Retailers & Crypto Groups Push Congress for Stablecoin Payments Bill

Key Takeaways

President Trump signed the GENIUS Act, establishing the first U.S. regulatory framework for stablecoins .
The law mandates 1:1 dollar reserves for stablecoin issuers, aiming to legitimize crypto payments .
Corporate giants like Uber, Shopify, and Apple are exploring stablecoin integration .
Critics warn the rules are too weak and could enable illicit finance .
Trump’s family benefits directly through their venture World Liberty Financial .

The GENIUS Act Hits the President’s Desk

Trump scrawled his name on the bill Friday in the East Room. He joked about the acronym. “They named it after me.” The GENIUS Act—Guiding and Establishing National Innovation for U.S. Stablecoin—cleared the House 308-122. It sailed through the Senate last month. The law demands stablecoin issuers hold cash or Treasuries matching their tokens dollar-for-dollar. No more printing smoke.

SEC Chair Paul Atkins called it a “historic milestone.” Former Treasury official Graham Steele called bullshit. “A regulatory framework won’t make practical issues go away.”

Washington’s Crypto War

Twelve Republican holdouts nearly derailed the vote. They balked at bundling the GENIUS Act with the Anti-CBDC Surveillance State Act. Trump dialed them direct. “Hello, Jim, you have my vote.” They folded by Thursday.

Democrats split hard. Maxine Waters decried “crypto corruption.” Josh Gottheimer backed it for “clear rules of the road.” The industry lobbied with $100 million. Corey Frayer of the Consumer Federation spat: “This is what political power buys you.”

Trump’s Pivot and Payday

Trump once called crypto a “scam.” Then donations poured into his campaign. His reversal was total. He launched the $TRUMP meme coin, hosted gala dinners for holders, and appointed crypto ally Paul Atkins to run the SEC. His family’s company, World Liberty Financial, rolled out its own stablecoin—USD1.

Forbes estimates Trump’s wealth doubled to $5.3 billion this year. The GENIUS Act could inflate that further.

Corporate America’s Stablecoin Gambit

Company stablecoin positions table shows Uber in study phase for payment, Shopify integrating for cross-border sales, Apple exploring, Walmart has no active plans.

Retailers eye stablecoins to dodge credit-card fees. Banks like JPMorgan and BofA plot their own tokens. Dante Disparte of Circle argued stablecoins move money “where brick-and-mortar banking cannot.”

The “Put Up or Shut Up” Moment

A crypto exec put it bluntly: “Here’s the regulatory clarity you clamored for. It’s either going to happen or it isn’t.” Only 2% of U.S. adults use crypto for payments today. The GENIUS Act bets that changes.

Skeptics see hurdles. Diogo Mónica of Haun Ventures said consumers won’t care about blockchain tech. “Pitching stablecoins as payments to non-crypto people isn’t going to work.” Summer Mersinger of the Blockchain Association compared it to her dad clinging to paper checks.

What Stablecoins Actually Do

Stablecoins like Tether’s USDT and Circle’s USDC anchor crypto trading. Traders park cash in them between bets. They’re poker chips that don’t vanish overnight. The market ballooned to $239 billion from $10 billion in five years.

The GENIUS Act treats them as “digital dollars.” Faster. Cheaper. Untethered from banks. Send money to Manila in seconds, not days.

Risks: Illicit Cash and Half-Baked Rules

The bill imposes anti-money laundering rules. Critics say they’re tissue-thin. Non-banks like Elon Musk’s X can issue stablecoins without banking oversight. Frayer called it “a veil of regulation.”

The law ignores “community reinvestment requirements,” per a Democratic whip notice. It lets commercial firms blend banking and commerce—a firewall dismantled.

Ethereum’s Silent Win

Ethereum hosts nearly half the stablecoin market. Its price jumped 50% in two months. Analysts see $7,000 as viable. Firms like SharpLink Gaming now stockpile ETH for yields.

Coinbase tied the surge to stablecoin clarity. “Ethereum expresses a view on stablecoins.” The GENIUS Act could mint new ETH demand.

Frequently Asked Questions

What does the GENIUS Act do?

It creates federal rules for stablecoins. Issuers must hold dollar reserves equal to their tokens. States can license non-bank issuers.

Which companies will use stablecoins?

Uber, Shopify, and Apple explore payment integrations. JPMorgan and Bank of America plan banking applications.

Does Trump benefit from this law?

Yes. His family runs World Liberty Financial, which issues the USD1 stablecoin. His wealth doubled to $5.3 billion in 2025.

Are stablecoins safer under this law?

Partially. Rules mandate reserves and anti-money laundering programs. Critics argue oversight remains weaker than for banks.

What’s next for crypto regulation?

The CLARITY Act—dividing oversight between the SEC and CFTC—heads to the Senate. The Anti-CBDC Act banning a digital dollar also advances.

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