US House Approves Crypto ‘GENIUS Act’, Sends It to Trump Amid Push for Blockchain Expansion

The U.S. House of Representatives has passed three major cryptocurrency-related bills, marking a significant win for digital asset advocates. One of the bills, known as the GENIUS Act, has been sent directly to President Donald Trump, while the remaining two are headed to the Senate for further consideration.

These legislative moves align with Trump’s broader initiative to establish the United States as the global leader in cryptocurrency innovation—an effort he has branded as “crypto week”.

GENIUS Act Heads to Trump

The GENIUS Act is the centerpiece of this legislative package. It lays down foundational consumer protections and regulatory guidelines for stablecoins—digital currencies pegged to stable assets like the U.S. dollar to minimize volatility.

House Financial Services Committee Chair French Hill emphasized the bill’s significance during debate, noting that it is designed to safeguard consumers while boosting U.S. competitiveness in the global digital payments revolution.

The act passed the House by a strong 308-122 bipartisan vote after already clearing the Senate.

Other Key Bills

A second bill, which proposes a new regulatory framework for the broader cryptocurrency market, also passed the House, albeit with a narrower 294-134 margin. This legislation seeks to clarify which digital assets fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and which should be regulated by the Securities and Exchange Commission (SEC).

A third bill, approved by a slim 219-210 vote, aims to ban the U.S. government from developing a central bank digital currency (CBDC)—a digital form of government-backed cash. It will also be reviewed by the Senate.

Crypto and the Trump Family

While industry supporters have welcomed the legislation as a step toward wider adoption of crypto in the U.S., critics have raised red flags over the Trump administration’s deep ties to the crypto world.

A contentious point is that the GENIUS Act prohibits members of Congress and their families from profiting from stablecoins but does not apply that restriction to the president or their family.

Democratic Representative Maxine Waters criticized this exemption, pointing to former President Trump’s significant financial interests in World Liberty Financial, a cryptocurrency venture that released its own stablecoin, USD1. According to a financial disclosure from June, Trump earned more than $57 million from World Liberty token sales in 2024.

Additionally, a meme coin associated with Trump has reportedly generated around $320 million in transaction fees, though profits are distributed among various investors.

Waters accused House Republicans of “endorsing and legitimizing” what she called “Trump family corruption,” adding that the bill’s rushed passage lacked sufficient oversight.

Broader Implications

While crypto supporters view these developments as a much-needed step toward regulatory clarity and broader adoption, critics warn that the GENIUS Act may offer too weak a framework. Some Democrats argue it could expose the financial system to long-term risks and enable large corporations to roll out their own private cryptocurrencies unchecked.

President Trump has also previously proposed establishing a national cryptocurrency reserve and has reportedly paused several Department of Justice investigations into crypto-related matters since taking office.