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President Donald Trump applauded the Senate’s Tuesday approval of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a significant piece of cryptocurrency legislation that had previously faced delays in the upper chamber.
The president posted his encouragement on Truth Social on Wednesday, urging the bill to be sent to his desk immediately.
“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS! Digital Assets are the future, and our Nation is going to own it. We are talking about MASSIVE Investment, and Big Innovation,” Trump wrote.
“The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS. This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before!” he continued.
Spearheaded by Senate Banking Committee Chairman Tim Scott, R-S.C., the bill drew bipartisan support after advancing through committee earlier this year. Scott, a former presidential candidate, called the legislation “the first of its kind” in an interview with Fox News Digital after the Senate vote.
The GENIUS Act aims to establish a federal regulatory framework for payment stablecoins, marking a significant move by Congress to more seriously engage with the cryptocurrency industry.
Ahead of the vote, Treasury Secretary Scott Bessent expressed support for the legislation, highlighting the potential growth of the stablecoin sector. “Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade,” Bessent wrote on X. “That scenario becomes more likely with passage of the GENIUS Act.”
The bill now heads to the House, where it faces another round of debate and voting. If approved, it would move to President Trump’s desk for signature. Scott said he is hopeful the legislation will become law within the next two months.
Trump has long sought to improve efforts in cryptocurrency, with his 2024 presidential campaign taking up the cause and leading to him being dubbed the cryptocurrency president.
