US President Donald Trump is calling for Republicans in the House of Representatives to “get the first vote done this afternoon” on a bill to regulate payment stablecoins as part of the party’s push to pass crypto legislation before Congress’ August recess.
In a Tuesday post on his social media platform Truth Social, Trump ordered all Republicans to vote yes on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, a bill designed to regulate payment stablecoins in the US.
The legislation is one of three bills, along with ones to address market structure and central bank digital currencies, that Republican House leaders had been pushing as part of the party’s “crypto week” plans.
The GENIUS Act, which passed through the Senate in June with bipartisan support despite initial resistance from many Democrats, is expected to head for a floor vote in the House by Thursday. At the time of publication, the bill was scheduled to be considered by the House sometime this week, but it was unclear whether the chamber planned to vote on it on Tuesday.
Trump has personally come under scrutiny for his role in pushing the stablecoin legislation due to his involvement in his family-backed crypto company World Liberty Financial (WLF), which issued its own stablecoin and suggested a conflict of interest.
Bloomberg reported on Friday that Binance helped create WLF’s USD1 stablecoin, also used by an Abu Dhabi-based investment firm to settle a $2-billion investment into the crypto exchange.
Related: Congress opens crypto bill debate with claims of ‘GOP giveaway’ to industry
This is a developing story, and further information will be added as it becomes available.
