The US House on Thursday passed major bipartisan legislation that aims to regulate a type of cryptocurrency known as stablecoins, sending the bill to the president’s desk for his signature.
Lawmakers gave final approval to the GENIUS Act, a first-of-its kind crypto regulatory legislation, in a 308-122 vote after a handful of Republicans initially blocked the bill earlier this week over a policy dispute.
President Donald Trump had urged Republicans to vote for the bill and previously indicated he’s eager for the legislation to reach his desk. He argued on social media that the GENIUS Act would make America the “UNDISPUTED, NUMBER ONE LEADER in Digital Assets.”
Stablecoins are a type of crypto asset tied to the value of another asset, typically the US dollar, and intended to be steadier than cryptocurrencies that fluctuate often in value. The bipartisan bill would set up a regulatory framework, including requiring stablecoin issuers to comply with US anti-money-laundering and sanctions rules.
The bill passed the US Senate in June, with bipartisan support for the legislation.
Some Democrats, however, like Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, have argued that the bill does not contain sufficient safeguards for consumers, national security, or financial stability, while also criticizing the Trump family’s ties to crypto.
The bill’s path to passage was thrown into question after a dozen House Republicans, including Trump ally Rep. Marjorie Taylor Greene, voted Tuesday against advancing the bill to a full vote in the chamber. The group of Republicans, many in the conservative House Freedom Caucus, had objected to the bill because it didn’t align with an executive order from January by including a ban on a central bank digital currency.
The revolt led House Speaker Mike Johnson to push the final vote to later in the week, impeding what House leadership had called “Crypto Week,” and requiring the president’s involvement.
Following a Tuesday night meeting with Trump and negotiations with House leadership the next day, the lawmakers ultimately voted to advance the legislation late Wednesday. The procedural vote – held for a second time in just as many days – broke the record for longest US House vote in modern history after it was held open for 9 hours and 40 minutes.
The group of Republican holdouts voted for the bill after reaching an agreement with House GOP leadership to tie the ban on central bank digital currency to the must-pass annual Pentagon policy bill later this year.
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