Congress Passes GENIUS Act in Major Win for US Crypto Industry

The US House of Representatives on Thursday voted overwhelming to pass the country’s first significant cryptocurrency regulation, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. It will now go to President Donald Trump for final approval.

If enacted, the bill will establish rules for issuers of stablecoins, a type of coin pegged to a $1 valuation, which proponents have pitched as a faster and cheaper way to make payments. The bill requires issuers to collateralize stablecoins with low-risk assets on a one-to-one basis, provide accounts to a state or federal regulator, and maintain anti-money laundering controls.

In June, US Treasury Secretary Scott Bessent said he believes that the stablecoin economy could reasonably exceed $2 trillion—up from $195 billion today—off the back of the GENIUS Act.

On the campaign trail last year, Trump pledged to turn the US into the “crypto capital of the ...