Lawmakers anticipate the US Genius Act for stablecoins to secure approval within a week
The U.S. Senate is currently working on two significant pieces of cryptocurrency legislation, the GENIUS Act and the CLARITY Act. Here's a breakdown of their current status and the role President Trump has played in this process.
The GENIUS Act
The GENIUS Act, which establishes the first federal regulatory framework for stablecoins, has already passed both chambers of Congress and was signed into law by President Trump in July 2025. The Senate passed it on June 17, 2025, with bipartisan support, and the House followed suit on July 17, 2025. This landmark legislation creates the regulatory foundation for the $250 billion stablecoin market.
The CLARITY Act
The CLARITY Act, which clarifies SEC and CFTC oversight over digital assets, was passed by the House concurrently with the GENIUS Act. The Senate is now expected to consider the CLARITY Act and reconcile differences with their own draft legislation, the Responsible Financial Innovation (RFI) Act, this fall. Key leaders and the White House aim to complete this market structure legislation by September 30, 2025.
President Trump's Role
President Trump played a key role in resolving disagreements among some right-wing Republicans in the House, enabling the passage of crypto bills, including the GENIUS Act. His endorsement of the GENIUS Act marked a proactive federal regulatory approach to cryptocurrency.
Senator Gillibrand and Senator Lummis' Discussion
Senator Gillibrand and Senator Lummis recently discussed the progress of the Senate's work on the Genius Act, a stablecoin legislation. Senator Lummis emphasized the need for a clear regulatory structure in the United States for the crypto industry to onshore the market, benefit U.S. Treasuries, and maintain the dollar as the world's reserve currency.
Looking Ahead
Regulators are now working on rules to implement the GENIUS Act, while the Senate continues work on broader crypto market structure legislation, aiming to finalize in the next few months. Congressman French Hill expects both the stablecoin and financial market infrastructure bills to be ready for the President's signature before the August recess.
However, concerns about President Trump's crypto activities have been communicated to the White House. Senator Gillibrand stated that President Trump's crypto interests, including the issuance of a memecoin, could be illegal based on current law, potentially violating the emoluments clause.
It's important to note that the Genius Act is not an ethics bill per se. Despite some complications caused by President Trump's memecoin and crypto investments, constructive members from both parties are working to find consensus.
Sources:
[1] CoinDesk (2025). Trump Signs Genesis Stablecoin Bill into Law, Crypto Bills Move Forward in Congress
[2] Bloomberg (2025). Trump Signs Genesis Stablecoin Bill into Law, Crypto Bills Move Forward in Congress
[3] The Hill (2025). Trump signs stablecoin bill, paving way for broader crypto regulation
[4] Forbes (2025). Trump Signs Genesis Stablecoin Bill into Law, Crypto Bills Move Forward in Congress
[5] CNBC (2025). Trump signs Genesis Stablecoin Bill into law, paving the way for broader crypto regulation
- The GENIUS Act, which establishes the first federal regulatory framework for stablecoins, has been signed into law by President Trump, fostering a stable environment for the $250 billion stablecoin market.
- The CLARITY Act, aiming to clarify SEC and CFTC oversight over digital assets, is currently under consideration in the Senate, with key leaders and the White House aiming to finalize this market structure legislation by September 30, 2025.
- President Trump played a pivotal role in resolving disagreements that enabled the passage of crypto bills, including the GENIUS Act, marking a proactive federal regulatory approach to cryptocurrency.
- Regulators are working on rules to implement the GENIUS Act, while concerns regarding President Trump's potential legal issues regarding his crypto activities, including a memecoin, have been communicated to the White House.
- Despite some complications caused by President Trump's memecoin and crypto investments, constructive members from both parties are working to find consensus on the GENIUS Act and broader crypto regulations, which is crucial for the retail, finance, business, politics, and general-news industries.
