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July 11, 2025

What can go wrong???????

Trump poised for quick crypto win with House vote

The president’s signature on the stablecoin bill could deliver a major boost to the crypto industry.

Jasper Goodman

President Donald Trump is set to notch his first big legislative win on cryptocurrency policy next week, as House Republicans prepare to accept a Senate bill to create new rules for stablecoins.

The chamber is set to vote early next week on the Senate’s GENIUS Act, which would create the first-ever U.S. regulatory framework for so-called stablecoins that are pegged to the value of the dollar. The bill, which passed the Senate last month with bipartisan support, is poised to become the first major crypto regulatory measure ever adopted by Congress.

Trump’s signature on the stablecoin bill could deliver a major boost to the crypto industry, which has struggled for years to go mainstream. Crypto supporters hope that a stamp of legitimacy from the U.S. government — and a bespoke regulatory framework for stablecoins that they have lobbied Congress for for years — will boost adoption and open the door to traditional financial institutions dabbling more in digital assets. The law could also be a boon to Trump’s own family: the president’s sons launched a company last year that now issues a stablecoin.

The House will also vote next week on a broader overhaul of crypto rules that would divvy up oversight of digital assets between market regulators, along with a third proposal to ban a central bank digital currency in the U.S. The House Rules Committee is set to meet Monday at 4 p.m. to consider the legislation, which likely tees up a floor vote for as soon as Tuesday.

The votes will end a push by some House Republicans to package the crypto bills together in a bid to force the Senate to take them up. That effort was thwarted by a public pressure campaign from GOP senators — backed by Trump — to get the GENIUS bill across the finish line on its own. Key Senate Republicans have vowed to advance a standalone so-called market structure bill in September.

Though House Republicans are preparing to send the Senate stablecoin bill to Trump as-is, they haven’t given up on changing the measure. A new version of House Financial Services Chair French Hill’s sweeping market structure bill that was unveiled by the Rules Committee on Thursday includes a section at the bottom that would insert several changes into the GENIUS Act, including revised accounting requirements and a provision that would allow for commodity-backed stablecoins. The proposed changes would also tweak language that requires public non-financial companies to get approval from a review committee in order to issue a stablecoin by extending the requirement to private companies.

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