(The Center Square) – Stablecoin legislation on Thursday made its way to President Donald Trump’s desk, helped by a North Carolina Democrat among 102 crossing the aisle, and Friday afternoon he signed it.
Already passed in the Senate, the bill was one of three being pushed by the second-term Republican president in what he dubbed Crypto Week. The beginning on Capitol Hill was ominous, however, with votes to get the trio onto the floor of the House of Representatives on Tuesday ending badly.
The week got better for the 79-year-old Floridian. The GENIUS Act, or Senate Bill 1582 as the stablecoin legislation is known, passed 308-122 with Rep. Don Davis, D-N.C., joining all 10 North Carolina Republicans in the chamber voting yea.
Stablecoins are cryptocurrency, a form of digital currency. Bitcoin and ethereum are other examples. Stablecoins derive the name because the idea is to have a stable price, and link to assets like the U.S. dollar or a commodity like gold. Some examples of stablecoins are tether, USD coin, and Dai.
In 2022, the Biden administration authorized further research into digital currencies by executive order. In addition to the GENIUS Act, the Trump administration this week has also pushed the Digital Asset Market Clarity Act of 2025 (House Resolution 3633) and Anti-CBDC Surveillance State Act (HR1919).
The latter two passed on Thursday – 294-134 for HR3633; 219-210 for HR1919 – and are back with the Senate. Davis voted against each with North Carolina Democratic Reps. Alma Adams, Deborah Ross and Valerie Foushee.
All three cryptocurrency bills got yea votes from North Carolina Republican Reps. Dr. Greg Murphy, Virginia Foxx, Addison McDowell, David Rouzer, Rev. Mark Harris, Richard Hudson, Pat Harrigan, Chuck Edwards, Brad Knott and Tim Moore.
The Congressional Research Service of the Library of Congress says the stablecoin bill “establishes a regulatory framework for payment stablecoins.” It specifies requirements “for reusing reserves; providing safekeeping services for stablecoins; and supervisory, examination and enforcement authority over federal-qualified issuers.”
Consumer trust in the emerging part of the financial industry spurred the partisanship voting.
The Digital Asset Market Clarity Act, if agreed to by the Senate, would establish “a regulatory framework for digital commodities, defined by the bill as digital assets that rely upon a blockchain for their value,” the Congressional Research Service says.
The Anti-CBDC Surveillance State Act, if passed says the research service, would prohibit a “Federal Reserve bank from offering products or services directly to an individual, maintaining an account on behalf of an individual, or issuing a central bank digital currency (i.e., a digital dollar). Further, the Board of Governors of the Federal Reserve System is prohibited from using a central bank digital currency to implement monetary policy or from testing, studying, creating, or implementing a central bank digital currency, with exceptions as provided by the bill.”
Optimism for Senate passage resides in the majority numbers: 53 Repubicans, 45 Democrats, and two independents caucusing with the minority party.
