The House approved it with a 308-122 vote, including broad Democratic support|Wally Gobetz|CC BY-NC-ND 2.0
In a historic move, Congress passed its first major standalone cryptocurrency legislation—the GENIUS Act—on Thursday, marking a major shift in the country’s stance on digital currencies.
The House approved it with a 308-122 vote, including broad Democratic support.
The bill regulates stablecoins, a type of cryptocurrency backed by actual dollar reserves, aiming to make digital payments faster, cheaper, and borderless.
Trump’s push and financial ties
President Donald Trump played a crucial role in clearing procedural roadblocks. He has been vocal about making the US the “crypto capital” and has personal ties to the industry through World Liberty Financial, which launched the USD1 stablecoin.
Stablecoins are designed to maintain a fixed value, typically tied to the US dollar. Backers must hold matching reserves, making them more stable than traditional cryptocurrencies.
Firms believe stablecoins can replace costly wire transfers and credit card fees globally.
Industry win, critics concerned
Supporters say the bill will modernize payments, with companies like Amazon and JPMorgan showing interest.
Critics warn the law lacks strict oversight and could let non-banks skirt financial safeguards.
The GENIUS Act now heads to the president’s desk for final approval. More crypto laws are expected soon.