U.S. House Passes GENIUS Crypto Bill

The U.S. House has passed a number of crypto bills this afternoon including the GENIUS Act, creating the first federal framework for stablecoins—with full reserve requirements, issuer oversight, and industry guardrails—setting the stage for President Trump’s imminent signature.

What’s the Scoop?

• House Approval: Passed 308–122 (following a 68–30 Senate vote), the Act now heads to the White House for final signature.
• Reserve & Transparency Rules: Issuers must hold 100% high-quality liquid reserves, undergo monthly audits, register with regulators, and publish disclosures. Algorithmic stablecoins are banned.
• Dual Licensing System: Federal (OCC) or state licensing required, depending on issuer type, ensuring layered oversight.
• Critics Speak Up: Some Democrats warn the law favors big issuers, lacks strong oversight, and neglects conflicts of interest tied to political figures.