Trump Defeats ‘RINO’ Revolt, Scores Major Legislative Victory

The U.S. House of Representatives has officially passed the GENIUS Act, a sweeping pro-cryptocurrency bill strongly backed by President Donald Trump and Treasury Secretary Scott Bessent. The bill now heads to President Trump’s desk, where it’s expected to receive his final signature — ushering in a “new era” for American financial innovation.

The House voted 308–122 on Thursday, marking the final hurdle after the Senate approved the bill last month. Officially titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, the GENIUS Act sets the first-ever regulatory framework for U.S. dollar-backed stablecoins — digital assets designed to maintain a fixed value tied to the dollar.

Trump, who previously has been skeptical about cryptocurrency during his first term, recently flipped the script. Backed by Bessent and a growing coalition of GOP lawmakers, the Trump administration is now embracing crypto as a pillar of economic modernization and global competition.

At the heart of the GENIUS Act are strict reserve requirements and transparency standards for stablecoin issuers. Any entity issuing a stablecoin pegged to the U.S. dollar will be required to hold reserves on a one-to-one basis in dollars, Treasury bills, or other approved liquid assets. The law also mandates monthly public disclosures of those reserves.

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The bill clarifies that stablecoins are to be regulated by the Commodity Futures Trading Commission (CFTC) — ending years of jurisdictional confusion between financial agencies like the SEC and CFTC.

Supporters say the law opens the door for major banks, fintech firms, and even retail corporations to issue their own compliant stablecoins, paving the way for faster, cheaper digital payments.

Passage wasn’t guaranteed. House Speaker Mike Johnson and GOP leadership faced unexpected resistance from hardline conservatives, who initially refused to back the bill without a parallel commitment to block the Federal Reserve from launching a central bank digital currency (CBDC).

After nearly ten hours of procedural gridlock, Johnson struck a deal: the Anti-CBDC Surveillance State Act would be attached to the must-pass National Defense Authorization Act (NDAA) later this year. That assurance was enough to flip holdouts, clearing the path for the GENIUS Act to pass with strong bipartisan support.

In total, 206 Republicans and 102 Democrats voted in favor of the bill.

The crypto world responded with optimism. Bitcoin and Ethereum both saw price bumps after the news, while shares in crypto-related companies like Coinbase and Circle rose on expectations of a friendlier U.S. regulatory environment.

Major banks have also taken note. JPMorgan and Citigroup reportedly support the law and may explore launching compliant stablecoins in the near future.

President Trump is expected to sign the bill within days. Once signed, regulatory agencies will begin drafting the rulebook for implementation. Meanwhile, the promised Anti-CBDC measure remains on deck for debate as part of the broader defense package.

Critics — mostly from the progressive wing — have raised concerns about potential conflicts of interest, with some alleging the Trump family may benefit from upcoming crypto ventures. Others warn the bill doesn’t go far enough to protect consumers.