US House Passes Landmark Stablecoin Bill, Sends Crypto Framework to Trump for Approval

The U.S. House of Representatives passed a bill creating a regulatory framework for dollar-pegged stablecoins, sending it to President Trump, who is expected to sign it into law. The Genius Act requires stablecoins to be backed by liquid assets like dollars or short-term Treasury bills, with issuers disclosing reserves monthly. The House also passed two other crypto bills: the Clarity Act, defining when cryptocurrencies are securities or commodities and clarifying SEC jurisdiction, and a bill banning a central bank digital currency over privacy concerns. The Clarity Act now moves to the Senate. The crypto sector, which spent over $119 million backing pro-crypto candidates in the last election, sees these moves as a breakthrough after years of lobbying. Some Democrats criticised the Clarity Act as favouring Trump’s crypto ventures, including his meme coin $TRUMP and World Liberty Financial. Despite tensions over Trump’s personal crypto activities, bipartisan support enabled the stablecoin bill’s passage.