Overview

• The House voted 308-122 to pass the GENIUS Act, establishing the first U.S. regulatory framework for stablecoins and sending the bill to President Trump’s desk for signature.
• The legislation requires issuers to hold one-to-one U.S. dollar reserves or equivalent assets and to publish monthly disclosures detailing reserve compositions.
• A nine-hour procedural standoff by hardline Republicans briefly stalled “crypto week” until President Trump’s Oval Office meeting with 11 holdouts secured enough votes to advance the rule.
• Lawmakers also approved the Digital Asset Market Clarity Act (294-134) to define SEC and CFTC roles and the Anti-CBDC Act (219-210) to bar a Federal Reserve digital currency, sending both to the Senate.
• Critics, including Rep. Maxine Waters, contend the GENIUS Act lacks measures to prevent the president or his family from profiting, raising conflict-of-interest and ethics concerns.