U.S. House Passes GENIUS Act, Providing Regulatory Framework for Stablecoins

The U.S. House of Representatives has passed the GENIUS Act, marking a significant milestone for cryptocurrency regulation. The legislation, now advancing to the president's desk, establishes clear rules for payment stablecoins, a move applauded by industry leaders and lawmakers alike.

Senate Banking Committee Chairman Tim Scott and House Financial Services Committee Chairman French Hill spearheaded the bipartisan effort, with notable support from Senators Cynthia Lummis and Bill Hagerty. The act addresses the growing need for regulatory clarity in the crypto space, particularly for stablecoin issuers and financial market participants.

Blockchain technology continues to demonstrate its potential to transform financial infrastructure. The GENIUS Act's framework is expected to enable innovators to develop stablecoin solutions that improve transaction speed, reduce costs, and enhance security while maintaining appropriate risk controls.