The Genius Act, which sets out a framework for stablecoins in the U.S., has been approved by lawmakers in the House, clearing up the way it became the country’s first major crypto law.

Signature away from becoming law

Now, for the guidance and establishment of national innovation by US Stablecoins (Genius), only the signature of Donald Trump is required to take effect.

After earlier approval from the Senate, the bill won the final green light of the House with a 308-122 vote. More than 100 Democrats vote Approve of the genius law.

Related: Citi “viewing stable issuance”: CEO confirms

“By going from regulation to law enforcement to clear rules, the U.S. will strengthen its position as a global leader in cryptocurrencies and may encourage other countries to follow,” said Yuval Rooz, CEO and co-founder of Digital Assets.

Once enacted, the bill will require any company that issue payments to Stablecoin:

• Completely back up each token with cash or short-term U.S. Treasury securities;

• Obtain a bank charter or a new federal or state “qualified” stability permit;

• Release a detailed monthly reserve report;

• Comply with basic capital, liquidity and counter-finishment standards;

• Avoid interest only for holding coins.

By creating these basic rules, Congress aims to protect users, prevent operations, and enable banks, fintechs and investors to use dollar-backed digital cash with greater confidence.

“With the death of major companies such as the Genius Act and Amazon and Walmart, Stablecoin-type payment models are said to be exploring, and it’s clear that digital assets are being used every day,” said Laurent Descout, CEO and co-founder of Neo.

“With clearer rules, stable use may grow rapidly and the treasurer should focus on the right partners and systems to stay ahead of the curve,” he explained.

Read more: Clock Congress: Can 2025 provide real crypto reforms in the United States?

U.S. lawmakers return to crypto bills

In addition to the Genius Act, the House of Representatives also voted for two other crypto-related bills: the Digital Asset Market Clarity Act, which aims to set the market structure for cryptocurrencies, and the anti-CBDC surveillance state bill that would prevent the Federal Reserve from launching or testing retail central bank digital currencies.

The Clarity Act received 308-122 votes in favor, while the Anti-CBDC Act was passed by a 219-210 vote.

Although the Clarity Act is now handed over to the Senate, the banking committee is expected to raise prices later this summer, although the Senate date has not been set yet. The anti-CBDC bill is also awaiting Senate approval.

This article was written by Arnab Shome on www.financemagnates.com. (tagstotranslate) Genius Act



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