The US House passed the law on genius on Thursday 308-122 votes and created the first American federal rules for stablecoins, cryptocurrencies committed to the dollar.
President Trump will sign this in the law after pushing Republicans to support him despite the initial conservative opposition.
The bill is the main victory for the company’s crypto, which spent $ 119 million in the elections by 2024, says Reuters.
They celebrated the leaders in the field when Circle’s Dante Disparte called the “defining moment for the future of money” that strengthens the US dollar dominance around the world.
New rules for digital cash supported dollar
Stablecoins as USDC and USDT must now hold cash or treasures that correspond to each dollar issued and publicly publish reserves per month.
Issuers face rules against money laundering and a ban on paying interest to users. Banks like JPMorgan and retailers like Amazon can now store their own coins and potentially disrupt credit card networks.
According to these rules, the $ 238 billion market could grow to $ 2 trillion, predicted by Finance Minister Scott Bessnt.
The political drama almost derailed the vote
The twelve conservative Republicans briefly blocked the law on Tuesday and demanded a ban on digital currencies of federal reserves.
After 9.5 hours of negotiations, the longest House voting in modern history agreed to support the law, when the leaders promised to attach CBDC a ban on defense at the end of this year.
Trump’s personal share was criticized: his family, World Liberty Financial, publishes Stablecoin USD1 and could benefit from law. Democrats as Maxine Waters killed the bill as “blessing of corruption”.
Global impacts and persistent concerns
The law places the US to lead crypto innovation and fulfill Trump’s promise for America to become a “crypto of the planet”.
Experts predict the “flood” of new stablecoins from banks and technical giants, according to Reuters report they strengthen cross -border payments.
(Tagstotranslate) Genius Act
