Genius Act: Paving the Way for Stablecoin Regulation

The U.S. House of Representatives on Thursday approved the Genius Act, aimed at establishing regulatory oversight for U.S.-dollar-pegged cryptocurrency tokens, known as stablecoins. With bipartisan support, the bill now awaits President Donald Trump's signature, signaling a major shift in the digital asset landscape.

The bill extends the Commodity Futures Trading Commission's purview over the industry, a move welcomed by crypto markets as shares of related companies rose following the news. Bitcoin traded slightly lower, while ethereum saw gains. The legislation is seen as crucial for fostering regulated innovation in digital currencies.

Industry leaders praised Congress for its action, emphasizing the potential foundations it lays for consumer protection and American competitiveness in the evolving financial ecosystem. The call now is for swift execution by the President to solidify the U.S.'s role in global digital finance standards.

(With inputs from agencies.)