US House Passes 'Genius Act' on Stablecoins... Awaiting Trump's Signature

[Financial News]  The US House has passed the cryptocurrency-related bill, the 'Genius Act', leaving only President Donald Trump's signature.
On the 17th (local time), foreign media such as the New York Times (NYT) reported that the 'Genius Act' passed the House with 308 votes in favor and 122 against, and Trump's signature is expected on the 19th.
The House, which designated this week as 'Crypto Week', also passed the 'Clarity Act' for jurisdictional division of virtual asset regulation and the 'CBDC Surveillance Prevention Act' prohibiting the issuance of CBDCs (Central Bank Digital Currencies) by the Federal Reserve, leaving Senate review.
Investors have been expecting the Trump administration to come up with specific regulatory policies and see the three bills as the first signal.
The 'Genius Act' is the first bill recognizing the incorporation of cryptocurrencies into the institutional framework, which has been highly anticipated in the market.
This stablecoin regulation bill only awaits the signature of US President Donald Trump for legalization.
Stablecoins are generally cryptocurrencies that link their value to assets like the US dollar.
President Trump promised to be an ally of cryptocurrencies during last year's US presidential election.
However, due to involvement in cryptocurrency-related businesses, there have been concerns about conflicts of interest, leading some Democratic lawmakers to attempt to block the vote, according to foreign media.
Maxine Waters, a Democratic member of the House Financial Services Committee, argued that "these bills threaten financial stability and could promote President Trump's corruption." She criticized that "the vote is providing the pen needed for a signature that gives more money to the Trump family," and "sows the seeds for the next financial crisis."


jjyoon@fnnews.com Jaejun Yoon Reporter