❓WHAT HAPPENED: The Senate passed the GENIUS Act in a 68-30 vote, aiming to position the U.S. as a leader in digital assets.
👤WHO WAS INVOLVED: President Donald J. Trump, the U.S. Senate, and the House of Representatives.
📍WHEN & WHERE: Senate approved the bill on Tuesday, with Trump urging the House to act on Wednesday.
💬KEY QUOTE: “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!” – Donald Trump.
🎯IMPACT: The GENIUS Act could establish the U.S. as a global leader in crypto and digital asset innovation.
President Donald J. Trump late Wednesday urged the House to speedily pass the Senate’s GENIUS Act, arguing it would propel the United States to become the world’s leader on crypto and digital assets. The upper chamber approved the legislation in a 68-30 vote on Tuesday.
The bill would enact new federal guidelines for stablecoins and create a framework for private companies to issue digital dollars. “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,” President Trump wrote on Truth Social.
“We are talking about MASSIVE Investment, and Big Innovation. The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act,” he continued, adding: “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!”
Trump’s Treasury Secretary, Scott Bessent, has lauded the bill, stating that “stablecoins could grow into a $3.7 trillion market by the end of the decade.”
“A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins,” Bessent wrote in a post on X (formerly Twitter), adding: “This newfound demand could lower government borrowing costs and help rein in the national debt.”
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