House Passes GENIUS Act, Establishing Federal Framework for Stablecoins

The U.S. House of Representatives approved the GENIUS Act in a landmark 308-122 vote, marking Congress's first comprehensive stablecoin legislation. The bill now awaits President Donald Trump's expected signature, setting federal oversight for the $250 billion stablecoin market.

Issuers must maintain full reserves in liquid assets, submit to monthly audits, and register with federal or state regulators. Bipartisan support was overwhelming, with 206 Republicans and 102 Democrats backing the measure.

"This is a watershed moment for the digital asset industry," said Steven Goldfeder, CEO of Offchain Labs. "Clarity eliminates legal ambiguity that has hindered institutional participation."

The vote concludes a contentious week where conservative Republicans initially blocked the bill before reaching a deal with the WHITE House. House Speaker Mike Johnson delayed floor votes after procedural objections, resolved only after holdouts met with Trump.