Trump Pushes House To Pass Stablecoin Bill In Milestone For Crypto Industry
Senate Republicans are once again forcing a high-stakes showdown with the House — and this time, the clash centers on one of President Donald Trump’s signature second-term policy ambitions: securing America’s dominance in the global cryptocurrency revolution.
Much like the earlier megabill confrontation, the brewing dispute is less about whether to advance Trump’s agenda and more about how aggressively and how quickly to execute it. The Senate has already moved ahead, greenlighting a bipartisan stablecoin bill last month. But House Republicans are debating whether to simply pass that measure or seize the moment to launch a sweeping expansion of U.S. crypto policy. Their plan: return next week with a full “crypto week” to push their case.
For years, House conservatives crafted robust digital-asset legislation that Senate Democrats refused to touch. Now, with Trump back in the White House and the political winds shifting, House leaders want to vote not only on the Senate’s stablecoin package but also on their own far more ambitious “market structure” overhaul that reforms securities and commodities rules governing cryptocurrency trading.
Their biggest hurdle? President Trump — along with Senate Republicans — is demanding that the stablecoin bill move immediately and without changes. Trump has made clear he wants a rapid approval of the “clean” legislation as a cornerstone of turning the United States into the world’s crypto capital. Key GOP senators are also signaling they won’t touch the broader market structure package until at least September.
Senate Republicans argue that reopening negotiations would sink the bill by driving away Democrats needed for passage. As Sen. Bill Hagerty (R-Tenn.), lead sponsor of the Senate’s stablecoin package — the GENIUS Act — put it: “For me to get eight or nine Democrats to vote for something here is extraordinarily difficult to do.”
House GOP leaders have already said they won’t formally merge the stablecoin bill with their larger regulatory overhaul, though they’ve left open the possibility of amending the Senate text. Meanwhile, House Financial Services Chair French Hill continues behind-the-scenes negotiations on his sweeping market structure proposal, the centerpiece of House Republicans’ crypto agenda, ahead of next week’s floor showdown.
The Senate’s bipartisan vote last month marked a watershed moment for digital assets. The GENIUS Act — establishing the first comprehensive federal standards for dollar-tethered cryptocurrency tokens known as stablecoins — sailed through the chamber 68–30, as Reuters reported. Several Democrats broke ranks to join the GOP majority in supporting the regulatory framework.
The legislation must now clear the Republican-controlled House before heading to President Donald Trump’s desk for signature.
“It is a major milestone. It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry,” said Andrew Olmem, managing partner at Mayer Brown and former deputy director of the National Economic Council during Trump’s first term.
Stablecoins — designed to maintain a 1:1 peg with the U.S. dollar — have become essential tools for crypto traders, enabling quick transfers and on-demand liquidity across digital markets. Advocates argue they are crucial for instant payments and broader financial innovation, contributing to surging adoption in recent years.
If enacted, the GENIUS Act would require all stablecoins to be fully backed by liquid assets such as short-term Treasurys and cash, while mandating public monthly disclosures of those reserves. The industry has long pressed lawmakers to codify such guardrails, asserting that clear regulations will accelerate mainstream adoption. Crypto interests poured more than $119 million into pro-crypto congressional campaigns last cycle in hopes of securing exactly this kind of framework.
The House passed a stablecoin bill last year, but Senate Democrats refused to advance it, leaving the measure to die.
Now, with President Trump aggressively pushing for U.S. crypto leadership — a major theme of his presidential campaign — the White House is seeking the fastest path to regulatory certainty. Bo Hines, head of Trump’s Council of Advisers on Digital Assets, confirmed the administration’s timeline, saying the President aims to sign a stablecoin bill by August.