U.S. House Passes GENIUS Act, Landmark Stablecoin Legislation

The U.S. House of Representatives passed the bipartisan GENIUS Act, a pivotal step in establishing regulatory clarity for stablecoins. Senate Banking Committee Chairman Tim Scott hailed the legislation as a milestone for American leadership in payments innovation, aligning with former President Trump's vision of making the U.S. the global crypto capital.

The bill, co-sponsored by Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, creates a comprehensive framework for payment stablecoins. It marks the first time Congress has advanced bipartisan digital asset legislation through both chambers, signaling long-term recognition of blockchain technology's role in finance.

Industry stakeholders broadly supported the legislation, which underwent scrutiny of nearly 40 amendments before passage. The MOVE comes as global competition intensifies in digital asset regulation, with U.S. lawmakers seeking to provide certainty for innovators while maintaining financial safeguards.