In a significant move for cryptocurrency regulation, the U.S. House of Representatives passed the Genius Act this week—formally titled the Guiding and Establishing National Innovation for US Stablecoins. The bill aims to regulate payment stablecoins by prohibiting issuance from anyone other than approved issuers. Marking a first for national-level crypto legislation, the Genius Act provides a framework for stablecoin oversight in the U.S. and is expected to be signed into law by President Trump before the end of the week.

Alongside the Genius Act, the House also passed two additional bills with major implications for digital finance. The Clarity Act, or Digital Asset Market Clarity Act, seeks to establish a comprehensive regulatory structure for digital assets. Meanwhile, the Anti-CBDC Surveillance State Act prevents the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals or through intermediaries. It also restricts the use of a CBDC for implementing monetary policy and mandates Congressional approval before any CBDC development can proceed.

House Financial Services Committee Chairman French Hill praised the bipartisan support for the legislation, calling it a "historic turning point." He noted that President Trump had requested landmark digital asset legislation by August, and Congress delivered. However, not all lawmakers are on board. Representative Maxine Waters voiced strong opposition, criticizing the bill for failing to safeguard consumer protections, financial stability, and the separation of banking and commerce, while also raising concerns over conflicts of interest within the Trump administration.