18.07.2025 08:49
The U.S. House of Representatives took significant action on cryptocurrency regulation, overwhelmingly passing the bipartisan GENIUS Act, a bill designed to establish a robust regulatory framework for stablecoins. This landmark legislation, moving swiftly towards presidential approval, now awaits President Trump's signature.
Further demonstrating a proactive approach to the evolving digital currency landscape, the House also advanced two other bills related to cryptocurrencies. One, the Clarity Act, aims to provide much-needed clarification on the classification of crypto assets, specifically addressing whether they should be defined as securities or commodities. The other bill decisively prohibits the federal government from issuing a central bank digital currency (CBDC). However, the fate of these two latter bills rests with the Senate, where their future remains uncertain.
The GENIUS Act, passing with a substantial 308-122 bipartisan vote, mandates that stablecoins pegged to the U.S. dollar maintain reserves comprised of highly liquid assets like cash or short-term Treasury securities. Transparency is paramount, as the bill necessitates monthly disclosures of reserve composition, thereby enhancing consumer protection and market stability. This regulatory push is fueled by the explosive growth of the stablecoin market, which now boasts a valuation exceeding $262 billion, raising concerns about potential systemic risks.
Senator Bill Hagerty, a key sponsor of the GENIUS Act, hailed its passage as "historic legislation" that will modernize the nation's payment systems, bolster the U.S. dollar's dominance, and stimulate demand for U.S. Treasury securities. His enthusiastic tweet underscored the significance of this moment for the future of digital finance and the nation's economic strength. The Clarity Act, meanwhile, seeks to limit the Securities and Exchange Commission's (SEC) authority over crypto assets, though the extent of this limitation remains to be seen following its passage in the House.
