GENIUS Act Passes House 307-122, Paving Way for US Stablecoin Regulation

Washington D.C. – The U.S. House of Representatives has passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, widely known as the GENIUS Act, with a decisive vote of 307 to 122. The landmark legislation, which establishes a comprehensive federal regulatory framework for stablecoins, is now headed to President Donald Trump's desk for signature, expected as early as tomorrow. The passage marks a significant milestone for the cryptocurrency industry in the United States.

Jake Chervinsky, a prominent voice in crypto regulation, announced the development on social media, stating, "The GENIUS Act passes the House by a huge margin, 307 - 122. The President will sign it into law tomorrow." He further celebrated the moment, adding, "We have stablecoin regulation in the USA 🇺🇸 A moment for celebration: the first major crypto bill done in Congress and an opening of the floodgates for value onchain 🎉.

The GENIUS Act aims to provide regulatory clarity and consumer protection within the rapidly expanding stablecoin market. It mandates that stablecoin issuers maintain 1:1 backing with high-quality, liquid assets, such as U.S. dollars and short-term Treasury bills. Additionally, the bill requires monthly public disclosures of reserve compositions and adherence to anti-money laundering (AML) and sanctions compliance standards.

This legislative victory is seen as a major win for the digital asset industry, which has actively lobbied for clear federal guidelines to foster innovation and mainstream adoption. Proponents argue that the framework will enhance trust, attract investment, and solidify the U.S. position as a leader in digital finance, potentially unlocking faster and more cost-effective payment systems.

The passage of the GENIUS Act comes amidst a period dubbed "Crypto Week" in Congress, which also saw the House advance other cryptocurrency-related bills, including the CLARITY Act concerning market structure and a bill to prohibit a central bank digital currency. While the stablecoin bill garnered significant bipartisan support, some critics have voiced concerns that the regulations may not be stringent enough to fully mitigate financial risks.