Trump Presses for Rapid House Approval of GENIUS Stablecoin Act

- Bessent: Stablecoins vital for U.S. dollar supremacy. - Trump: Urges House for swift GENIUS Act passage for digital asset leadership. President Trump advocates for the House of Representatives to expedite the approval of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which the Senate passed on June 17, 2025. This bill seeks to establish a regulatory framework for stablecoins. On June 18, 2025, The Block reported that Treasury Secretary Scott Bessent discussed the administration's cryptocurrency push, stating that this initiative, particularly for stablecoins, aims to fortify U.S. dollar dominance globally. According to The Block's report, Bessent further noted that stablecoins could become significant purchasers of U.S. Treasurys, which would, in turn, reinforce the dollar’s position as the premier global currency. Subsequently, on June 19, 2025, The Block reported President Trump's statements urging the House to quickly pass the GENIUS Act. The Block's report conveyed that Trump emphasized the Act's critical role in making the United States the "undisputed leader" in digital assets and stressed the bill's urgency. He reportedly highlighted its potential to establish a comprehensive regulatory framework for stablecoins, which would, in turn, solidify America’s position in the digital financial world. Market data from June 19 at 19:09 UTC showed Bitcoin (BTC) trading at $104,320.887, a 0.425% change, and Ethereum (ETH) at $2,499.923, a 0.565% change. Meanwhile, Solana (SOL) was trading at $145.487 (a 0.745% change), Hyperliquid (HYPE) at $36.737 (a -4.254% change), and XRP (XRP) at $2.172 (a 1.516% change). World Liberty Financial USD (USD1) was trading at $1, reflecting a 0.001% change in the last 24 hours.