The US House of Representatives has passed the Genius Act, a bipartisan bill establishing a regulatory framework for US-dollar-pegged stablecoins, and sent it to President Trump, who is expected to sign it into law, according to Reuters. The bill mandates that stablecoins be backed by liquid assets and requires monthly public disclosure of reserves. Two other crypto bills were also passed: the Clarity Act, which clarifies when crypto assets are securities or commodities, and a bill banning a U.S. central bank digital currency. These moves mark a major step forward for the crypto industry, which has long pushed for clear federal regulation. They write:
The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-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 to promote pro-crypto candidates. […]
Crypto companies have argued that most tokens should be classified as commodities instead of securities, which would enable platforms to more easily offer those tokens to their customers by not having to comply with a raft of securities laws. […]
The House also passed a bill prohibiting a central bank digital currency, which Republicans say could violate Americans’ privacy. The issue had been a sticking point in House discussions this week.
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