The U.S. House of Representatives passed the GENIUS Act, the first national framework for regulating stablecoins, which now heads to President Trump's desk.
The GENIUS Act establishes the first comprehensive legal framework for stablecoins, digital currencies backed by traditional assets like the US dollar. This bill was passed on July 17, following a legislative process that culminated with unprecedented majority support in the House.
Now, the GENIUS Act awaits President Donald Trump's signature for official enactment, which promises to redefine the rules of the game for stablecoin issuers and users, as well as financial institutions in the crypto sector.
Trade stablecoins on Bit2MeGENIUS Act: A pioneering legal framework for stablecoins
The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) is the first specific, federal-scope regulation approved in the United States for stablecoins, consolidating a legal basis for the growth of this type of digital asset.
The result of the vote, according to several sources consulted, was 307 votes for and 122 against, which shows a broad bipartisan consensus, after intense discussions and negotiations between Republican and Democratic representatives and the presidential administration.
David Sacks, the White House Cryptocurrency and AI Czar, pointed to this vote as a massive victory for the industrySacks also noted that the CLARITY Act, which seeks to regulate the structure of the cryptoasset market, was also passed on July 17 by a vote of 294-134.
With the approval of these cryptocurrency laws, the country aims to position itself at the forefront of the world, establishing standards that could serve as an international benchmark for the regulation of cryptocurrencies and digital currencies pegged to fiat currencies, such as the US dollar. The primary objective of these regulations is to strengthen the influence of the dollar and the US digital payment infrastructure in the face of similar proposals advanced by regions such as China or the European Union.
In this regard, Representative Tom Emmer, said that the approval of the Genius Act "It will allow asset innovators to thrive in the United States, modernize our payments system, and preserve the dollar's dominance as the global reserve currency."".
For his part, Brad Garlinghouse, CEO of Ripple, which operates the stablecoin RLUSD with a focus on compliance, emphasized that this is a historic moment. He indicated that, for his part, he looks forward to everything that is to come as a result of the GENIUS Act, which he called a “Transformative legislation.” “Thanks to the bipartisan leaders who made it happen.” said Garlinghouse.
Guarantees, supervision and financial security
The GENIUS Act introduces specific requirements and strict guidelines for stablecoin issuers. Key measures include the requirement to maintain liquid reserves at a 1:1 ratio to the value of the stablecoins issued. That is, every dollar-backed digital token must have an equivalent amount of hard reserves, avoiding unbacked or purely algorithmic models.
The law also establishes the need for regular audits and the obligation for issuers to register and be subject to the control of both federal and state authorities. This system of “dual license” facilitates cross-supervision and increases security levels for users and the US financial system as a whole.
Furthermore, GENIUS aims to eradicate illicit practices. For example, it imposes controls to prevent money laundering and terrorist financing, incorporating transparency and information disclosure protocols. All of this is intended to protect consumers from potential fraud and opacity.
TRADE WITH STABLECOINSTrump urges enactment of the GENIUS Act
Donald Trump has played a decisive role in pushing for the enactment of the GENIUS Act, a piece of legislation poised to be a game-changer for the cryptocurrency world. After several days of urging its swift signing, all indications are that the president will sign this law today without further delay, marking a key moment in the regulation of digital assets in the United States and globally.
The GENIUS Act faced a complicated path filled with intense debate and political divisions. Although Democrats initially balked, concerned about national security and the need for stricter controls to prevent illicit activity, the bill was strongly pushed through the Senate with Republican leadership and open support from Trump. Ultimately, after careful adjustments and negotiations, a majority was achieved for its passage in both chambers.
A key week in Washington
In parallel, this week, two other key initiatives were put on the table regarding the regulation of cryptocurrencies: the CLARITY Act, designed to clarify and delineate the responsibilities of the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission), and legislation seeking to curb the development of digital currencies issued directly by the Federal Reserve. This project anti-CBDC It aims to place strict limits on the expansion of these state digital currencies, reflecting a latent concern about preserving the influence of the traditional dollar in the face of new digital forms of sovereign money.
This entire legislative movement clearly illustrates that, faced with a constantly accelerating crypto market and increasingly powerful technological and financial players demanding certainty, the United States wants to establish a solid and clear legal framework.
Trump's direct intervention, aware of the strategic importance of dollar dominance in times of fierce global competition and the growing relevance of cryptocurrencies, gave a decisive boost to these regulatory efforts to ensure the country maintains a leading position in the digital financial landscape of the future.
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