TL;DR
- President Donald Trump confirms that a renewed vote on the GENIUS Act will take place today after the first attempt failed to advance.
- The GENIUS Act aims to ensure that stablecoins are fully backed and audited to strengthen the U.S. dollar’s global role.
- Trump says top House members and Speaker Mike Johnson have committed to pushing the bill through without further delay.
After Tuesday’s unexpected setback in the House, President Trump has doubled down on his promise that the GENIUS Act will clear its final hurdle today. In a post on Truth Social, he described meeting with key lawmakers who pledged their votes for the new round. The bill, formally named the Guiding and Establishing National Innovation for U.S. Stablecoins Act, outlines clear rules for stablecoin issuers to operate with full dollar backing, annual audits, and oversight for foreign-issued coins.
Supporters argue this approach could boost investor trust in dollar-backed digital assets and keep the United States at the forefront of financial innovation. Trump, who has recently positioned himself as a vocal supporter of crypto-friendly policies, insists that regulated stablecoins could reinforce the dollar’s position as the world’s reserve currency while giving the crypto market a reliable foundation for future growth and broader adoption.
Stablecoins Seen As Pillar For Dollar Strength
Under the proposed rules, any stablecoin issuer with over $50 billion in market value would need to undergo regular audits and prove liquidity backing equal to all tokens in circulation. Advocates say this framework would bring more clarity for businesses and help legitimize stablecoins as part of everyday transactions and global remittances. Trump has made clear that passing the GENIUS Act is a priority ahead of his push for broader digital asset reforms.
House Expected To Tackle More Crypto Bills
Alongside the GENIUS Act, House leaders will revisit the CLARITY Act and the Anti-CBDC Act in the same voting session. Majority Leader Steve Scalise confirmed that proceedings are scheduled to start at 12:20 p.m. today. Lawmakers in favor argue that clear rules for stablecoins and limits on central bank digital currencies are necessary steps to protect private innovation.
Market analysts see this renewed push as a sign that stablecoins could soon play a bigger role in both domestic payments and cross-border trade. If the GENIUS Act makes it through today’s vote, the crypto sector may gain new momentum heading into the second half of the year, giving investors and developers clearer ground to build on and plan future projects.
