US House Passes Bipartisan GENIUS Act; President Trump Expected to Sign Crypto Regulation Bill
The US House approved the GENIUS Act with bipartisan support, regulating stablecoins. President Trump is set to sign the bill Friday, marking a key victory for his pro-crypto agenda.
Trump signs 'GENIUS Act' into law, calling it the 'greatest revolution in financial technology'
One America News Network
Overview
- The US House of Representatives overwhelmingly approved the GENIUS Act with a 308-122 bipartisan vote, signaling strong support for comprehensive cryptocurrency regulations.
- This landmark legislation specifically includes provisions designed to regulate stablecoins, ensuring they are linked to established reserve currencies such as the US dollar for stability.
- President Trump is anticipated to sign the GENIUS Act into law at 2:30 p.m. ET on Friday, a move that represents a significant achievement for his administration's pro-cryptocurrency initiatives.
- The federal stablecoin bill, a key component, incorporates initial guardrails and robust consumer protections, aiming to bring regulatory clarity to less volatile forms of digital currency.
- While the GENIUS Act moves forward, other cryptocurrency bills also passed by the House may encounter significant challenges and potential hurdles when they proceed to the Senate for consideration.
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Analysis
$center-leaning sources frame the GENIUS Act's signing as a significant, positive milestone for the crypto industry. Their collective editorial choices emphasize the legislation's "landmark" status and the industry's newfound legitimacy. While acknowledging political spending and potential conflicts of interest, these aspects are often presented as secondary to the celebratory narrative of technological advancement and financial innovation.
"The effects of the bills are not immediate, but they will fuel crypto’s evolution from a niche, fringe corner of the economy into the mainstream — for better or much, much worse — depending on whom you ask."
NBC News"The GENIUS Act sets initial guardrails and consumer protections for stablecoins, which are tied to assets like the U.S. dollar to reduce price volatility compared with other forms of cryptocurrency."
ABC News"The new law is meant to bolster consumer confidence in the crypto industry, which has quickly become a major power player in Washington thanks to massive campaign donations and spending on lobbying."
Chicago Sun-Times"The legislation, called the GENIUS Act, will be the first major law governing digital currency, establishing a regulatory framework for the $250 billion stablecoin market."
CBS News"A big concern is that stablecoins will appear as safe investments, legitimized by the law, while supposedly private companies issuing stablecoins could peg their tokens to riskier assets that could tank reserves, cause bank runs, and potentially blindside and financially ruin Americans."
ARS Technica"The bill sets up a regulatory regime for so-called stablecoins, a kind of cryptocurrency backed by assets seen as reliable, such as the dollar."
BBC News"the possibility is this could be a several trillion dollar demand for US assets is extraordinarily positive."
Bloomberg"The landmark vote signals a sea change in the U.S. stance toward these digital currencies."
NPR"The GENIUS Act creates a regulatory framework for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar."
USA TODAY"The passage of the trio of crypto measures marked a successful end for Republicans to what they deemed “Crypto Week.”"
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FAQ
The GENIUS Act aims to regulate stablecoins by requiring issuers to be approved entities, such as US-based banks or federally approved nonbanks, and by ensuring that stablecoins traded in the US are linked to reserve currencies like the US dollar.
The GENIUS Act will take effect either 18 months after its passage or 120 days after final regulations are issued—whichever comes first.
In addition to the GENIUS Act, other bills passed include the Clarity Act and the Anti-CBDC Surveillance State Act. The Clarity Act regulates digital commodities beyond stablecoins, and the Anti-CBDC Surveillance State Act prevents the Federal Reserve from issuing retail central bank digital currency directly to Americans.
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