The White House is pushing the House to quickly get stablecoin legislation across the finish line with limited changes, frustrating efforts to tie the bill to a larger crypto framework and limiting the lower chamber’s ability to put its stamp on the measure.
After the Senate passed the GENIUS Act last week, President Trump called on the House to move “lightning fast” and get a “clean” bill to his desk without delay.
“Get it to my desk, ASAP — NO DELAYS, NO ADD ONS,” Trump wrote on Truth Social. “This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before!”
But the push to pass the stablecoin bill on its own cuts against efforts supported by some in the industry and Congress who worry that another key crypto bill — seeking to divvy up regulation of the broader crypto market — will lose momentum.
“From the House’s perspective, there is a significant risk that if the House passes stablecoins without a market structure bill, the Senate will just not take up the market structure bill in a timely fashion or at all,” said Jennifer Schulp, director of financial regulation studies at the Cato Institute’s Center for Monetary and Financial Alternatives.
The GENIUS Act, which lays out a regulatory framework for payment stablecoins, passed the Senate last week by a 68-30 vote, becoming the first major crypto legislation to clear the chamber.
While it marked a significant milestone for the crypto industry, the stablecoin bill represents just one part of the equation.
The second key priority for the Trump administration and GOP leadership has been legislation that would clearly split oversight of the digital asset market between two regulators — the Securities and Exchange Commission and the Commodity Futures Trading Commission. They hope to pass both bills by August.
Some House lawmakers have indicated they would like to tie market structure legislation — such as the Digital Asset Market Clarity Act that advanced out of the House Financial Services Committee earlier this month — to the stablecoin bill and pass them together.
Check out the full story at TheHill.com.