The US House of Representatives has passed the Genesis Act, a bill to regulate US dollar-pegged stablecoins, and sent it to President Donald Trump, who is expected to sign it into law. The bill passed with bipartisan support, 308-122, and marks a major step for the crypto industry, which has long pushed for clear federal rules.
If signed into law, the stablecoin bill would require tokens to be backed by liquid assets, such as US dollars and short-term Treasury bills, and for issuers to publicly disclose the composition of their reserves every month.
The House also passed two other crypto bills. One creates a wider regulatory framework for digital assets, which is called the Clarity Act, and the other would ban a US central bank digital currency.
Stablecoins, a type of cryptocurrency designed to maintain a constant value, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say that they could be used to send payments instantly. Supporters say regulation will boost trust and adoption.
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