The GENIUS Act concerning stablecoin regulation is advancing in Congress and may be signed by President Donald Trump this week.
Approval of the GENIUS Act
On July 16, 2025, the U.S. House of Representatives voted 215–211 to advance the GENIUS Act regarding stablecoins. If it passes the next vote, it could be sent to President Trump's desk.
Congressional Reaction
Despite support from Republicans, the bill did not receive approval from Democrats. President Trump stated that key legislators agreed to support the bill. However, in a prior vote, the bill was blocked by a count of 196–223, indicating internal divisions among Republicans.
Concerns Over CBDCs
Some congressional members express concerns about the potential creation of a national stablecoin, arguing that the bill does not prohibit the issuance of a central bank digital currency (CBDC). Representative Marjorie Taylor Greene stated that the bill does not guarantee a ban on CBDCs and expresses concerns over privacy and possible monitoring of digital assets.
Legislation concerning stablecoins continues to evolve, and the controversies in Congress reflect serious debates about the future of digital currencies in the U.S.
