The U.S. House of Representatives has just approved the Genius Act, a bipartisan bill to regulate dollar‑pegged stablecoins, sending it to President Trump’s desk for his signature (The Financial Express). Under the new law, issuers must fully back each token with high‑quality liquid assets—such as U.S. dollars or short‑term Treasuries—and publish monthly reserve reports, ensuring transparency and consumer protection.
At the same time, lawmakers cleared two companion measures. The Clarity Act would draw a firm line between securities and commodities in crypto, defining the Securities and Exchange Commission’s oversight to prevent regulatory overreach (The Financial Express). Separately, Congress voted to ban any U.S. central bank digital currency, citing privacy concerns.
This legislative sweep marks a watershed moment for the industry, which has lobbied—and spent over $119 million—to press for clear federal rules (The Financial Express). With stablecoins poised for mainstream payment use and a defined regulatory map ahead, the U.S. could solidify its leadership in digital assets—provided the president signs these bills into law.
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Source: Reuters via Financial Express
Credit: Financial Express news room
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