The U.S. House of Representatives has approved three critical cryptocurrency bills, sending the GENIUS Act, which regulates stablecoins, to President Donald Trump's desk for final approval.
During the session held on Thursday, July 17, the House passed the Digital Asset Market Clarity Act (CLARITY Act), the Guiding and Establishing National Innovation for Stablecoins Act (GENIUS Act), and the Anti-CBDC Act. The GENIUS Act passed by a substantial majority of 308 to 122, while the CLARITY Act secured approval with 294 to 134 votes. The Anti-CBDC Act, aimed at preventing the Federal Reserve from directly issuing a digital currency, narrowly passed with a vote of 219 to 210.
The GENIUS Act mandates stablecoins be backed fully by U.S. dollars or similarly liquid assets, and requires annual audits for issuers managing more than $50 billion. President Trump is expected to sign the bill into law this week, marking the first significant crypto regulation in U.S. history.
Democrats opposed the bills citing potential conflicts of interest arising from President Trump’s personal involvement with digital assets. Despite these objections, all three bills secured majority support in the House.
