US House passes historic stablecoin legislation
The US House has just passed the GENIUS Act, setting up the first federal rules for stablecoins—those digital dollars tied to real money.
With a 308-122 vote, the new law says issuers must keep one-to-one dollar reserves and report them every month.
It also opens the door for big banks and retailers to launch their own stablecoins, which could really shake up how payments work.
Bill could make America a leader in digital currency innovation
This move gives much-needed clarity to crypto in the US and could make America a leader in digital currency innovation.
By letting trusted institutions join in, it's likely to boost confidence and speed up mainstream adoption of stablecoins.
Still, some folks are uneasy about possible conflicts of interest and how political deals played into getting this bill across the finish line.