Last week, the Senate, on a broad bipartisan vote of 68-30, passed the GENIUS Act. This
Throughout this year, the White House and Republican lawmakers have repeatedly said they want to prioritize
Why is a clear American framework for digital assets so important? Without one, the United States has fallen behind because we have lacked the kind of legal clarity that brings innovation safely inside the regulatory perimeter. In the absence of rules, legitimate actors have been left in limbo while bad actors have exploited gaps at home and abroad. The result: diminished U.S. leadership, preventable frauds, and damage to consumers and national security. It's time to change that — and the GENIUS Act provides a strong, bipartisan foundation to do so.
It's a mistake to think of the GENIUS Act as merely a boost for the U.S. crypto industry. Rather, it's about establishing rules and accountability for the biggest upgrade to our nation's financial and payment rails since the 1970s — and potentially the most important reinforcement of the U.S. dollar since Bretton Woods.
As more Americans experience the benefits of stablecoins — such as instant payments, lower fees for sending money around the globe and bringing financial products to underbanked populations — they will likely grow more comfortable with blockchain-based networks. The same goes for crypto-skeptical lawmakers.
However, if lawmakers in the House delay or saddle the legislation with extraneous amendments, the risk grows that they will accomplish nothing — behavior most Americans unfortunately have come to expect from Congress. And if that happens, unregulated and shadowy companies will continue to have free rein to operate at will — with no rules, transparency or accountability.
House Financial Services Committee Chair French Hill, R-Ark., declined to say whether he would pass the Senate's GENIUS Act without making his own changes, as President Trump has preferred.
The Senate's overwhelming vote gives the bill momentum and clarity. Since 2021, House committees have held extensive hearings and markups on stablecoin legislation. The House deserves full credit for this. In many ways, the GENIUS Act is the product of those deliberations, and its text is ready for floor action. The time to act is now.
Some members argue that the House should wait until lawmakers have agreed on a much broader package to regulate the structure of crypto markets in their entirety. That approach is misguided. A market structure bill is vitally important, but it's a far more complex task — technically and politically — that policymakers should take time to get right. And they should do so without squandering the Senate's momentum behind the GENIUS Act and needlessly postponing the important consumer protections it already delivers.
Put another way, stablecoins are the foundation for digital asset markets. You cannot build a sound structure without first having a solid foundation in place. The GENIUS Act provides the pillars that are essential to a strong market infrastructure that's built to last.
For too long, America has taken a back seat to other nations when it comes to stablecoin regulation. That can change right now. Prioritizing a standalone GENIUS Act will create necessary protections for consumers and American financial markets at a time when both national security and market resilience are of the utmost importance. It will also fulfill the promise of making the United States the global leader for digital assets.
Congress should therefore send the GENIUS Act to the president's desk before the August recess. This critical building block is needed first to ensure that America's digital asset markets become the leader and model for the world.
