The House of Representatives has passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the first major crypto legislation poised to become law, sending it to President Trump for his signature. The bill, which establishes regulatory oversight for stablecoin issuers, cleared the House in a 308-122 vote after previously passing the Senate 68-30.
The breakthrough marks a turning point for the crypto industry, which has struggled in recent years with unclear rules and hostile regulatory oversight. The GENIUS Act will bring formal regulation to stablecoins such as Tether’s USDT and Circle’s USDC, while drawing interest from major financial institutions eager to enter the space.
The vote highlighted growing bipartisan support for crypto regulation, with a large bloc of Democrats joining Republicans in backing the bill.
The GENIUS Act follows the House’s approval of the broader Digital Asset Market Clarity Act, which aims to establish comprehensive rules for the crypto sector. That bill passed 294-134 on Thursday but still awaits action in the Senate, where lawmakers are drafting their own version. Senate Banking Committee Chairman Tim Scott said he hopes to complete the process by September 30 and called the House bill a “strong template” for final legislation.
UPDATE: Alongside the GENIUS Act, the House also passed the CLARITY Act, which seeks to establish clear definitions for digital assets and delineate regulatory authority between the SEC and CFTC. Lawmakers advanced a third measure as well—the Anti-CBDC Surveillance-State Act—which would bar the Federal Reserve from issuing or testing a central bank digital currency. Both bills now move to the Senate for consideration.
