President Donald Trump signed the Genius Act in the law on July 18 and promised that the measure ‘worldwide dominance’ in crypto technology will guarantee.
The legislation gives the US its first federal framework for dollar -backed stablecoins. Trump celebrated the death of the account and said:
“Crypto has risen more than any shares. Crypto makes the dollar look good. Crypto is good for the dollar, the nation.”
He added that the Genius Act positions the country to lead the sector and promised to approve the legislation of broader crypto market structure before the end of the year.
Senate Bank Committee Ranking Member Tim Scott the status called “Regular clarity for the Stablecoin industry” and said faster, cheaper payments would “solidify the dominance of the US dollar around the world.”
Treasury Secretary Scott Bessent reflected the theme in an X post, Thank house republicans For “actions that fulfill the promise” to make America the “Crypto capital of the world”.
Stabilecoin Framework
The Genius Act creates a federal framework for publishing and supervising the payment staboins.
It assigns the Federal Reserve to license and supervision at the national level, insured retention institutions, while eligible, the government is allowed to be chartered by the government to mint dollar-pegs to Mint if they meet equivalent standards for reserves, repayments and risk control.
The publisher must support each token with high-quality liquid assets, such as cash, treasury accounts or other short-term government effects, which correspond to their outstanding obligations and provide regular certificate reports.
The law also draws to banking regulations to draw up research schedules, guarantees consumers the right to release in nominal value within specific time frames, and requires that reserve dimensions remain separate unless customers give explicit permission for rehypothecation.
Last
The house released the Genius Act 307-122 on July 17, one day after taking a 215-211 motion to reconsider a procedural package that the Genius Act combined with the Clarity Act and the Anti -CBDC Surveillance Act.
The legislators first bundled the three measures on July 16 to accelerate floor action, but that resolution was not a registration. The committee’s staff then prepared the genius language as a stand -alone bill that both rooms could pass on in identical forms.
The Senate approved the consolidated version late on July 17 and completed the bicameral process that is needed for registration and presentation to the White House.