Donald Trump is expected to sign the GENIUS Act into law Friday, securing his first big win as a self-described "pro-crypto president." The act is the first major piece of cryptocurrency legislation passed in the US.
The House of Representatives voted to pass the GENIUS Act on Thursday, approving the same bill that the Senate passed last month. The law provides a federal framework for stablecoins, a form of cryptocurrency that's considered less volatile than other cryptocurrencies, as each token is backed by the US dollar or other supposedly low-risk assets.
The GENIUS Act is expected to spur more widespread adoption of cryptocurrencies, since stablecoins are often used to move funds between different tokens. It could become a gateway for many Americans who are otherwise shy about investing in cryptocurrencies, which is what the industry wants. Ahead of Thursday's vote, critics had warned that Republicans were rushing the pro-industry bill without ensuring adequate consumer protections, though, seemingly setting Americans up to embrace stablecoins as legitimate so-called "cash of the blockchain" without actually insuring their investments.
source https://arstechnica.com/tech-policy/2025/07/stablecoin-bill-heads-to-trumps-desk-without-blocks-on-presidential-grifting/