U.S. President Donald Trump has asked the House of Representatives to quickly approve the GENIUS Act without changing anything, saying he wants them to send the bill to him as soon as possible.
“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” he wrote. “Get it to my desk, ASAP NO DELAYS, NO ADD ONS.” Trump posted on Truth Social Thursday.
Finally the Senate has passed “GENIUS”
After months of delays and debate, the U.S. Senate has passed the GENIUS Act, a bill that establishes clear rules for stablecoins in the country.
This is considered a major win for the crypto industry, as it could allow banks, Wall Street firms, and tech companies to issue their own stablecoins and inject more capital into the market.
The bill received strong support in the Senate, passing with 68 votes in favor and 30 against. It will now move to the House of Representatives before it can officially become law.
What does it mean for the U.S. crypto market?
Once the GENIUS Act is approved by the House and signed into law, banks and certain tech companies will be allowed to issue their own stablecoins, provided they meet specific regulatory requirements.
This move is expected to further integrate digital currencies into the U.S. financial system.
Under the new law, stablecoin issuers must maintain adequate reserves and offer stronger protections in the event of bankruptcy. They are also required to back their stablecoins with liquid, secure assets such as U.S. dollars or Treasury bills and to publish monthly reports disclosing the composition of these reserves.
Why did it take so long?
Although the bill initially enjoyed strong bipartisan support, it was delayed due to a controversy earlier this year.
Concerns arose when it was revealed that World Liberty Finance, a company linked to U.S. president Donald Trump, was involved in suspicious financial dealings.
This sparked ethical and national security concerns, especially among Democrats, who called for tougher safeguards. The bill was temporarily stalled but later revised to include stricter protections, paving the way for renewed support and its eventual passage.
Crypto industry leaders are celebrating the vote as a major step forward for innovation and regulatory clarity in the U.S. digital asset space.
