US House Passes Major Crypto Bills; GENIUS Act Heads to Trump’s Desk

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 pr… The post US House Passes Major Crypto Bills; GENIUS Act Heads to Trump’s Desk appeared first on Coin Edition .

Source: Coin Edition