US House Passes GENIUS Act, Landmark Stablecoin Legislation Heads to President Trump

The US House of Representatives approved the GENIUS Act in a decisive 307-122 vote, paving the way for President TRUMP to sign the bill into law. The legislation, which cleared the Senate last month with bipartisan support, establishes a regulatory framework for stablecoin issuers.

Issuers must maintain full reserves in USD or government-issued liquid assets, with larger players facing annual audit requirements. The law strengthens state regulators' authority while mandating alignment with federal standards. Federal oversight becomes mandatory for issuers exceeding $10 billion in circulation.

Rep. Bryan Steil championed the bill as a catalyst for Web3 innovation, emphasizing consumer protections and regulatory clarity. Critics argue the measures fall short in safeguarding against potential market instability.