U.S. House passes the GENIUS Act to regulate $260B stablecoin market originally appeared on TheStreet .
The House of Representatives passed the GENIUS Act , which deals with stablecoin regulation, in a 308-122 vote on July 17.
Among those who voted in favor of the Guiding and Establishing National Innovation for U.S. Stablecoins ( GENIUS ) Act are 206 Republican and 102 Democrat House members. It has already passed the Senate and will now move forward to President Donald Trump's desk to be signed into law.
For the uninitiated, a stablecoin is a type of cryptocurrency that is created to maintain a stable value, unlike traditionally volatile cryptocurrencies such as Bitcoin . It is usually pegged to a traditional currency like the U.S. dollar or a commodity like gold.
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As per DeFiLlama , the stablecoin industry is nearly a $260 billion industry at the time of writing.
Tether' USDT and Circle's (NYSE: CRCL) USDC , both pegged 1:1 to the U.S. dollar, account for more than 85% of the total market share.
The GENIUS Act mandates strict stablecoin reserve, transparency, and oversight requirements within a federal framework.
Trump administration and crypto industry rejoice
Sen. Bill Hagerty (R-TN), who sponsored the legislation, wrote on X that the historic legislation will ensure the dominance of the U.S. dollar and increase demand for U.S. Treasuries. It is the first step in making America "the crypto capital of the world."
Paul Atkins, Chairman of the Securities and Exchange Commission (SEC), congratulated the House on passing the GENIUS Act:
"Over the coming months and years, I look forward to watching the market leverage the regulatory framework provided by the GENIUS Act to go to market with payment stablecoins solutions that make transactions quicker, cheaper, and safer—all while maintaining robust risk safeguards."
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Aptos Labs co-founder and CEO Avery Ching said :
"The passage of the GENIUS Act marks a pivotal moment for the United States to maintain its role as a global leader in financial innovation. With GENIUS becoming law, the U.S. is stepping boldly into the future of finance with a clear signal that responsible innovation is not only welcome but essential."
House passes CLARITY and CBDC Anti-Surveillance State Acts
The GENIUS Act wasn't the only crypto bill on the agenda of the House today, as the administration is observing a so-called "Crypto Week."
The House also passed the Digital Asset Market Clarity (CLARITY) Act and the CBDC Anti-Surveillance State Act the same day.
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While the former classifies crypto assets as securities or commodities, the latter prohibits the Federal Reserve from issuing or testing a central bank digital currency (CBDC) without explicit congressional approval.
The total crypto market cap stood at $3.87 trillion at the time of writing, up 1.08% a day.
As per Kraken's price feed , Bitcoin was trading at $120,831.50, down 0.72% a day.
U.S. House passes the GENIUS Act to regulate $260B stablecoin market first appeared on TheStreet on Jul 17, 2025
This story was originally reported by TheStreet on Jul 17, 2025, where it first appeared.
