House Passes Stablecoin Legislation, Sending Bill to Trump for Signature
The U.S. House of Representatives on Thursday approved a bill that would establish a federal regulatory framework for U.S. dollar-pegged stablecoins, advancing it to President Donald Trump, who is widely expected to sign it into law.
The vote represents a major milestone for the digital asset industry, which has long advocated for clear federal regulations and invested heavily in last year’s elections to support pro-crypto candidates.
In addition to the stablecoin legislation, lawmakers also passed two other cryptocurrency-related bills. One proposes a broader regulatory structure for digital assets, and the other seeks to ban the issuance of a U.S. central bank digital currency (CBDC). Both of these bills will now move to the Senate for consideration.
The stablecoin bill, formally known as the Genius Act, and the market structure bill, called the Clarity Act, both drew bipartisan support. The Genius Act passed the House by a vote of 308–122, with Democrats joining Republicans in backing the measure.
Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged 1:1 to the U.S. dollar. They are widely used by traders to move funds within the crypto ecosystem and are seen by advocates as a tool for instant payments and financial innovation.
If enacted, the legislation would require stablecoins to be backed by highly liquid assets, such as U.S. dollars or short-term Treasury securities, and would mandate monthly public disclosures of reserve holdings.
Summer Mersinger, CEO of the Blockchain Association and former CFTC official, called the vote a “defining moment in the evolution of U.S. digital asset policy.”
Crypto industry leaders have pushed lawmakers to provide clear regulatory rules, arguing that doing so would promote innovation and wider adoption of digital assets. The sector spent over $119 million during the last election cycle supporting candidates favorable to crypto and has consistently framed the issue as a bipartisan priority.
The House passed a similar stablecoin bill last year, but it stalled in the Senate, then under Democratic control.
President Trump has made crypto reform a focus of his policy agenda, after receiving strong financial backing from the industry during his campaign. However, his personal involvement in crypto ventures—including a meme coin ($TRUMP) launched in January and partial ownership in World Liberty Financial, a crypto firm—has stirred political tensions on Capitol Hill.
Some Democrats have voiced frustration over Trump and his family promoting private crypto projects, which briefly threatened to derail the broader digital asset legislation earlier this year. The White House, however, insists there are no conflicts of interest, stating Trump’s holdings are managed through a family trust.
Clarity Act Moves to Senate
The Clarity Act, which passed the House 294–134, aims to clarify when a cryptocurrency should be treated as a security or a commodity, addressing longstanding disputes over regulatory oversight, particularly involving the SEC.
Many crypto firms argue that most tokens should be classified as commodities, which would exempt them from SEC securities laws, making it easier for platforms to offer digital assets to customers.
Before becoming law, the Clarity Act must still pass the Senate and be signed by President Trump.
Some Democrats have opposed the bill, claiming it may benefit Trump’s crypto ventures by weakening regulatory scrutiny.
The House also passed a bill prohibiting the launch of a central bank digital currency (CBDC), with Republicans citing privacy concerns. The issue was reportedly a point of contention during House debates this week.
