Powell, Trump Back Stablecoin Bill as House Debates

Federal Reserve Chair Jerome Powell has endorsed the GENIUS Act, a Senate-approved bill regulating stablecoin issuance and trading, and called for a clear stablecoin regulatory framework. The GENIUS Act has bipartisan backing in the Senate, while the House is deliberating both the GENIUS Act and the CLARITY Act, the latter addressing the broader digital asset market structure. President Donald Trump has urged the House to pass a 'clean' version of the GENIUS Act without amendments. House Financial Services Committee Chair French Hill and other lawmakers are working to resolve differences between the Senate and House bills and considering whether to combine stablecoin and market structure legislation. Despite strong political momentum to finalize the regulations before the August recess, debates over conflicts of interest and bill consolidation continue. The legislative path forward remains uncertain as leaders seek consensus.