House Passes Stablecoin Bill, Paving Way for Federal Regulation

The U.S. House of Representatives approved a significant piece of legislation concerning stablecoins on Thursday, following the Senate's earlier endorsement in June. This bill, known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the GENIUS Act, establishes regulatory guidelines for stablecoins. These digital currencies are designed to maintain a stable value by being pegged to the U.S. dollar or other traditional currencies.

The House vote resulted in a strong bipartisan majority, with 308 representatives voting in favor and 122 against. The bill's passage marks a crucial step towards federal oversight of stablecoins within the United States.

President Donald Trump is anticipated to sign the bill into law shortly. This action will make it the first federal regulation specifically addressing stablecoins in the country. President Trump has been a vocal supporter of the legislation, encouraging Republican lawmakers to vote in its favor.

In addition to the stablecoin bill, the House also passed two other bills on Thursday. These include the Digital Asset Market Clarity Act, which aims to create regulatory frameworks for cryptocurrency exchanges, brokers, and issuers, and the Anti-CBDC Surveillance State Act, which seeks to prohibit central-bank digital currencies. The future of these two bills remains uncertain, as they still require approval from the Senate.