GENIUS Act Faces Delays Despite Trump’s Urgency
Former President Donald Trump has urged the U.S. House of Representatives to rapidly pass the Senate-approved GENIUS Act, a landmark bill to regulate stablecoins. But key lawmakers suggest the legislative process may take longer, as critical differences between the House and Senate versions still need resolution.
“NO DELAYS, NO ADD ONS,” Trump posted on Truth Social, demanding a clean passage of the GENIUS Act before the August deadline he proposed.
Despite the urgency, House Financial Services Committee Chair French Hill indicated on Monday that the House is still evaluating the bill. Hill emphasized the importance of aligning both chambers and listening to members before committing to the Senate’s framework.
GENIUS vs. STABLE Act: Key Differences Remain
Hill acknowledged “subtle and material” differences between the Senate’s GENIUS Act and the House’s STABLE Act. These include:
- Extraterritoriality: Questions around the U.S. applying enforcement beyond its borders.
- State vs. Federal Oversight: The balance of regulatory power remains unresolved.
- Banking vs. Commerce Separation: Concerns about allowing corporations to issue stablecoins.
Finding common ground may require altering the GENIUS Act, something Trump has publicly opposed.
Three Paths Forward for Congress
Lawmakers now face three possible strategies:
- Pass the GENIUS Act as-is, sending it directly to Trump’s desk.
- Merge GENIUS with the STABLE Act, sending a revised version back to the Senate.
- Combine stablecoin bills with the broader Digital Asset Market Clarity Act, forming a comprehensive crypto regulation package.
Industry insiders warn that an all-in-one mega bill may risk delay or rejection due to its complexity.
Time Crunch Ahead of August Deadline
The crypto sector is hopeful, but realistic. Legislators are grappling with the mental and political bandwidth required to finalize crypto regulation before the summer recess.
“Crypto is taking a lot of time and energy for lawmakers,” one policy expert noted, stressing the need for clarity on whether bills will remain separate or be bundled together.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.