On July 17, 2025, the U.S. House of Representatives passed the GENIUS Act, a groundbreaking piece of legislation aimed at regulating stablecoins—cryptocurrencies pegged to stable assets like the U.S. dollar. The bill, which passed with a 308–122 vote, now awaits President Donald Trump's signature.
The GENIUS Act expands the Commodity Futures Trading Commission’s regulatory authority over the crypto sector, aiming to foster trust, transparency, and consumer protection while maintaining U.S. competitiveness. This move is seen as a significant step toward legitimizing cryptocurrencies for mainstream adoption.
Industry leaders, including those from JPMorgan Chase, Citi, and Bank of America, have expressed support for the bill, indicating plans to launch stablecoin initiatives to compete with retailers entering the crypto space. President Trump, who has shifted from his previous critical stance on cryptocurrencies, has pledged to position the U.S. as a global crypto leader.
However, the legislation has faced criticism from some Democrats, who have raised concerns about potential conflicts of interest due to Trump's personal crypto investments and the lack of provisions banning congressional profiting from stablecoins. They warn that the regulatory framework could lead to future financial instability.
The passage of the GENIUS Act marks a pivotal moment in the evolution of cryptocurrency regulation in the United States, reflecting a growing recognition of the need for clear and comprehensive oversight in the digital asset market.
