In a whirlwind of political maneuvering, former President Donald Trump has pressed the U.S. House of Representatives to expedite the passage of the stablecoin oversight bill recently approved by the Senate. Yet, on Monday, Representative French Hill, a pivotal figure in this legislative saga, signaled that the path to consensus is fraught with complexities.
The Senate’s Swift Action vs. House Deliberations
Trump’s call to action was nothing short of emphatic. “The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act,” he urged on his Truth Social platform, emphasizing urgency and simplicity. But Hill, who chairs the House Financial Services Committee, isn’t quite ready to rubber-stamp the Senate’s handiwork. At the Brookings Institution in Washington, Hill outlined his vision for a more nuanced approach. He expressed hope for a compromise that not only addresses stablecoin regulation but also the broader framework for U.S. crypto markets—all by the August deadline set by Trump. This aligns with recent discussions in Trump Pushes House to Pass GENIUS Act as Lawmakers Debate Crypto Oversight.
Here’s the catch: the Senate’s Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed with a robust 68-30 vote, but the House’s version, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, carves out its own distinctive path. Differences range from extraterritorial enforcement to the division of oversight roles between states and federal agencies, even touching on the contentious issue of whether corporations should be allowed to issue stablecoins.
Navigating the Legislative Labyrinth
For Hill and his colleagues, the task ahead isn’t merely procedural—it’s a balancing act. “What I’m open to is listening to my colleagues,” Hill remarked, underscoring the collaborative spirit necessary to bridge these legislative divides. Hill has been “taking the temperature” of House members to gauge their preferred strategies in meeting Trump’s deadline, suggesting a collective deliberation that belies the urgency in Trump’s statements.
The House faces three potential paths: pass the GENIUS Act as is, modify it in conjunction with the STABLE Act, or integrate both with the House’s Digital Asset Market Clarity Act. Each route has its advocates and detractors. Rashan Colbert, policy director for the Crypto Council for Innovation, noted in a CoinDesk interview, “There is a finite amount of time that folks can really spend on one issue. Crypto is taking a lot of time, a lot of mental energy for legislators.”
A House Divided?
The crypto community is watching closely—and with bated breath. There’s a palpable tension between the desire for swift legislative action and the recognition that a hastily assembled bill might miss crucial nuances. Some industry insiders worry that a sprawling, omnibus bill could prove too unwieldy for Congress to digest. This concern echoes the market reactions seen in Circle Rockets After Stablecoin Bill Clears Senate, Pushes Post-IPO Rally to Over 500%.
Nevertheless, Hill remains optimistic. “The bottom line is that the Senate and the House can definitely find a common constructive landing place,” he affirmed, though this would likely entail amendments to the GENIUS Act, contravening Trump’s vision of an unaltered passage.
As lawmakers work to reconcile these legislative ambitions, the clock ticks inexorably toward August. Will the House align with Trump’s vision, or will it chart its own course through the legislative thicket? The answer remains uncertain, raising questions about the future trajectory of U.S. crypto regulation.
In a landscape as volatile as cryptocurrency, the stakes are high. For lawmakers, crypto enthusiasts, and industry leaders alike, the coming weeks will be pivotal. How these legislative efforts unfold could well define the regulatory framework for stablecoins and broader crypto markets for years to come.
Source
This article is based on: As Trump Calls for Rapid Stablecoin Bill Passage, Key Lawmaker Hints at More Talks
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
