Head of Trump’s Digital Asset Advisory Board Says White House Wants Stablecoin Bill Passed in House Before August

The U.S. Senate passed the "Guiding and Establishing the Nation’s Innovation in U.S. Stablecoins Act" (referred to as the GENIUS Act) on Tuesday. The bill has now been submitted to the Republican-controlled House of Representatives for review, and if approved, will be sent to Trump for his signature. The House passed a stablecoin bill last year, but the then Democrat-led Senate did not consider it, causing the bill to fail. After receiving funding from the cryptocurrency industry during his presidential campaign, Trump is now pushing for a comprehensive overhaul of U.S. crypto policy. Bo Hines, head of Trump’s Digital Asset Advisory Committee, stated that the White House hopes the bill will pass before August. (Reuters)
In related news, the Hong Kong SAR government today published the "Stablecoin Ordinance (Commencement Date) Notice" in the Gazette, designating August 1, 2025, as the effective date for the implementation of the Stablecoin Ordinance (Chapter 656) ("the Ordinance").