By a large margin, the House of Representatives has passed a bill regulating cryptocurrency, making it the first time that lawmakers have addressed the growing use of stablecoins.
The legislation, popularly known as the Genius Bill, was approved by a vote of 308 to 122, ushers in a new era of currency. In a statement, Paul Atkins, chairman of the Securities and Exchange Commission, remarked that “advancement of this bill to President Trump’s desk marks a historic milestone for crypto entrepreneurs, financial market participants, and everyday Americans.”
Trump quickly signed the legislation, officially called the Guiding and Establishing National Innovation for U.S. Stablecoin, remarking: “This could be perhaps the greatest revolution in financial technology since the birth of the internet itself.”
The bill puts in place a regulatory framework and guardrails for what is estimated to be a $250 billion stablecoin market. Advocates contend that stablecoins are a solid form of currency because their value is linked to other assets such as the dollar. They also like them because it is thought that they can facilitate lower-cost and faster financial transactions.
The legislation, notes the Financial Times, will almost certainly “pave the way for banks to launch their own digital assets.”
Meanwhile, the financial publication Barron’s notes that it will take months for the Treasury Department to write rules on how an entity becomes qualified to issue stablecoins. “Under administrative law, there will be a round of public comments on the proposed rules—and perhaps litigation.”
July 21, 2025
By Garry Boulard
Photo courtesy of Pixabay
