US Congress Passes Landmark Stablecoin Law: The GENIUS Act
The US House of Representatives has passed the GENIUS Act, a pivotal stablecoin bill now awaiting the President’s signature.
🔹 For the first time, stablecoins are legally defined under US law
🔹 Federal licensing and strict reserve requirements introduced
Key highlights of the bill: – Stablecoins must be fully backed by cash or US Treasury securities
– Issuance without a federal license is prohibited
– Eligible for integration into retirement plans like 401(k)s
– Enforces transparency through regular audits and reports
This move marks a significant shift for DeFi, payment systems, and institutional crypto adoption — though it also raises concerns about increasing centralization in the digital asset space.