TLDR
- Trump urges House to pass GENIUS Act “lightning fast” without amendments after Senate approved it 68-30
- Bill creates federal framework for stablecoin issuance and trading in the US
- Coinbase stock jumped 16.32% and Circle surged 33.82% following Senate passage
- House faces divisions over passing bill alone or combining with other crypto legislation
- Critics raise concerns about Trump family conflicts of interest in digital assets
President Donald Trump is pushing House lawmakers to quickly approve the GENIUS Act after the Senate passed the stablecoin legislation in a decisive 68-30 vote Tuesday. The bill would establish the first comprehensive federal framework for issuing and trading stablecoins in the United States.
Trump called the legislation “incredible” and posted on Truth Social that the House should move “lightning fast” to pass a clean version without delays or additions. He described the measure as “American Brilliance at its best” and a way to make America the “undisputed leader in digital assets.”
The Senate passage came just six weeks after Tennessee Senator Bill Hagerty introduced the bill. White House AI and crypto czar David Sacks thanked Trump for delivering on his promise to make the US the “crypto capital of the planet.”
Thank you President @realDonaldTrump for delivering on your promise to make the USA the crypto capital of the planet! pic.twitter.com/WAZViAeJ6m
— David Sacks (@davidsacks47) June 19, 2025
Market Response Drives Stock Surge
Financial markets responded positively to the legislative progress. Coinbase shares closed Wednesday up 16.32% at $295.29 on the Nasdaq. Circle stock performed even better, rising 33.82% to close at $199.59 on the New York Stock Exchange.
Circle issues USDC, the second-largest stablecoin by market value. The company generates most of its revenue from interest earned on reserves backing USDC, which it co-founded with Coinbase in October 2018.
Crypto trader Genco noted that Coinbase receives 50% of Circle’s revenue from USDC and 100% of revenue from USDC transactions on its platform. The trader called it “Stablecoin Summer” and predicted this would be “the most obvious play in retrospect.”
$COIN 🚀
Market is slowly discovering that Coinbase gets 50% of $CRCL revenue generated from USDC + 100% of revenue from USDC on Coinbase platform + an equity stake
+ GENIUS Act just passed the Senate. It's a Stablecoin Summer 🌊
+ they're filing to tokenize stocks on platform… pic.twitter.com/ADRmRQ16Si
— GENCO (@gencostocks) June 18, 2025
Circle went public on June 5 with shares climbing 167% in its first trading session. The company has only been publicly traded for a few weeks compared to Coinbase’s April 2021 listing.
House Faces Political Divisions
The bill’s path through the House appears more complex than its Senate journey. Lawmakers remain divided over whether to pass the GENIUS Act as standalone legislation or combine it with other crypto bills like the CLARITY or STABLE Acts.
Some House members want stricter provisions due to perceived conflicts of interest. Critics point to the Trump family’s involvement in digital assets as a concern for the administration’s crypto policy.
The legislation would create regulatory clarity for stablecoin operators and potentially boost US competitiveness in digital asset markets. Current stablecoin rules remain fragmented across different federal and state agencies.
Crypto entrepreneur Anthony Pompliano viewed Coinbase’s stock performance as evidence that “Wall Street wants Bitcoin and crypto assets.” Bitcoin currently trades near $104,969 after reaching a high of $111,970 on May 22.
However, some analysts express caution about stablecoin company valuations. BitMEX founder Arthur Hayes warned Monday that most new public stablecoin companies will be overvalued and claimed Circle’s stock price is “insanely overvalued.”
Trump posted his Truth Social message Wednesday urging immediate House action on the legislation.
