Cryptocurrency

House Passes Landmark Stablecoin Bill, Sends It to Trump’s Desk

After a rocky start to ‘Crypto Week,’ House Republicans move forward with the Genius Act.
House Passes Landmark Stablecoin Bill, Sends It to Trump’s Desk
A gold-plated souvenir version of a Tether (USDT) coin arranged beside a screen displaying U.S. dollar notes, in an illustration picture taken in London on May 8, 2022. Justin Tallis/AFP via Getty Images
Andrew Moran
&
Nathan Worcester
|Updated:
0:00

House lawmakers passed a landmark stablecoin bill on July 17 in a vote of 308–122, sending it to President Donald Trump’s desk for his signature.

The Genius Act—Guiding and Establishing National Innovation for U.S. Stablecoins Act—aims to establish the first federal framework for stablecoin regulation. Stablecoins are a type of cryptocurrency designed to maintain a nominal value, usually pegged to the dollar one-to-one.

Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."