Despite a recent call from President Donald Trump for swift House approval of the stablecoin-oversight bill passed by the U.S. Senate, a key House lawmaker indicated Monday that further negotiations are likely needed, potentially delaying the legislation’s final form.
President Trump last week publicly urged the House of Representatives to “move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act”.
However, Representative French Hill, Chairman of the House Financial Services Committee, signaled a more cautious approach. Speaking at the Brookings Institution, Hill was hesitant to commit to simply rubber-stamping the Senate’s version. He confirmed ongoing discussions with House leadership, indicating several issues require ironing out between the Senate-approved bill and the House’s own Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, which remains in progress.
“What I’m open to is listening to my colleagues,” Hill stated, emphasizing that he spent the previous week gauging House members’ preferred approaches to meet President Trump’s August deadline. While declining to reveal his specific intentions, Hill outlined “some differences — some subtle, some material” between the two bills.
Key areas of divergence include:
- Extraterritoriality: The extent of U.S. legal enforcement outside its borders.
- Regulatory Oversight: The division of roles between state and federal agencies.
Banking and Commerce Separation: Concerns regarding the potential for corporations to issue stablecoins.
Despite these differences, Hill expressed optimism, stating, “The Senate and the House can definitely find a common constructive landing place.” However, achieving this common ground would necessitate modifications to the GENIUS Act, potentially clashing with President Trump’s demand for a “clean” and unamended passage.
Rashan Colbert, Policy Director for the Crypto Council for Innovation, underscored the complexity. “There is a finite amount of time that folks can really spend on one issue,” Colbert noted in a CoinDesk interview. “Crypto is taking a lot of time, a lot of mental energy for legislators, and so there is still some work to be done to figure out whether the bills will be combined in one process, or whether they’ll be separated.” The path forward for stablecoin legislation remains a subject of intense debate and negotiation in Congress.
Source
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/stablecoin-bill-faces-house-hurdles-despite-trumps-push/