US House Passes GENIUS Act; Crypto Regulation Bills for Trump
The post US House Passes GENIUS Act; Crypto Regulation Bills for Trump appeared on BitcoinEthereumNews.com. The U.S. House passed the bipartisan GENIUS Act, establishing a regulatory framework for stablecoins. The bill has gone to President Trump for approval. Lawmakers also advanced the Clarity Act to define crypto tokens as securities or commodities. In a major step-up for the crypto industry, the U.S. House of Representatives on Thursday passed the GENIUS Act, a bipartisan bill setting up a federal regulatory system for stablecoins. The legislation now goes to President Donald Trump to be signed into law. The House also cleared two other crypto-related bills. The first, the Clarity Act, tries to define when a crypto asset is a security or a commodity. The second bill prohibits the government from issuing a central bank digital currency (CBDC). Both of these measures now await action in the Senate. What the GENIUS Act means for stablecoins The Genius Act passed with significant bipartisan support in a 308–122 vote. The bill requires that U.S. dollar–pegged stablecoins be backed by liquid assets, such as cash or short-term Treasury securities. Issuers must also disclose the composition of their reserves monthly to enhance transparency and consumer protection. Stablecoins are a cornerstone of crypto trading and payments. Their total market capitalization has surged in recent years, reaching over $262 billion. This has prompted calls for regulatory oversight to prevent systemic risks. “This historic legislation will bring our payment system into the 21st century,” said Senator Bill Hagerty, the bill sponsor.
The post US House Passes GENIUS Act; Crypto Regulation Bills for Trump appeared on BitcoinEthereumNews.com.
The U.S. House passed the bipartisan GENIUS Act, establishing a regulatory framework for stablecoins. The bill has gone to President Trump for approval. Lawmakers also advanced the Clarity Act to define crypto tokens as securities or commodities. In a major step-up for the crypto industry, the U.S. House of Representatives on Thursday passed the GENIUS Act, a bipartisan bill setting up a federal regulatory system for stablecoins. The legislation now goes to President Donald Trump to be signed into law. The House also cleared two other crypto-related bills. The first, the Clarity Act, tries to define when a crypto asset is a security or a commodity. The second bill prohibits the government from issuing a central bank digital currency (CBDC). Both of these measures now await action in the Senate. What the GENIUS Act means for stablecoins The Genius Act passed with significant bipartisan support in a 308–122 vote. The bill requires that U.S. dollar–pegged stablecoins be backed by liquid assets, such as cash or short-term Treasury securities. Issuers must also disclose the composition of their reserves monthly to enhance transparency and consumer protection. Stablecoins are a cornerstone of crypto trading and payments. Their total market capitalization has surged in recent years, reaching over $262 billion. This has prompted calls for regulatory oversight to prevent systemic risks. “This historic legislation will bring our payment system into the 21st century,” said Senator Bill Hagerty, the bill sponsor.
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