US House passes ‘Genius Act’ crypto regulation bill, sending it to Trump
The stablecoin vote marks a watershed moment for the digital asset industry, which has been pushing for US federal legislation for years
The US House of Representatives on Thursday passed a bill to create a regulatory framework for US-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law.
The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year’s elections in order to promote pro-crypto candidates.
House lawmakers also passed a bill developing a regulatory framework for crypto. That will move on to the Senate for consideration.
The stablecoin bill, dubbed the Genius Act, received bipartisan support, with many Democrats joining Republicans to back the proposed federal rules. The vote on the market structure bill, known as the Clarity Act, was also notably bipartisan.
Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly.
If signed into law, the stablecoin bill would require tokens to be backed by liquid assets – such as US dollars and short-term Treasury bills – and for issuers to publicly disclose the composition of their reserves on a monthly basis.