Trump Urges Swift Passage of GENIUS Act Following Senate Approval

U.S. President Donald Trump is calling on House lawmakers to act quickly on the GENIUS Act, a stablecoin-focused bill that passed the Senate on Tuesday in a 68-30 vote.

The bill aims to create a comprehensive federal framework for the issuance and regulation of stablecoins, including standards for reserves, audits, and licensing. Trump praised the legislation as “incredible” and described it as a path toward making “America the UNDISPUTED Leader in Digital Assets.”

On Truth Social, he urged swift House approval: “The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.” He added, “This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before.”

While the Senate vote marks a major milestone, the bill faces a more divided reception in the House. Lawmakers are debating whether to pass the GENIUS Act as-is or to fold it into broader crypto legislation, such as the CLARITY or STABLE Acts.

Concerns around conflicts of interest—particularly tied to the Trump family’s involvement in the digital asset space—remain a sticking point. The final Senate version allows the sitting president, vice president, and their families to participate in stablecoin ventures. Critics say this leaves the door open to corruption, especially in light of the Trump-affiliated stablecoin USD1, now the eighth-largest by market cap.

“In advancing these bills, lawmakers forfeited their opportunity to confront Trump’s crypto grift—the largest, most flagrant corruption in presidential history,” said Bartlett Naylor of Public Citizen.

Senator Elizabeth Warren raised further alarms, warning of potential abuses by tech giants: “If Congress doesn’t fix it, billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg could launch stablecoins that track your purchases, exploit your data, and squeeze out competitors,” she said.

GENIUS Act Boosts Stablecoin Stocks as Market Responds to Regulatory Clarity

The Senate’s approval of the GENIUS Act has already begun to ripple through financial markets, particularly benefitting firms most closely tied to stablecoin infrastructure.

Both Coinbase and Circle—the issuer of USDC—saw their share prices surge in the wake of the Senate vote. Circle (NYSE: CRCL) jumped 19.9% to hit an all-time high of $178.74, while Coinbase (Nasdaq: COIN) rose 11.9% to $283.78. The gains reflect growing investor optimism that a regulatory framework could de-risk the stablecoin industry and encourage greater institutional adoption.

The companies are closely linked through a revenue-sharing agreement: they split the interest earned on the cash reserves backing USDC, which has now reached a $61.4 billion market capitalization, according to CoinGecko. Circle handles deposits, issues new USDC tokens, and maintains dollar or dollar-equivalent reserves to support redemptions—generating interest income while the stablecoins remain in circulation.

Both Circle CEO Jeremy Allaire and Coinbase CEO Brian Armstrong have voiced strong public support for the GENIUS Act, citing it as a crucial step toward financial innovation and global competitiveness.

Coinbase reported $297 million in Q1 2025 from its revenue-sharing arrangement with Circle, up significantly from $197 million in Q1 2024. With stablecoin legislation progressing, investors view this regulatory clarity as a tailwind for future revenue growth.