Instant View: US House sends “Genius Act” stablecoin bill to Trump to sign
(Reuters) -The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law.
The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year’s elections in order to promote pro-crypto candidates.
Shares of crypto-related companies were mostly higher after passage of the bill, dubbed the Genius Act, that would expand the Commodity Futures Trading Commission’s oversight of the industry.
Bitcoin, the largest crypto currency, was down 0.54% at $119,298.87, trading near a record high reached earlier this week. Rival ethereum rose 1.42% to $3,429.47.
COMMENTS
DANTE DISPARTE, CHIEF STRATEGY OFFICER, CIRCLE, NEW YORK:
“The House vote to clear the GENIUS Act for the President’s signature is a defining moment for the future of money and the internet financial system. It signals strong bipartisan support for responsible innovation and sends a clear message that the U.S. will lead in the regulation of dollar-backed payment stablecoins. We commend Congressional leaders for delivering a regulatory foundation that puts consumer protection, financial integrity, and U.S. competitiveness at the forefront.”
SUMMER MERSINGER, CEO, BLOCKCHAIN ASSOCIATION
“The bipartisan passage of the GENIUS Act is a watershed moment for digital assets in the United States. For the first time, Congress has moved comprehensive legislation that provides enforceable, tailored rules for stablecoins — a foundational technology for the future of finance. This marks real momentum toward regulatory clarity that protects consumers, supports innovation, and reinforces the strength of the U.S. dollar in the digital economy. We now call on President Trump to swiftly sign the bill into law, ensuring that the United States continues to lead in shaping the global standards for digital assets.”
MICHAEL JAMES, EQUITY SALES TRADER, ROSENBLATT SECURITIES, LOS ANGELES
“Crypto stocks have been strong the past two days in expectation that the bill, which didn’t pass on Tuesday, would eventually get the necessary votes to pass, which it has done this afternoon. That is part of the reason that crypto stocks have been outperformers in the last two days.”
(Compiled by the Global Finance & Markets Breaking News team)
