GENIUS Act: Crypto Regulation Advances to Trump for Approval
Key Developments
The U.S. House has passed the GENIUS Act, a stablecoin bill, which now heads to President Trump for final approval. SEC Chair Atkins noted that this is a move to encourage innovation with clear regulations.
The crypto sector has seen significant progress this week as the stablecoin bill cleared the U.S. House and awaits President Donald Trump’s signature to become law.
House members voted 308-122 to approve the GENIUS Act.
Over 100 Democrats joined Republicans in supporting the bill, which aims to legitimize regulated payment stablecoins and integrate them into the broader financial system.
A Notable Week for Crypto
Earlier in July, Republicans designated the week of July 15 as "crypto week" to push forward key crypto bills, including the CLARITY Act.
However, these efforts faced challenges, including opposition from Democrats led by Rep. Maxine Waters, who sought to include a presidential ethics provision in the bills due to concerns about the Trump family’s involvement in the sector.
Another delay occurred when House members raised concerns about the inclusion of a central bank digital currency (CBDC) in the future.
President Trump intervened, paving the way for the bill's passage on Thursday.
Even Minority Leader Hakeem Jeffries and prominent Democrats like former House Speaker Nancy Pelosi joined Republicans in supporting the bill.
Industry Reactions
This marks a potentially historic moment as it could be the first crypto legislation to become law in the U.S., a move widely welcomed by the industry.
Ripple’s founder, Brad Garlinghouse, described it as a significant financial bill since the 2008 financial crisis, adding:
“This moment is a historic one, and I, for one, am looking forward to all that is to come as a result of this transformational legislation.”
Ripple’s legal chief, Stuart Alderoty, stated that the bill would ‘foster innovation and protect consumers.’
Coinbase’s founder, Brian Armstrong, hailed the update as ‘a big day for crypto in DC’ but noted that the ‘job was not done’ until the CLARITY Act also reaches Trump’s desk.
SEC Chair Paul Atkins also supported the passage, stating:
“This is an important step to spur innovation by providing the crypto industry with clear rules of the road.”
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