US HOUSE PASSES STABLECOIN BILL TO REGULATE DOLLAR-PEGGED CRYPTOCURRENCIES

Fri 18 July 2025:

The US House of Representatives passed a bill Thursday establishing new rules for dollar-backed stablecoins, sending it to President Donald Trump, who is expected to sign it into law.

The bill, called the GENIUS Act, passed with strong bipartisan support in a 308-122 vote.

The House also passed the broader CLARITY Act, aimed at regulating the wider crypto market. That bill passed 294-134 and now heads to the Senate.

This bill is expected to go directly to President Trump for his signature to become law.

The Senate passed the GENIUS Act last month, and it sets requirements such as mandating that issuers hold reserves of assets equal in value to their outstanding cryptocurrency.

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“This historic legislation will bring our payment system into the 21st century. It will ensure the dominance of the US dollar. It will increase demand for US Treasuries,” said Senator Bill Hagerty, the measure’s sponsor in the Senate.

This wave of legislation follows years of skepticism towards crypto, driven by the belief that the sector, born from bitcoin’s success, should be tightly controlled and kept separate from mainstream investors.

However, after crypto investors contributed millions of dollars to his presidential campaign last year, Trump reversed his previous doubts about the industry.

He even launched a Trump meme coin and other ventures as he prepared for his return to the White House and hosted a gala dinner for the coin’s top buyers once he was in office.

And according to the Financial Times, Trump is now preparing to open the $9 trillion US retirement market to cryptocurrency investments as well as gold, and private equity.

Notably, both the CLARITY Act and the GENIUS Act garnered significant bipartisan support, with Democrats also having seen an increase in lobbying and contributions from the crypto industry.

“It’s critically important we bring more certainty to the marketplace with clear rules of the road,” said congressman Josh Gottheimer, a Democrat who supported the bills.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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