Donald Trump poised to sign crypto's big bang' law after US House passes landmark GENIUS act
President Trump will sign it into law after pushing Republicans to support it despite initial conservative opposition.
The bill marks a major victory for crypto firms that spent $119 million backing pro-crypto candidates in the 2024 elections, says Reuters.
Industry leaders celebrated, with Circle's Dante Disparte calling it a "defining moment for the future of money" that reinforces U.S. dollar dominance Globally.
Stablecoins like USDC and USDT must now hold cash or Treasury bills matching every dollar issued and publicly disclose reserves monthly.
Issuers face anti-money laundering rules and bans on paying interest to users. Banks like JPMorgan and retailers like Amazon can now launch their own coins, potentially disrupting credit card networks.
The $238 billion market could grow to $2 trillion under these rules, predicts Treasury Secretary Scott Bessent.
Twelve conservative Republicans briefly blocked the bill Tuesday, demanding it include a ban on Federal Reserve digital currencies.
After a 9.5-hour negotiation, the longest House vote in modern history, holdouts agreed to support the bill when leaders promised to attach the CBDC ban to a defense bill later this year.
Trump's personal stake drew criticism: His family's company, World Liberty Financial, issues the USD1 stablecoin and could profit from the law. Democrats like Maxine Waters slammed the bill as 'blessing corruption'.
The law positions the US to lead crypto innovation, fulfilling Trump's pledge to make America the 'crypto capital of the planet'.
Experts predict a "flood" of new stablecoins from banks and tech giants, boosting cross-border payments, according to a Reuters report.
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