US President Donald Trump called on Republicans to extend their full support to the GENIUS Act, a sweeping bill aimed at regulating stablecoins and asserting America’s dominance in the digital asset space.In a post on his social media platform Truth Social, Trump wrote, “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!). This is our moment – Digital Assets, GENIUS, Clarity! It is all part of Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE.”The US President said America is leading the world and will continue working with the Senate and House to push through more related legislation.Earlier, Trump wrote that he had met with 11 of the 12 lawmakers needed to pass the GENIUS Act, and after a brief discussion, all had agreed to vote in favour of the Rule the following morning.Describing the bill as a cornerstone of his MAGA agenda, he said, “Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible. I want to thank the Congressmen/women for their quick and positive response. MAKE AMERICA GREAT AGAIN!”
What Is the GENIUS Act?
The GENIUS Act is a proposed law that aims to introduce the first-ever federal framework to regulate stablecoins, cryptocurrencies whose value is tied to assets like the US dollar. The bill is designed to bring clarity and oversight to the rapidly growing digital asset market. Supporters say it balances the need for consumer protection with the push for financial innovation, despite ongoing political debates and concerns around transparency.Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins are used widely for digital payments, cross-border transfers, and decentralised finance (DeFi). The market for stablecoins has ballooned to nearly $250 billion, raising concerns about financial stability and the lack of regulation.The legislation sets out rules on how stablecoins are issued, the kind of reserves required to back them, and how transparent issuers need to be. It introduces federal oversight to close legal gaps and prevent misuse by bad actors. Supporters believe the bill brings long-needed clarity and safeguards to an industry that has largely operated without clear laws.
