U.S. President Donald Trump just announced that the GENIUS Act, which sounds like something out of a sci-fi movie, will pass "early Wednesday morning" – because who doesn’t love some good legislation on a Wednesday, right?
"I’m in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a quick chat, they all agreed to vote tomorrow morning in favor of the Rule," Trump proudly declared on Truth Social.
So, it seems like a nice cozy Oval Office pow-wow did the trick. Must’ve been a wild discussion!
But wait, there’s more. Trump also had a quick chat with House Speaker Mike Johnson, who apparently gave him the go-ahead to hold the vote "as early as possible."
GENIUS Act and Stablecoin Dominance
Now, a little earlier this week, things didn’t exactly go as planned. House lawmakers voted 196 to 223 against moving forward with three bills, including the GENIUS Act and the Digital Asset Market Clarity ("Clarity") Act. The week has since been dubbed "Crypto Week." Well, at least someone’s excited.
The GENIUS Act is already a Senate-approved heavyweight, aiming to require stablecoins to be fully backed by U.S. dollars (as if stablecoins weren’t stable enough already). It also wants annual audits for issuers with a market cap of over $50 billion and sets some rules for foreign stablecoin issuers. Trump has been a huge cheerleader for the bill, saying that USD stablecoins will basically be the MVPs in the fight for dollar dominance. Don’t we love a good stablecoin power struggle?
Trump’s expecting the bill to land on his desk before August, but only if everything goes according to plan, of course.
After Trump’s little social media shout-out, House Majority Leader Steve Scalise quickly posted a new voting schedule, and it looks like the GENIUS Act, CLARITY Act, and the Anti-CBDC Act are all set to start voting at 12:20 p.m. on Wednesday. Get ready, folks. Crypto Week just got a whole lot more interesting.
Maryna Hornieieva
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