On July 17, 2025, the U.S. House of Representatives passed three major cryptocurrency bills, with the GENIUS Act being the most noteworthy, marking a turning point in the history of cryptocurrency. The act passed with an overwhelming majority of 308 votes to 122 and will be submitted to President Donald Trump for signing.
The 'Guidance and Establishment Act for U.S. Stablecoins' (GENIUS Act) is the first comprehensive legislation in the U.S. targeting cryptocurrencies, particularly the stablecoin market.
The act is rich and specific in content: first, it introduces licensing requirements for stablecoin issuers. Second, it clarifies reserve requirements, stating that each stablecoin must be backed by 100% cash or cash equivalents. Third, it establishes transparency rules, mandating that stablecoin issuers submit monthly reserve reports and undergo independent audits. Fourth, it creates a unified national stablecoin licensing system to replace the previously chaotic state-centered regulatory environment, achieving unified federal regulations. Additionally, the CFTC's regulatory authority over stablecoins is clearer, while the SEC's jurisdiction is somewhat reduced.
The voting results in the House of Representatives show that the act received bipartisan support, with 308 votes in favor and 122 votes against. Among them, 185 votes in favor and 32 votes against were from the Republican Party, while 123 votes in favor and 90 votes against were from the Democratic Party, reflecting that cryptocurrency regulation has become a bipartisan issue.
The passage of the GENIUS Act means that the U.S. will welcome its first federal law targeting digital assets. Trump stated, 'America will become the future leader of the digital nation. Through this law, we embrace financial innovation and protect our assets and economy.' He also called this legislation a 'historic step.'
In terms of market and industry response, the crypto market reacted positively. Bitcoin's price surged to over $120,000 following the news, with trading volumes for stablecoins like USDC and USDT increasing by 15%. Companies such as Coinbase, Circle, and Paxos viewed this as a 'clarification revolution.' In the banking sector, JPMorgan, Citi, and BofA also welcomed this shift, with the process of integrating stablecoins into the banking system set to accelerate.
The act will bring about various changes, including the introduction of national licensing and reserve requirements for stablecoin regulation, the birth of the first federal regulation for cryptocurrencies in the U.S., clearer regulations that will increase institutional investors' interest in the crypto space, and enhanced transparency.
Next, after President Trump signs the act, it will officially take effect. The Securities and Exchange Commission and the Commodity Futures Trading Commission will issue implementation guidelines, and stablecoin companies will need to comply with the new rules within 6 to 12 months. The Senate will also engage in detailed discussions on CLARITY and anti-CBDC.
The passage of the GENIUS Act is a historic milestone for the U.S. and global crypto markets, indicating that digital assets have become a systemic entity with clarified rules and a bright future ahead.
