US House Abandons Own Stablecoin Bill to Support Trump-Backed Senate Version

The US House of Representatives is poised to vote on the Senate's stablecoin bill next week, potentially paving the way for President Donald Trump to fulfill his goal of introducing new laws for the crypto sector this summer. This development would mark a significant milestone in the crypto space, as the Senate's bill, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, would become the first major law to regulate the US crypto market. The House's decision to support the Senate's bill would effectively abandon its own Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. The GENIUS Act is expected to pass the House, and if the market structure legislation also passes, the Senate would be the last hurdle for the crypto industry's top priority. However, influential Democrats, such as Senator Elizabeth Warren, have expressed concerns about the market structure effort, citing insufficient protection for regular people and national-security concerns. Despite these challenges, the crypto industry is pushing forward, with a digital assets advocacy group, Stand With Crypto, calling on lawmakers to support the Clarity Act, which aims to establish federal regulations for the wider US crypto market.