Trump, Senate GOP Push for Swift Stablecoin Bill as House Republicans Aim Bigger on Crypto

A growing split is emerging among Republicans on Capitol Hill over how far—and how fast—they should move on cryptocurrency regulation, with President Donald Trump and Senate Republicans urging a quick, focused approach, while House Republicans prepare for a broader legislative push.

At the center of the debate is the issue of stablecoins—a type of cryptocurrency pegged to traditional assets like the U.S. dollar. The Senate recently passed a bipartisan bill aimed at regulating stablecoins, marking a major milestone for digital asset policy. But House Republicans, long working on a more comprehensive overhaul of crypto regulations, are not ready to simply rubber-stamp the Senate’s narrower measure.

The disagreement mirrors past clashes between chambers over major policy priorities, with Trump and Senate GOP leaders pushing for fast wins, while House conservatives want to go big or go home.

Senate Passes Stablecoin Bill with Bipartisan Support

Last month, the U.S. Senate passed the GENIUS Act—short for Guaranteed Exchange and National Innovation for United States Stablecoins Act—by a vote of 68-30, with several Democrats crossing the aisle to support the legislation. Sponsored by Sen. Bill Hagerty (R-TN), the bill aims to establish clear rules for stablecoin issuers, requiring them to back tokens with liquid assets like U.S. dollars or short-term Treasury bills. Issuers would also be required to publish monthly reports detailing the composition of their reserves.

“It’s a major milestone,” said Andrew Olmem, a managing partner at Mayer Brown and former deputy director of the National Economic Council under Trump. “For the first time, we have a real regulatory regime for stablecoins, which are a rapidly growing part of the financial system.”

Stablecoins are often used in the crypto economy to transfer value between digital tokens, acting as a bridge to the traditional financial system. Supporters argue that they enable faster and cheaper payments, and that regulation will help stabilize and grow their use.

House GOP Eyes Bigger Crypto Reforms

However, the Senate bill now faces hurdles in the Republican-controlled House, where lawmakers are preparing for a full-blown “crypto week” when they return to Washington next Monday.

Led by House Financial Services Chair French Hill (R-AR), House Republicans have developed their own sweeping crypto legislation. The centerpiece of that effort is a market structure bill aimed at redefining how digital assets are regulated under existing securities and commodities laws. This broader approach would provide clarity on which agencies have jurisdiction over various types of crypto assets.

House leaders have said they won’t attempt to merge the GENIUS Act with their market structure bill, but it remains unclear whether they’ll seek to amend the Senate version or pass it alongside their own proposals.

That uncertainty has created friction with Senate Republicans and the Trump administration, who are urging a narrow focus.

Trump Wants a “Clean” Crypto Win

President Trump, who made cryptocurrency a campaign issue in 2024, has been pushing for the swift passage of a “clean” stablecoin bill—without additional regulatory changes. Trump has stated that he wants the U.S. to become a global leader in crypto innovation, and stablecoin regulation is seen as a key step in that direction.

Bo Hines, who leads Trump’s Council of Advisers on Digital Assets, said the administration’s goal is to pass stablecoin legislation by August.

However, Senate Republicans say that expanding the bill to include broader crypto reforms could jeopardize the bipartisan support they secured for the GENIUS Act.

“For me to get eight or nine Democrats to vote for something here is extraordinarily difficult,” Sen. Hagerty said, noting that any significant changes could derail the fragile coalition that got the bill through the Senate.

Industry Pushes for Regulatory Clarity

The cryptocurrency industry, which has long lobbied for federal rules governing digital assets, welcomed the Senate’s passage of the GENIUS Act. Industry leaders argue that clear, predictable regulations will encourage innovation and wider adoption of stablecoins.

Crypto firms and advocacy groups spent over $119 million in the last election cycle supporting lawmakers who back digital asset regulation, framing the issue as a rare area of bipartisan agreement.

Still, while the Senate vote marks real progress, the road ahead remains uncertain. If the House insists on tying the stablecoin bill to larger reforms, it could delay the final legislation, putting Trump’s August deadline in jeopardy.

What’s Next?

With the House set to return next week, all eyes are on whether GOP leaders will stick to the narrow path laid out by the Senate—or try to push the boundaries with a broader regulatory agenda. Either way, the coming weeks are shaping up to be pivotal for the future of crypto policy in the U.S.

For now, the stablecoin debate has become a microcosm of the larger tensions within the Republican Party: a battle between pragmatism and ambition in shaping the nation’s financial future.