Stablecoins Get Legal Framework as US House Approves Bill

The United States House of Representatives passed on Thursday a bill regulating stablecoins, cryptocurrencies pegged to the US dollar. The bill, called the Genius Act, is now set to be sent to President Donald Trump for signing into law. According to the vote results, 308 members supported the initiative, while 122 opposed it, with bipartisan backing.

In addition to the Genius Act, lawmakers also approved two other crypto-related legislative projects. One establishes a general regulatory framework for cryptocurrency markets, while the other bans the issuance of a central bank digital currency by the United States.

Stablecoins are cryptocurrencies designed to maintain a constant value, usually pegged 1:1 to the dollar. They are commonly used by crypto traders for fast fund transfers between different digital assets. Their popularity has grown significantly in recent years, with supporters claiming they could help modernize payment systems. The bill represents an important step towards official crypto industry regulation in the US, demanded by several economic and political actors.