This Thursday, the U.S. House of Representatives passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), moving to set federal standards for stablecoins—digital currencies pegged to the U.S. dollar or other fiat currencies. The 308 to 122 vote came after Senate approval in June and enjoyed bipartisan support.
President Donald Trump has backed the legislation and is expected to sign it into law, which would make the GENIUS Act the first federal regulation on stablecoins in the United States.
On the same day, the House approved two additional crypto-focused bills: the Digital Asset Market Clarity Act, which aims to set rules for crypto exchanges, brokers and issuers; and the Anti-CBDC Surveillance State Act, which would ban central-bank digital currencies. Both now head to the Senate for consideration, leaving their fate uncertain.
As the U.S. moves toward clear federal guidelines, the GENIUS Act could chart a new course for digital assets and innovation in the financial sector.
Reference(s):
cgtn.com
