The Genius Act: A New Dawn for Stablecoins in the U.S.
The U.S. House of Representatives passed a landmark bill establishing a regulatory framework for stablecoins, marking a pivotal moment for the digital asset industry. The bill, known as the Genius Act, aims to ensure transparency by requiring stablecoin issuers to back tokens with liquid assets and disclose reserve compositions monthly.

The U.S. House of Representatives has taken a significant step towards regulating the burgeoning digital asset industry by passing a bill focused on U.S.-dollar-pegged cryptocurrency tokens, commonly known as stablecoins. This legislative move aims to provide a clear regulatory framework, a long-anticipated development that the sector has been advocating for, pouring substantial resources into political campaigns to promote this agenda.
The stablecoin legislation, called the Genius Act, has garnered bipartisan support, signifying a rare point of consensus between Democrats and Republicans. The bill sets out to ensure that stablecoins are backed by liquid assets and mandates issuers to disclose the composition of their reserves monthly, a move aimed at increasing transparency and trust in these digital currencies.
Former President Donald Trump, a controversial figure in the crypto space, is poised to sign the bill into law. This comes amidst ongoing tensions over his involvement in various cryptocurrency ventures, which have drawn scrutiny due to potential conflicts of interest. Despite these controversies, the White House maintains that there are no legal issues with Trump's crypto activities.
(With inputs from agencies.)