Trump Confident GENIUS Act Will Pass House, Eyes Friday Signing

White House Press Secretary Karoline Leavitt stated on Thursday that President Donald Trump is confident the GENIUS Act will pass the House and that the Trump administration is planning a signing ceremony for Friday afternoon.

“The house is voting on it. We know we have the votes. We expect to get to the President’s desk, and we’re planning a signing ceremony tomorrow afternoon,” she said during the press briefing.

The Guiding and Establishing National Innovation for U.S. Stablecoin (GENIUS) Act is likely to ban competing yield-bearing stablecoins that often offer higher and simpler returns. Ethereum (ETH) has been soaring since the beginning of ‘Crypto Week’ in Washington. 

Ethereum’s price was up 2.6% in U.S. afternoon trade and has gained over 20% in the last week. On Stocktwits, retail sentiment around the cryptocurrency was in ‘extremely bullish’ territory.

Leavitt also reiterated that President Trump opposes the creation of a central bank digital currency (CBDC).

She added that the President did signal his support for a de minimis exemption for crypto. 

“We’re definitely receptive to it to make crypto payments easier and more efficient,” she said.

The House of Representatives is scheduled to vote on all three bills – the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act – on Thursday afternoon. 

The Clarity Act is first on the agenda, with voting scheduled to take place just before 4:00 p.m. ET, followed by the GENIUS Act, which aims to establish government oversight of stablecoin issuers. 

The vote on the GENIUS Act is the last step before the bill can become U.S. law and the first major U.S. cryptocurrency policy. 

While Bitcoin (BTC) traded flat on Thursday, altcoins were rallying. Ripple’s native token XRP (XRP) and Cardano’s ADA (ADA) led gains among major cryptocurrencies. XRP’s price jumped nearly 10% while Cardano’s price climbed 5.2% in the last 24 hours. 

Read also: XRP Eyes All-Time High, Ethereum Nears $3,500 While Bitcoin Lags In Crypto Rally

For updates and corrections, email newsroom[at]stocktwits[dot]com.