn.), the lead sponsor of the Senate bill, expressed his objective last week, stating his “goal is just to put a win in place for the American public and have it for the president to sign before the Fourth of July.” He believes there’s a clear opportunity for a “great win here right now.” Hagerty indicated that any modifications to the bill, such as including market structure provisions, would necessitate extensive rework and a return to the Senate.
