White House Pushes to Get Stablecoin Legislation to Senate Floor Next Month
President Trump's crypto working group wants the Senate to pass the GENIUS Act as quickly as possible
Welcome to the Monday edition of the Crypto In America newsletter!
We’re kicking off the week with a look at the White House's pressure campaign to get stablecoin legislation passed and on President Trump’s desk for signing within two months.
Senator Hagerty’s stablecoin bill, the GENIUS Act, is poised to get critical time on the Senate floor next month, with President Trump’s Working Group on Digital Assets urging Senate leaders to bring the bill forward for debate, Crypto In America has learned.
The legislation, which establishes a regulatory framework for payment stablecoins (cryptocurrencies pegged to the U.S. dollar), successfully passed the Senate Banking Committee on March 13 with a vote of 18-6, marking a major step forward in the ongoing effort to create clear rules of the road for stablecoins.
The bill is now set to advance to the Senate floor, where Majority Leader John Thune (R-SD) is expected to bring it up for debate. However, before the bill can be signed into law, it must also pass through the House of Representatives, where lawmakers will need to resolve any differences between The GENIUS Act and the House’s version, the STABLE Act. The STABLE Act, sponsored by Reps. French Hill (R-AR) and Bryan Steil (R-WI) is scheduled for markup in the House Financial Services Committee on April 2nd.
However, the White House hopes that if the Senate’s version of the bill gets enough support, it will be signed into law in its current form.
“Pressure is already mounting to move the bill quickly and avoid a conference if possible,” said one crypto lobbyist, referring to the process where a conference committee is convened when the House and Senate pass differing versions of the same bill. The committee works to reconcile the differences and agree on a final version.
“If GENIUS gets 70 votes, there’s going to be a lot of pressure for the House to stand down and pass it as is,” the lobbyist continued. “That pressure is already building.”
While the pressure is mounting, it remains uncertain whether the House will agree to abandon its own version of the bill and accept the Senate's.
Executive Director of the Presidential Working Group on Digital Assets, Bo Hines, told Crypto In America last week he thinks stablecoin legislation can reach President Trump’s desk in two months.
“I appreciate the President’s support,” said Rep. Steil in a statement to Crypto In America. “As discussed with the President’s team at the White House crypto summit, we are well positioned to move quickly in the House. President Trump pushing this as a priority is helpful as we work to deliver legislation for both stablecoins and market structure."
A press rep for Hill declined to comment. A White House spokeswoman did not immediately respond to request for comment.
What’s Happening In Washington This Week?
Congress is back in session after last week’s recess. We’re keeping an eye on two key nomination hearings scheduled for Thursday in the Senate Banking Committee.
Atkins In the Hot Seat
After being nominated by Trump in December to replace Gary Gensler as Chairman of the Securities and Exchange Commission, Paul Atkins will appear before the Senate Banking Committee on Thursday for the first step in his confirmation process. Atkins will field questions from committee members before they vote to advance his nomination to the full Senate. Unlike some of Trump’s other administration picks, Atkins—who served as a Republican SEC commissioner under President Bush for six years—has largely avoided controversy and enjoys support from both Republicans and Democrats. However, his pro-crypto stance and advocacy for less stringent financial regulations are expected to be key topics of questioning, particularly from Ranking Member Elizabeth Warren (D-MA) and her fellow Democrats on the committee.
In addition to Atkins, Jonathan Gould, Trump’s nominee for Comptroller of the Currency, will also have his nomination hearing Thursday. Gould, who previously served as the Senior Deputy Comptroller and Chief Counsel of the Office of the Comptroller of the Currency, is now poised to lead the OCC, a prudential banking regulator that oversees national banks. The OCC is set to play a key role in shaping these financial institutions’ approach to crypto, including regulating stablecoin issuers. Like Atkins, Gould is also a proponent of crypto and previously served as the Chief Legal Officer at the blockchain company Bitfury.
Crypto Policy Takes Center Stage at DC Blockchain Summit
One of Washington D.C.’s premier crypto events is set to take place this Wednesday, bringing together some of the most influential figures in crypto policy.
Hosted by the trade association The Digital Chamber, the DC Blockchain Summit will feature a who's who of leading voices in the crypto industry, including founders, CEOs, policymakers, and regulators. Several pro-crypto members of Congress will speak, including Senators Bill Hagerty (R-TN), Tim Scott (R-SC), Cynthia Lummis (R-WY), Kirsten Gillibrand (D-NY), and Ted Cruz (R-TX), as well as Representatives French Hill (R-AR), Bryan Steil (R-WI), Tom Emmer (R-MN), and Warren Davidson (R-OH).
The speaker lineup also includes prominent administration figures such as Bo Hines, Executive Director of the White House Crypto Council; Hester Peirce, Republican Commissioner and Head of the SEC’s Crypto Task Force and Summer Mersinger, Republican CFTC Commissioner.
On the industry side, leading power players like Michael Saylor, Strategy co-founder and Executive Chairman; Donald Trump, Jr., Web3 Ambassador at World Liberty Financial; Anthony Scaramucci, founder of SkyBridge Capital; Caitlin Long, CEO of Custodia Bank, and Fred Thiel, CEO of MARA will be in attendance.
The all-day event will take place at the Capital Turnaround, an event venue in D.C.’s Navy Yard.
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ToTheMoon 🚀