(The Center Square) – A big win is on the horizon for the cryptocurrency industry as the U.S. House of Representatives is set to send a landmark crypto bill to President Donald Trump’s desk as early as Tuesday.
The Senate-passed GENIUS Act sets a regulatory framework for stablecoins, delivering the crypto industry a major boost after years of seeking legitimacy in the mainstream financial sector.
The legislation is expected to clear the House early this week with bipartisan support after it advanced through the Senate 68-30 last month. Once it passes Congress’ lower chamber, the bill is eligible to go straight to the president’s desk where it can be signed into law.
The GENIUS Act carves out inaugural guardrails for stablecoins, a type of cryptocurrency pegged to the value of the dollar. These ground rules will be the first time the U.S. has set regulations for stablecoins and will allow financial institutions more confidence when moving into the world of digital assets.
The legislation’s passage will mark a major milestone for Trump’s policy agenda as he aims to legitimize the crypto industry through an official stamp of approval from the U.S. government. Trump’s pro-crypto campaign centered around rolling back former President Joe Biden’s crackdown of the industry.
The House is also considering the CLARITY Act this week, a bill that allocates oversight of digital assets but which still has a ways to go before becoming law. This second crypto bill is facing pushback from congressional Democrats, garnering skepticism due to the Trump family’s financial ties to the crypto market.
In anticipation of the House’s “Crypto Week,” bitcoin surged to an all-time high Monday. The world’s largest cryptocurrency soared past $120,000 Monday morning, adding another record to the token’s list of milestones in the past week and sending a favorable message to U.S. lawmakers.
