On July 17, the US House of Representatives passed three important bills to establish a legal framework for the cryptocurrency sector. Notably, the Genius Act is the first bill to regulate the issuance and management of stablecoins, a cryptocurrency pegged to the US dollar.
The move is seen as a historic turning point after years of lobbying by the cryptocurrency industry to push Congress to enact comprehensive regulatory legislation. Following the news, the price of bitcoin skyrocketed and is currently trading around $120,000.
The bill will now go to US President Donald Trump, who is expected to sign it into law.
In addition to the Genius Act, the US House of Representatives also passed two other bills related to cryptocurrencies. One is the Clarity Act, which aims to clarify the legal status of digital assets. The other is a bill to ban the issuance of digital currencies issued by the US central bank (CBDC).
Stablecoins are digital currencies developed on the blockchain and have the role of stabilizing prices, anchored to the value of fiat currencies. Over the past few years, this type of currency has become increasingly popular, allowing users to easily switch between tokens in transactions.
Under the Genius Act, stablecoins issued will have to be backed by highly liquid assets such as USD or short-term government bonds. The issuer is also required to transparently disclose the composition of the collateral assets on a monthly basis.
The bill also creates a clear legal basis for stablecoins, which are widely used in cryptocurrency transactions, to promote wider adoption.
The US House of Representatives has passed three important bills to establish a legal framework for the cryptocurrency sector (Photo: iStock).
The House's decision is "a turning point in the development of digital asset policy in the United States," said Summer Mersinger, director of the American Cryptocurrency Association. Over the years, the cryptocurrency industry has repeatedly called on Congress to establish a clear legal framework, hoping to help the market operate more transparently and stably.
The crypto industry has long pushed lawmakers to pass legislation governing digital assets, arguing that a clear regulatory framework would help stablecoins and other tokens gain wider use. In 2024, companies and individuals in the industry spent more than $119 million in elections for candidates who supported crypto.
Last year, the US House of Representatives also passed a stablecoin bill. However, the Senate did not consider it. Recently, President Trump has sought a comprehensive overhaul of US cryptocurrency policy, after appealing to the industry during his election campaign.
Still, tensions remain in Congress, with many Democrats sharply criticizing Mr. Trump and his family members for their involvement in personal cryptocurrency projects.
In January, President Trump launched a memecoin called TRUMP. He also owns a portion of the cryptocurrency project World Liberty Financial. However, the White House said there was no conflict of interest because the assets are held in a trust managed by Trump’s children.
Notably, the Clarity Act, one of the bills recently passed by the US House of Representatives, is expected to clarify when a token is considered a security or commodity, and clearly define the regulatory authority of the US Securities and Exchange Commission (SEC).
The three bills will now move to the Senate for consideration. If passed, they would be the first time the United States has a comprehensive regulatory framework for the digital asset industry — something many other countries are still struggling to find.
The bill will now move to the US Senate for a vote before being sent to the President. Some Democrats strongly oppose the Clarity Act, arguing that it is a way to support Mr. Trump's cryptocurrency projects.
Source: https://dantri.com.vn/kinh-doanh/bitcoin-dung-truoc-buoc-ngoat-lich-su-ky-nguyen-vang-tien-so-sap-bat-dau-20250718113443181.htm
Comment (0)