Donald Trump has called on House Republicans to pass the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act on Tuesday, despite reports suggesting a later vote was more likely. Trump conveyed his support for the bill via a post on his Truth Social platform, urging Republicans to "get the first vote done this afternoon". He emphasized the importance of the GENIUS Act for the United States to lead in digital assets, claiming it would put the nation "lightyears ahead of China, Europe, and all others".

The GENIUS Act aims to establish a regulatory framework for stablecoins in the United States. It passed the Senate in June with bipartisan support, though it initially faced resistance from some Democrats. The House of Representatives is currently holding a "Crypto Week," during which they are considering the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act. The CLARITY Act would establish a framework to regulate digital commodities, while the Anti-CBDC Surveillance State Act would prevent the Federal Reserve from creating a central bank digital currency.

House Speaker Mike Johnson has expressed his support for the three bills and commended the Financial Services and Agriculture Committees for their work. He anticipates Trump signing them into law.

However, the specific timing of the House vote on the GENIUS Act remains unclear. While Trump called for a vote on Tuesday, reports indicate the vote may occur later in the week, potentially on Thursday.

Trump's advocacy for the GENIUS Act has faced scrutiny due to his ties to World Liberty Financial (WLF), a family-backed crypto company that has issued its own stablecoin. This connection has raised concerns about potential conflicts of interest. Reports have also emerged that Binance, a major cryptocurrency exchange, assisted in creating WLF's USD1 stablecoin, which was used to settle a $2 billion investment into the crypto exchange.

Some critics, such as Yanis Varoufakis, have expressed strong concerns about the GENIUS Act, arguing that it could maximize the threat of a financial meltdown. Varoufakis warns of "gruesome forces being released into the global economy" due to unchecked crypto dreams.

Despite these concerns, Trump remains a strong advocate for the GENIUS Act, viewing digital assets as "the FUTURE". He believes that passing this legislation is crucial for "Making America Great Again, BIGGER AND BETTER THAN EVER BEFORE".