- The GENIUS Act passed the House in a 308–122 vote, becoming the first-ever crypto legislation in U.S. history.
- Lawmakers also approved the CLARITY Act, which defines crypto assets as securities or commodities, and the Anti-CBDC Act, which bans the Fed from issuing a digital dollar.
- President Trump is expected to sign the GENIUS Act into law, marking a major shift in federal crypto regulation.
As previously reported, President Trump’s efforts to pass crypto-focused legislation ended up working out for the Republican. Today, the U.S. House of Representatives officially passed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), marking the first-ever crypto legislation passed into law.
Approved in a 308–122 vote, the bill will set the tone for stablecoin operations in the United States. Under the new guideline, companies wanting to issue dollar-pegged currencies will have to comply with federal or state regulators, while also providing reserves backed at a 1:1 ratio, to be audited by state representatives.
We have a full piece covering everything about the GENIUS Act, so feel free to check it out.
President Trump, who helped broker the deal with congresspeople who initially opposed a “yes’ vote, is expected to sign the bill into law by tomorrow.
In a truly historic moment for cryptocurrency regulations in America, legislators also passed two other crypto-related bills.
First off, the CLARITY Act has passed the House and is now headed to the Senate. The bill aims to define whether crypto assets are securities or commodities, while also clarifying the regulatory boundaries between the SEC and CFTC.
Also, the Anti-CBDC Surveillance State Act passed the House in a narrow vote. The bill forbids the Federal Reserve from issuing digital currencies, citing concerns over surveillance, privacy, and government overreach.
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