US House passes three crypto bills; GENIUS Act set for Trump’s signature

The US House of Representatives on Thursday passed three major cryptocurrency-related bills, including the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

The other two are the Digital Asset Market Clarity (CLARITY) Act on digital asset market structure, and the Anti-Central Bank Digital Currency Surveillance State Act.

The GENIUS Act, which aims to regulate stablecoins, was approved by a vote of 308 to 122 and is expected to be signed into law by US President Donald Trump on Friday. 

The other two bills will proceed to the Senate for further review.

Under the GENIUS Act, all issued stablecoins must be fully backed by liquid assets such as US dollars or short-term Treasury securities. Issuers are also required to disclose the composition of their reserves on a monthly basis.

STAFF REPORTER