Cryptocurrency Showdown: Trump and Senate GOP Press House for Quick Action on Stablecoin Law

Washington, D.C. — A political clash over the future of cryptocurrency is brewing on Capitol Hill, as Senate Republicans and President Donald Trump push the House to swiftly approve a key piece of legislation regulating stablecoins. The dispute centers around Trump’s promise to make the United States a global leader in digital assets, but disagreements over timing and scope threaten to stall progress.

Last month, the Senate passed a bipartisan bill designed to bring order to the booming stablecoin market. The legislation—known as the GENIUS Act—aims to set federal standards for stablecoins, a type of digital token pegged to the U.S. dollar and commonly used by crypto traders to move funds between assets.

Despite support from both parties in the Senate, House Republicans are now debating whether to simply approve the bill or to go further by advancing a more ambitious crypto reform agenda. With lawmakers set to return to Washington next week, the House GOP is planning a full “crypto week” to champion broader reforms.

House Republicans, led by Financial Services Committee Chair French Hill (R-Ark.), have spent years crafting comprehensive legislation to regulate the digital asset sector. Their flagship proposal—a wide-ranging market structure bill—seeks to clarify how cryptocurrencies are treated under existing securities and commodities laws. However, Senate Republicans and the Trump administration are cautioning against expanding the scope of the stablecoin legislation for now.

Trump Pushes for a ‘Clean’ Bill

President Trump has made cryptocurrency a focal point of his economic platform, pledging to cement America’s dominance in blockchain technology and digital finance. His team views the GENIUS Act as a foundational step in that strategy—and they want it passed as quickly and cleanly as possible.

“We need action, not delay,” said Bo Hines, chair of Trump’s Council of Advisers on Digital Assets. “President Trump wants the stablecoin bill on his desk before the end of August.”

Trump and his allies are urging House Republicans to avoid amending the Senate’s version of the bill, warning that even minor changes could derail its bipartisan support. Several key Republican senators have echoed that sentiment.

Senator Bill Hagerty (R-Tenn.), the lead sponsor of the GENIUS Act, emphasized the fragile coalition that allowed the bill to pass the Senate with a 68–30 vote.

“Getting eight or nine Senate Democrats to vote for a crypto bill is no small feat,” Hagerty said. “Reopening the bill could jeopardize everything we’ve built.”

House GOP Wrestles With Strategy

While House GOP leaders have signaled they won’t merge the GENIUS Act with their broader crypto overhaul, they’ve stopped short of promising to send the bill to Trump unchanged. Behind the scenes, negotiations are still ongoing, and some House Republicans are pressing for a more comprehensive approach to digital asset regulation.

Chairman French Hill’s sweeping market structure bill remains a top priority for the House GOP, but whether it will be attached to or voted alongside the stablecoin measure is still unclear.

“We see this as an opportunity to shape the future of the crypto economy,” said one senior House GOP aide. “But we also know that timing is everything, and we don’t want to miss this window.”

Why Stablecoins Matter

Stablecoins are digital tokens designed to maintain a fixed value—usually pegged to the U.S. dollar—and are widely used in cryptocurrency trading. Proponents argue that stablecoins allow for faster, cheaper cross-border transactions and can provide a bridge between traditional finance and blockchain technology.

The GENIUS Act would create the first federal regulatory framework for stablecoins. Under the bill, stablecoin issuers would be required to fully back their tokens with liquid assets such as U.S. dollars or short-term Treasury securities. They would also need to disclose the composition of their reserves monthly, increasing transparency and accountability.

Crypto advocates have long called for such a framework, arguing that clear rules would boost investor confidence and encourage innovation in the space. Last year alone, the industry spent over $119 million supporting pro-crypto candidates and lobbying efforts, aiming to build momentum for legislative action.

A Crucial Moment for Crypto Policy

The House passed its own version of a stablecoin bill last year, but it stalled in the Democrat-controlled Senate. Now, with Republicans leading both chambers and Trump in the White House, the crypto industry sees a rare chance to pass meaningful legislation.

Still, political divisions persist—even within the GOP. Some Republicans want to strike while the iron is hot and lock in stablecoin regulations. Others view the current bill as a vehicle for broader reforms that address the entire digital asset ecosystem.

For now, the White House is holding firm. With the Senate’s bipartisan support secured, Trump’s team believes the House must act quickly or risk letting the opportunity slip away.

“This is about making the United States the undisputed leader in crypto,” said Hines. “We can’t do that without stablecoins. Let’s get it done.”

As “crypto week” approaches in the House, all eyes are on whether lawmakers can bridge the gap—or whether internal disagreements will once again stall one of the most high-stakes financial debates in Washington.