On Tuesday, the U.S. Senate passed the Genius Act, a bill that aims to set clear guidelines for stablecoin issuers and address some critical needs of the digital assets industry, teeing up a vote ...

The U.S. Senate has passed a bill to create a regulatory framework for stablecoins, a once-niche corner of the crypto industry that is gaining traction among global companies.

Technology Technology   The Big Story Trump seals the deal on stablecoin bill President Trump signed the first major cryptocurrency bill into law Friday, marking a key

Democrats have also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies.

“Around the world, payment systems are undergoing a revolution,” said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will “ensure American competitiveness and strong guardrails for our consumers.”

The House on Thursday passed a bill setting up a regulatory framework for payment stablecoins, sending the cryptocurrency bill to President Trump’s desk and marking a major win for the industry.

The GENIUS Act, which will give the green light to banks interested in stablecoins, but which has also raised fears that it will disintermediate the banking system, will go straight to President Donald Trump's desk once it passes the full House vote later today.

The bipartisan legislation, which passed the Senate in June and is likely to be voted on by the House this week, is the first-ever piece of stablecoin regulation. It would allow private entities to issue their own stablecoins, as long as they are fully backed by U.S. Treasuries. That will open the Treasury up to a whole new set of investors.