Stablecoin bill could be ready for Trump signature in weeks

by Lydia Beyoud, Yash Roy and Steven T. Dennis

House Republicans aim to get the Senate’s landmark stablecoin legislation — known as the Genius Act — to President Donald Trump’s desk for signature as soon as the week of July 7, according to people with direct knowledge of the strategy.

Their strategy, subject to change, would also allow the House to bring its crypto market-structure bill — known as the Clarity Act — to a full floor vote. The plan calls for the two separate measures to advance in a single procedural vote, the people said, asking not to be identified discussing behind-the-scenes legislative efforts.

The Genius Act aims to normalize stablecoins by bringing them under a more standardized and rigorous regulatory regime. Shortly after the Senate approved the bill in a bipartisan vote this month, Trump urged the House to move “LIGHTNING FAST” on it, without delays or add-ons.

Despite such cajoling, House leaders and Financial Services Committee Chairman French Hill haven’t publicly committed to advancing the measure.

Conversations with House leadership over how to handle the stablecoin and market-structure legislation continue, one House Republican aide said. And party leaders in the chamber remain committed to finding a path that ensures the market-structure bill remains a priority.

Some parts of the crypto industry would prefer a package deal that combines the two measures, given the less certain path that the House’s broader bill faces in the Senate. The thinking has been that the stablecoin bill’s momentum could help propel thornier market-structure legislation over the finish line.

Senators including stablecoin bill sponsor Bill Hagerty and Thom Tillis have urged the House to quickly clear the Senate bill rather than amending it with their own or otherwise slowing it down. 

Senate Banking Committee Chair Tim Scott said Thursday he’s committed to moving crypto market-structure legislation out of his panel by the end of September. The Senate Agriculture Committee is also expected to weigh in on the measure, potentially further complicating the process.

Copyright Bloomberg News