US President Donald Trump on Tuesday (Jul 11) took to social media to wish everyone a “HAPPY CRYPTO WEEK”. He said that the House will soon vote on a “tremendous” bill to make America the “undisputed, number one leader in digital assets”. He added that the GENIUS Act will put the United States “lightyears ahead” of China, Europe and other nations. He further urged all republicans to vote for the bill, saying that it will make the country “bigger and better than before”. This comes as the US House of Representatives is set to pass a series of crypto-related bills this week.&nbsp;The US president wrote on his Truth Social platform, “HAPPY CRYPTO WEEK! The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets - Nobody does it better! The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!).”&nbsp;He further added, “This is our moment - Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!”&nbsp;<h2>What is GENIUS Act?</h2>&nbsp;The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data. It will help build a clearer framework for banks, companies and other entities to issue digital currencies. A stablecoin is a type of cryptocurrency that attempts to keep its value stable, while crypto assets like Bitcoin are volatile in nature.&nbsp;The bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

The GENIUS bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

US President Donald Trump on Tuesday (Jul 11) took to social media to wish everyone a “HAPPY CRYPTO WEEK”. He said that the House will soon vote on a “tremendous” bill to make America the “undisputed, number one leader in digital assets”. He added that the GENIUS Act will put the United States “lightyears ahead” of China, Europe and other nations. He further urged all republicans to vote for the bill, saying that it will make the country “bigger and better than before”. This comes as the US House of Representatives is set to pass a series of crypto-related bills this week. The US president wrote on his Truth Social platform, “HAPPY CRYPTO WEEK! The House will soon VOTE on a tremendous Bill to Make America the UNDISPUTED, NUMBER ONE LEADER in Digital Assets - Nobody does it better! The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote done this afternoon (ALL REPUBLICANS SHOULD VOTE YES!).” He further added, “This is our moment - Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE. We are leading the World, and will work hard with the Senate and the House to get even more Legislation on this passed!” What is GENIUS Act? The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data. It will help build a clearer framework for banks, companies and other entities to issue digital currencies. A stablecoin is a type of cryptocurrency that attempts to keep its value stable, while crypto assets like Bitcoin are volatile in nature. The bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

The GENIUS bill has already been passed in the Senate in mid-June, and the House will vote on the bill on Tuesday (Jul 11).

‘HAPPY CRYPTO WEEK!’: Trump urges Republicans to vote ‘YES’ ahead of GENIUS Act voting in House

In a defining moment for the crypto industry, the United States Senate has passed the GENIUS Act, a bill that sets up the first comprehensive regulatory framework for stablecoins, or digital tokens pegged to the US dollar.&nbsp;The bipartisan legislation, which passed with a 68-30 vote on Tuesday, marks a historic step in regulating the fast-growing stablecoin market. But it also arrives amid growing scrutiny of President Donald Trump’s personal and political ties to the digital asset industry.&nbsp;As reported by Reuters, the bill officially named the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires stablecoin issuers to hold full reserves in liquid assets like US dollars and short-term Treasury bills.&nbsp;&nbsp;It also mandates monthly public disclosures and compliance with anti-money laundering norms.<h2>Why stablecoins matter</h2>Stablecoins are a subset of cryptocurrencies designed to maintain a fixed value, typically pegged 1:1 to the US dollar. Unlike volatile tokens like Bitcoin, stablecoins allow for faster, cheaper digital payments, posing a direct challenge to traditional financial rails.&nbsp;According to a Deutsche Bank study, stablecoin transaction volumes exceeded $28 trillion in 2024, surpassing Visa and Mastercard combined.&nbsp;&nbsp;US-based platforms such as Coinbase, Stripe, and Shopify are already integrating stablecoin-based payments like USDC, signalling a broader shift in the way Americans move money.<h2>A political win for the crypto lobby</h2>The GENIUS Act is the crypto industry’s first major legislative win in Washington. As per Reuters, the sector spent more than $119 million lobbying Congress and backing pro-crypto candidates during the 2024 elections.&nbsp;It also comes as President Trump ramps up efforts to shape crypto policy. His campaign has been actively courting crypto donors, and his allies have been pushing for regulatory clarity in what’s now considered the most pro-crypto Congress in US history.&nbsp;Bo Hines, who chairs Trump’s Council of Advisers on Digital Assets, has said the White House wants a stablecoin law on the books by August.&nbsp;But that aggressive push has raised eyebrows and drawn criticism.<h2>Trump’s billion-dollar crypto empire</h2>According to recent financial disclosures cited by Reuters, Trump earned at least $57 million in 2024 from crypto-related ventures.&nbsp;&nbsp;He holds nearly 16 billion WLFI tokens, governance rights in World Liberty Financial, a crypto firm he partially owns. On paper, those holdings could be worth close to $1 billion.&nbsp;Trump’s digital asset portfolio doesn’t stop there. His crypto ventures include:      •     A meme coin named $TRUMP      •     A $2.5 billion bitcoin reserve      •     Plans for Bitcoin and Ethereum ETFs via Truth.Fi      •     A newly launched mining firm called American Bitcoin&nbsp;While the White House claims Trump’s assets are held in a family-managed trust, critics argue the legislation doesn’t go far enough in addressing presidential conflicts of interest.&nbsp;Senator Jeff Merkley, a Democrat from Oregon, accused Republicans of “rubber-stamping Trump’s crypto corruption,” warning that the bill paves the way for financial self-dealing at the highest levels of government.<h2>House battle looms: STABLE vs GENIUS</h2>Though the Senate has passed the GENIUS Act, the bill still faces hurdles in the Republican-controlled House of Representatives, which is reviewing its own version dubbed the STABLE Act.&nbsp;Both bills agree on key guardrails: no yield-bearing stablecoins and mandatory full-reserve backing. But they diverge on regulatory oversight.&nbsp;&nbsp;While the GENIUS Act centralises supervision with the US Treasury, the House bill splits it among the Federal Reserve, the Comptroller of the Currency, and other agencies.Reconciling the two bills is expected to be complex, congressional aides told Reuters.<h2>A clash of ideologies</h2>The bill’s passage underscores a broader clash in Washington over how to balance innovation and regulation in the crypto space.&nbsp;Senator Elizabeth Warren and others have warned that the GENIUS Act lacks sufficient safeguards, including restrictions on foreign stablecoin issuers and Big Tech players seeking to issue their own digital currencies.&nbsp;In response, the Conference of State Bank Supervisors called for “critical changes” to avoid weakening state-level financial oversight.&nbsp;Despite these concerns, supporters say the bill is a crucial first step.&nbsp;“This is a major milestone,” said Andrew Olmem, a former Trump adviser and current partner at law firm Mayer Brown, as quoted by Reuters. “It finally gives the industry a rulebook.”<h2>What’s next?</h2>With Trump’s crypto holdings under the spotlight and the House gearing up for its own stablecoin debate, the battle over how the US regulates digital money is far from over.&nbsp;But one thing is clear, digital dollars are no longer a fringe idea.&nbsp;&nbsp;With political power and big money behind them, stablecoins are entering the American financial mainstream, and the rules are just beginning to be written.&nbsp;(With inputs from the agencies) &nbsp;

The GENIUS Act sets the stage for US stablecoin regulation amid rising scrutiny of Trump’s billion-dollar crypto empire and political lobbying in Washington.

In a defining moment for the crypto industry, the United States Senate has passed the GENIUS Act, a bill that sets up the first comprehensive regulatory framework for stablecoins, or digital tokens pegged to the US dollar. The bipartisan legislation, which passed with a 68-30 vote on Tuesday, marks a historic step in regulating the fast-growing stablecoin market. But it also arrives amid growing scrutiny of President Donald Trump’s personal and political ties to the digital asset industry. As reported by Reuters, the bill officially named the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires stablecoin issuers to hold full reserves in liquid assets like US dollars and short-term Treasury bills. It also mandates monthly public disclosures and compliance with anti-money laundering norms. Why stablecoins matter Stablecoins are a subset of cryptocurrencies designed to maintain a fixed value, typically pegged 1:1 to the US dollar. Unlike volatile tokens like Bitcoin, stablecoins allow for faster, cheaper digital payments, posing a direct challenge to traditional financial rails. According to a Deutsche Bank study, stablecoin transaction volumes exceeded $28 trillion in 2024, surpassing Visa and Mastercard combined. US-based platforms such as Coinbase, Stripe, and Shopify are already integrating stablecoin-based payments like USDC, signalling a broader shift in the way Americans move money. A political win for the crypto lobby The GENIUS Act is the crypto industry’s first major legislative win in Washington. As per Reuters, the sector spent more than $119 million lobbying Congress and backing pro-crypto candidates during the 2024 elections. It also comes as President Trump ramps up efforts to shape crypto policy. His campaign has been actively courting crypto donors, and his allies have been pushing for regulatory clarity in what’s now considered the most pro-crypto Congress in US history. Bo Hines, who chairs Trump’s Council of Advisers on Digital Assets, has said the White House wants a stablecoin law on the books by August. But that aggressive push has raised eyebrows and drawn criticism. Trump’s billion-dollar crypto empire According to recent financial disclosures cited by Reuters, Trump earned at least $57 million in 2024 from crypto-related ventures. He holds nearly 16 billion WLFI tokens, governance rights in World Liberty Financial, a crypto firm he partially owns. On paper, those holdings could be worth close to $1 billion. Trump’s digital asset portfolio doesn’t stop there. His crypto ventures include:       •     A meme coin named $TRUMP       •     A $2.5 billion bitcoin reserve       •     Plans for Bitcoin and Ethereum ETFs via Truth.Fi       •     A newly launched mining firm called American Bitcoin While the White House claims Trump’s assets are held in a family-managed trust, critics argue the legislation doesn’t go far enough in addressing presidential conflicts of interest. Senator Jeff Merkley, a Democrat from Oregon, accused Republicans of “rubber-stamping Trump’s crypto corruption,” warning that the bill paves the way for financial self-dealing at the highest levels of government. House battle looms: STABLE vs GENIUS Though the Senate has passed the GENIUS Act, the bill still faces hurdles in the Republican-controlled House of Representatives, which is reviewing its own version dubbed the STABLE Act. Both bills agree on key guardrails: no yield-bearing stablecoins and mandatory full-reserve backing. But they diverge on regulatory oversight. While the GENIUS Act centralises supervision with the US Treasury, the House bill splits it among the Federal Reserve, the Comptroller of the Currency, and other agencies. Reconciling the two bills is expected to be complex, congressional aides told Reuters. A clash of ideologies The bill’s passage underscores a broader clash in Washington over how to balance innovation and regulation in the crypto space. Senator Elizabeth Warren and others have warned that the GENIUS Act lacks sufficient safeguards, including restrictions on foreign stablecoin issuers and Big Tech players seeking to issue their own digital currencies. In response, the Conference of State Bank Supervisors called for “critical changes” to avoid weakening state-level financial oversight. Despite these concerns, supporters say the bill is a crucial first step. “This is a major milestone,” said Andrew Olmem, a former Trump adviser and current partner at law firm Mayer Brown, as quoted by Reuters. “It finally gives the industry a rulebook.” What’s next? With Trump’s crypto holdings under the spotlight and the House gearing up for its own stablecoin debate, the battle over how the US regulates digital money is far from over. But one thing is clear, digital dollars are no longer a fringe idea. With political power and big money behind them, stablecoins are entering the American financial mainstream, and the rules are just beginning to be written. (With inputs from the agencies)

The US Senate has passed the landmark GENIUS Act, giving stablecoins their first clear rulebook as Trump’s deep crypto ties spark conflict-of-interest concerns.

GENIUS Act: US Senate passes landmark crypto bill amid Trump’s billion-dollar stablecoin push

trump-crypto

Trump Crypto, News on Trump Crypto, stories on Trump Crypto, articles on Trump Crypto, Trump Crypto stories at Wion, Trump Crypto news, Trump Crypto latest news

trump crypto

‘HAPPY CRYPTO WEEK!’: Trump urges Republicans to vote ‘YES’ ahead of GENIUS Act voting in House

GENIUS Act: US Senate passes landmark crypto bill