Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

June 19, 2025

US President Donald Trump has called on the House of Representatives to swiftly pass the GENIUS Act without making any amendments, urging lawmakers to deliver the bill to his desk “ASAP.”

In a post on Truth Social Thursday, Trump celebrated the Senate’s approval of the bill and warned against any attempts to delay or tweak it.

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” he wrote. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

The push comes a day after the Senate passed the GENIUS Act in a 68 to 30 vote, with 18 Democrats joining most Republicans in support.

Formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, the bill represents Congress’s first major attempt to regulate stablecoins, which are crypto tokens pegged to the US dollar.

GENIUS Act Faces Scrutiny Over Trump’s Crypto Gains Ahead of House Debate

Next, the House is expected to take up the measure, with Republicans holding a narrow majority. While GOP leadership is likely to support the bill, partisan tensions remain.

The GENIUS Act failed its initial Senate vote in May. This was largely due to concerns about Trump’s ties to the crypto industry. Sen. Elizabeth Warren, one of the bill’s strongest critics, raised serious objections. She accused the president and his family of standing to make “hundreds of millions” if the bill becomes law.

Trump’s USD1 stablecoin reportedly brought in $57m last year. Despite the controversy, several Democrats say the need to regulate the growing stablecoin sector is urgent. Sen. Mark Warner, who also raised concerns about Trump’s crypto ventures, argued that the US cannot afford to remain on the sidelines while other countries move forward with digital asset policy.

With Backing from Industry, Stablecoin Bill Moves Ahead Despite Regulatory Gaps

If the House passes the GENIUS Act, it would create a federal licensing system for stablecoin issuers. Each token would be required to maintain full 1:1 backing with US dollars.

In addition, the bill would restrict how reserves are used, limiting them to redemptions and low-risk investments such as Treasury repos. It also mandates anti-money laundering checks and basic consumer protections.

Once cleared by the House, the bill would head to President Trump for his final signature.

Large crypto firms have largely welcomed the legislation. Many have spent millions lobbying in Washington to shape digital asset rules. However, critics say the bill leaves important gaps.

While it prohibits members of Congress and their families from profiting off stablecoins, it does not apply the same rule to the president or first family. As a result, Trump could continue issuing stablecoins even as he signs the regulations governing them into law.

Other provisions in the bill have also drawn criticism. It prohibits yield-bearing stablecoins, a move some say protects traditional banks but stifles innovation. Additionally, the bill’s strict compliance rules could increase costs. This may push out smaller issuers and concentrate power among a few large players.

Even so, momentum appears to favor the bill. Trump’s allies see his urgency as a strategy to lock in digital asset policy. They hope to avoid delays from drawn-out Congressional negotiations or the risk of the bill being bundled with more contentious crypto legislation.

Why is the code crashing? One reason is that the Regulatory Turf War over Crypto could ultimately be approaching a conclusion, and that’s not all good news.

The new bill, which granted a clear bill, proposed to land in Congress and hand over the digital assets oversight away from the SEC and to the CFTC.

If passed, the law could redraw the map about how cryptography is governed in the United States and ultimately provide developers, exchanges and investors with the rules they have been seeking. However, many do not place their faith in legislatures with record low recognition ratings.

Discover: 9+ Best High Risk, High Reward Crypto Buy in May 2025

Why is the code crashing? A bold move to redefine crypto monitoring

meeting? The same parliament that did nothing for decades. The approval rate is record low. That council? Well, um, yes!

The Clarity Act reduces long-standing bureaucratic mist with one dull proposal. Most digital assets are treated as products rather than securities. That means reducing the reach of the SEC and placing the Commodity Futures Trading Commission in the driver’s seat.

Rep. Brian Steele, who chairs the House Financial Services Subcommittee, says the move is aimed at pre-elevating the United States in the global crypto race.

“Our bills will ensure control of America, democratize digital assets, unleash innovation and protect consumers from fraud.” Steil said.

ICYMI: Clarity Act was introduced to finally establish clear rules for Crypto@Repfrenchhill Arkansas is leading the charges about what could be the most important cryptographic law we’ve seen in this country. He has joined by a bipartisan group of co-sponsors… pic.twitter.com/07yxuazw1j

– Max Avery (@RealMaxovery) May 29, 2025

That redefinition provides clear coverage to key digital assets such as BTC, ETH, SOL and DOGE, which have long been operating in the legal gray zone.

The bill’s political support will be reduced across party boundaries with Democrats Angie Craig, Richie Torres and Don Davis signing on. In a divided parliament, such coalitions will not form unless the interests are real.

“This is about keeping the US in the game,” Rep. Dusty Johnson said. “We’re behind without making it clear.”

Discover: 20+ Next Cryptocurrency to Explode in 2025

Regulations for changing the game

The bill defines most crypto assets as “digital goods” that contain governance tokens like WLFI, published by Wlld Liberty Financial. It also sketches new categories (“mature blockchain systems”) for open source, decentralized, and individual ownership networks.

Exchanges can either register with CFTC when trading digital goods or remain scrutiny by the SEC when dealing with securities. The CFTC will acquire sole jurisdiction over the spot market under the bill.

Why is the code crashing? What does this mean for the crypto industry?

https://www.youtube.com/watch?v=6b4rrzez6mc

By moving permissions from the SEC to more hands-off CFTC, clear conduct could lower the unencrypted deficit, barrier to building more rooms.

Projects like Ethereum and Solana may gain traction as developers and investors ultimately acquire regulatory breathing chambers. The Defi platform and wallet are also exempt from SEC interference, making it a clear victory for an open source audience.

But don’t bet on a smooth ride. This is the Congress we are talking about, and Trump is pushing for an ambitious August deadline for crypto regulations.

Exploration: XRP Price Jumps 11% after SEC Crypto Unit XRP ETF Progress

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