President Trump has made it clear that he will not let the United States fall behind in the global race for digital currency and blockchain innovation. After four years of Biden’s war on crypto, during which he weaponized agencies like the SEC to drive American innovators offshore, Trump is restoring order, sanity, and leadership in one of the most important financial frontiers of the 21st century.
The Trump administration’s success or failure here will determine whether the U.S. dollar remains the global standard. The president and the larger MAGA movement know it. So do millions of everyday Americans who want a financial system that works for them, not against them.
But as the Trump administration works to deliver on the president’s campaign promise, a surprising obstacle has emerged—not from Democrats like Elizabeth Warren, who’s made a career out of demonizing crypto, but from within the Republican Party itself.
At stake is the GENIUS Act, a bipartisan bill that would allow the private sector to create stablecoins pegged to the U.S. dollar.
You may not have heard of stablecoins before. They are essentially cryptocurrencies with stable prices as they are pegged to the value of something stable, unlike typical crypto.
As a relatively new financial instrument, creating stablecoins tied to the U.S. dollar represents a massive opportunity to extend the reach of American finance. Millions of people are already using stablecoins, and this number will only grow larger in the coming years. The Trump administration wants to make sure the ones they use are connected to the U.S. dollar, not the yuan or the Russian ruble. More global demand for the dollar will strengthen its value and allow Americans to purchase more for less.
President Trump wants to sign the GENIUS Act into law before the August recess (ensuring it will not go into effect after China’s stablecoin legislation does this summer). Last week, Vice President JD Vance reaffirmed this by expressing the White House’s desire for the Senate to pass the bill clean. Because even a well-intentioned amendment can slow the process, fracture the coalition, and ultimately kill the bill.
This is where the problem lies. A couple of Republicans are not listening and are proposing amendments that could kill the bill.
One Republican senator wants to link the Sen. Dick Durbin-backed Credit Card Competition Act (CCCA) to the GENIUS Act. It’s no surprise his colleagues hate this bill, with one even saying he will pull his support for the stablecoin bill if this amendment passes—because it is a major government giveaway to big box stores like Walmart and Target.
The CCCA will use the force of government to mandate that card companies offer retailers at least two payment networks. That might not sound like a big deal, but it is because the high costs of this new regulation would force them to either raise prices or cut back on their consumer benefits programs. That is why The Point Guys, a well-known website that tracks reward points for travel, is opposing the bill, warning that it “has the potential to significantly negatively alter, if not completely eliminate, the world of credit card rewards that we know today.”
Another Republican senator, who said he plans on voting against the GENIUS Act anyway, wants to impose an obstructionist amendment that would cap the credit card interest rates at 10%. This similar “money grows on trees” legislative idea, endorsed by Sen. Bernie Sanders (I-Vt.), would just lead to companies having no choice but to approve fewer lower-income Americans for the credit, even if they desperately need it to stay afloat.
Vice President Vance: This bill must be allowed to pass clean without these distractions. It’s the only way we can beat China before the country’s stablecoin bill goes live in August. With a Republican senator already saying he will vote against the GENIUS Act because of one of these amendments, VP Vance is being proven right.
Democrats are the ones who are supposed to obstruct crypto innovation, not Republicans.
Democrats like Elizabeth Warren spent the last several years trying to suffocate digital innovation in the U.S. under the guise of “consumer protection.” Under Biden, regulators waged war on crypto through intimidation, rulemaking by ambush, and selective enforcement.
Trump has been dismantling that regime from day one. He fired Gary Gensler, repealed Biden’s hostile executive orders, and is replacing consumers’ fear and confusion over crypto with clarity and confidence. He even signed an executive order to create a Strategic Bitcoin Reserve (a digital Fort Knox of sorts), affirming the U.S. commitment to leading, not following, on crypto policy. It would be a shame if a couple of Republicans stood in his way.
Republicans should recognize what’s at stake. This isn’t just another bill. It’s our one shot to beat China at its own game. The alternative is letting political infighting and Beltway gamesmanship stall the president’s agenda, giving the People’s Republic the upper hand.
Trump is doing his job. Now it’s time for Congress to do what the people elected them to do—lead.