President Donald Trump is intensifying pressure on Congress to swiftly pass stablecoin legislation, urging the House of Representatives to adopt the Senate-approved GENIUS Act without modifications. However, signals from Capitol Hill suggest that lawmakers aren’t ready to fast-track the bill without further negotiations.

“The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act, without changes or delay. NO ADD ONS!” Trump posted on Truth Social over the weekend.

The GENIUS Act, passed earlier this month in the Senate with rare bipartisan support, seeks to create a clear regulatory framework for stablecoin issuers—cryptocurrencies pegged to fiat currencies like the U.S. dollar. The bill includes provisions around reserve transparency, issuer registration, and supervision pathways via either state or federal regulators.

But House Financial Services Committee Chair Rep. French Hill (R-AR) says there’s still work to be done.

“We welcome the Senate’s momentum, but there are key areas we still need to reconcile,” Hill said during a policy event at the Brookings Institution.

⚖️ Points of Legislative Friction

The House and Senate versions of stablecoin policy differ in several critical ways:

• Extraterritorial Jurisdiction: Can U.S. regulators oversee stablecoin issuers headquartered abroad if they serve American customers?

• Regulatory Authority: Should stablecoin oversight rest with state regulators, a federal body like the OCC, or both?

• Issuer Restrictions: Can large technology firms or non-bank corporations be allowed to issue stablecoins, or should issuance be limited to licensed financial institutions?

These debates are rooted in broader disagreements over the future of digital asset regulation. While the Senate’s bill is considered narrower and more focused on stablecoins, House Republicans may seek to integrate it with the broader FIT21 bill or other crypto market structure reforms passed in recent months.

🧭 Strategic Pathways Under Review

Hill outlined three potential paths for moving forward:

1. Pass the GENIUS Act as-is, accepting the Senate’s language.

2. Make House amendments and send it back to the Senate for reconciliation.

3. Combine it with other crypto legislation into a larger, omnibus-style digital asset framework.

While the first option would meet Trump’s demand for speed, many lawmakers are wary of bypassing crucial policy debates—especially in light of global scrutiny on how the U.S. handles digital currency oversight.

🕰️ Clock Is Ticking

Hill emphasized that there’s still hope for a vote before Congress breaks for its August recess, though no firm timeline has been announced. Industry stakeholders, meanwhile, are lobbying hard for clear, durable rules. Companies like Circle and Paxos back the GENIUS Act, while firms with less transparency—like Tether—may face compliance challenges under the bill’s requirements.

Trump’s urgency appears to be part of a broader effort to position the U.S. as a leader in crypto policy amid intensifying global competition. The European Union has already implemented its Markets in Crypto-Assets (MiCA) framework, while jurisdictions like the U.K. and Hong Kong are also advancing stablecoin rules.

President Trump’s call for rapid passage of the GENIUS Act has put stablecoin policy in the national spotlight. But despite Senate momentum, House Republicans—including Chair French Hill—are taking a more deliberate approach. The coming weeks will test whether Congress can reconcile these approaches and deliver meaningful crypto legislation before the August recess.