The U.S. House of Representatives has passed 3 cryptocurrency bills, the GENIUS Act will officially be signed into effect tomorrow morning
In the latest news, on Thursday local time, the U.S. House of Representatives passed 3 pieces of legislation related to cryptocurrency. These include the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance National Act.
The passage of these bills brings much-anticipated regulatory certainty to the cryptocurrency industry. Among them, the GENIUS Act is expected to be formally signed into law by Trump on Friday local time.
The GENIUS Act aims to provide a clear regulatory framework for dollar stablecoins, reduce compliance costs, and enhance user trust. The bill requires all stablecoin issuers to obtain federal or state-level licenses and hold dollar cash, bank deposits, or short-term U.S. Treasury bonds as reserves in a 1:1 ratio.
Additionally, the CLARITY Act provides clear market rules for trading other digital assets, reduces regulatory uncertainty, lowers project compliance risks, and offers clearer legal boundaries for digital asset innovation.
The Anti-CBDC Surveillance National Act legally prevents the U.S. from issuing a central bank digital currency, protects the existing cryptocurrency market space, avoids the competitive impact of government digital currencies on the decentralized finance ecosystem, and leaves more room for private sector digital assets to grow.
According to Eleanor Terrett, the White House plans to hold a presidential signing ceremony for the GENIUS Act at 2 a.m. on the 19th, marking the imminent formal enactment of the bill.
The passage and implementation of these legislations will have a profound impact on the cryptocurrency industry, providing a clearer regulatory framework and safeguards for stablecoins and digital asset trading within the industry.