Donald Trump urges swift GENIUS Act passage to dominate digital asset space

President Donald Trump, who has interests in the stablecoin USD1 via his involvement in World Liberty Financial, has called on the US House of Representatives to move quickly on the GENIUS Act, a new bill aimed at regulating stablecoins and boosting America’s role in the digital asset economy.

In a June 19 post shared on Truth Social, Trump demanded immediate action from lawmakers, saying he needed a clean version of the bill free from amendments or delays.

He said:

“The House will hopefully move [at] LIGHTNING FAST [pace], and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

The bill, formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, received strong bipartisan backing in the Senate earlier this week. It now awaits a vote in the House before reaching Trump’s desk for final approval.

Trump praised the Senate’s support and positioned the legislation as a turning point for US financial leadership.

He stated:

“[The Bill] 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.”

Stablecoins will drive dollar supremacy

US Treasury Secretary Scott Bessent also welcomed the bill’s progress, arguing that it could enhance the dollar’s global strength rather than weaken it.

According to him:

“Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy.”

He cited recent forecasts projecting that the stablecoin market could grow to $3.7 trillion by 2030. Bessent believes a regulatory framework like the GENIUS Act would encourage more adoption of dollar-backed tokens, boosting demand for US Treasuries and potentially reducing federal borrowing costs.

He wrote:

“This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy. It’s a win-win-win for everyone involved.”

Considering this, Bessent emphasized that the Trump administration is committed to establishing the United States as a hub for digital asset innovation, adding that:

“The GENIUS Act moves us one step closer to that goal.”

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