The US House of Representatives has passed legislation to regulate stablecoins, in the first major cryptocurrency legislation approved by Congress.
The House voted 308 to 122 in favour of the so-called Genius Act to regulate stablecoins, tokens pegged to assets such as the US dollar, which will pave the way for banks to launch their own digital assets. The bill will now go to President Donald Trump’s desk to be signed into law.
The legislation is a win for the crypto industry, which spent hundreds of millions of dollars to sway the 2024 elections following a series of legal threats from the Biden administration.
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