House Likely To Pass Stablecoin Legislation Next Week

July 12—Eight years ago, the first Trump Administration aspired to hold “Infrastructure Weeks,” but not in Trump ’47; instead, the House of Representatives is calling next week (July 14-18) “Crypto Week.”

Instead of debating its own stablecoin legislation—the STABLE Act—the House, under President Trump’s urging, expects simply to pass the Senate’s already passed GENIUS Act, to “regulate” (very lightly) the issuance of stablecoins purporting to be “dollars.” GENIUS is wanted on Trump’s desk immediately to buck up the Treasury market (the Treasury has been using real dollars to buy its own debt, some $30 billion of it in the second quarter of 2025, alone due to a lack of buyers). So, the House GOP leadership pushed aside lead sponsor Rep. French Hill’s desire to “reconcile differences” between the bills before voting. The Senate Finance Committee, meanwhile, will hold a July 16 hearing on the next crypto bill (for Bitcoin and all the other coins that admit they’re not "stable"), called the Digital Asset Market Clarity Act.

The main beneficiary of next week’s actions is expected to be the stablecoin of Tether, Inc., headquartered in El Salvador, country where the government barely holds its own against the drug gangs the cartels that run them, and not subject to any mandatory regulation or taxation, and accounting for about $140 billion or 60% of stablecoin assets worldwide. Little noticed was what was reported in a Bloomberg News article in January, about President Trump’s Commerce Secretary Howard Lutnick, entitled, “Commerce Nominee Lutnick Is Backer of Outlaws’ Favorite Cryptocurrency.” The kicker read, of Lutnick’s investment firm “Cantor Fitzgerald holds assets for Tether, the stablecoin used by drug traffickers, terrorists and scammers to move money around the world.”