The U.S. House of Representatives passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act) with a 308-122 vote, a landmark bill regulating the $250 billion stablecoin market.
House Passes GENIUS Act With 308-122 Vote to Regulate Stablecoins
WRITTEN BY
SHARE
The House passed the GENIUS Act today. Aimed at making the U.S. the “ crypto capital of the world,” it mandates stablecoin issuers to maintain 1:1 reserves with liquid assets like U.S. dollars or Treasuries, ensuring redemption stability. The Act, backed by Reps. French Hill and Andy Barr, require monthly reserve disclosures, annual audits for issuers over $50 billion, and compliance with anti-money laundering rules. It prioritizes stablecoin holders in bankruptcy proceedings. Despite bipartisan support, critics like Sen. Elizabeth Warren argue it lacks robust consumer protections and fails to address conflicts of interest, particularly citing President Trump’s USD1 stablecoin.
