President Donald Trump has called on House Republicans to expedite the passage of the Senate’s cryptocurrency legislation, urging them to send it to his desk without any amendments. This comes as a direct call to action for GOP lawmakers in the lower chamber, emphasizing the need for swift legislative action. The Senate has passed the bill, which aims to establish a regulatory framework for stablecoins, a type of digital token pegged to the value of the dollar. Trump’s insistence on a ‘clean’ version underscores the potential financial implications of the measure, as well as its broader technological significance.
House Republicans are still considering whether to adopt the Senate’s bill as is or to push their own version. There are multiple differences between the House and Senate measures, which could affect how the legislation is presented. Financial Services Chair French Hill is also weighing the best way to get multiple digital assets bills across the finish line this year. He has been considering packaging the stablecoin bill with another, larger measure that would provide a more comprehensive framework for the crypto industry. This broader measure is seen as the crown jewel of the GOP-led push to boost the crypto industry, as it would address oversight responsibilities for digital assets.
Some House Republicans fear that passing just the Senate stablecoin bill could take away momentum from the push for broader market structure legislation, which affects a larger portion of the crypto industry than the stablecoin measure. In the Senate, however, Republicans are eager to secure a legislative win for the American public. The bill has been the subject of months of intense negotiations, and senators fear that a cumbersome larger crypto package would be difficult to pass through the upper chamber, where Democratic votes are needed to clear a 60-vote threshold.
Senator Bill Hagerty, the lead sponsor of the Senate stablecoin bill, emphasized the importance of getting the legislation to Trump’s desk before the Fourth of July. He noted that including market structure legislation could require additional work in the Senate, highlighting the complexity of the process. The legislation is seen as a significant step towards establishing a national regulatory framework for stablecoins, which could have a major impact on the U.S. financial system and the global digital economy. The debate over the bill reflects the growing importance of cryptocurrency in the U.S. economy and the need for a clear regulatory framework to support its growth.