At the center of the action is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a Senate-passed bill to regulate stablecoin issuers like Tether and Circle, which is now barreling toward a House vote under direct pressure from President Donald Trump. If passed, it would become the first meaningful federal law governing digital assets and a key pillar of Trump’s promised “crypto summer.”

Instead of reconciling the GENIUS Act with its own stablecoin proposal, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, the House appears poised to capitulate, fast-tracking the Senate bill as-is. According to a source familiar with the strategy, Trump has made it clear: sign off on GENIUS and move on.

This sets the stage for Trump to notch another legislative win after his budget passed last week. More importantly, it clears the decks for lawmakers to focus on the Digital Asset Market Structure Clarity Act, a broader bill aimed at defining how the rest of the U.S. crypto markets should be regulated. That legislation will take center stage in a Senate hearing this Wednesday, as Congress tries to tackle the bigger beast: the sprawling and largely unregulated crypto economy.