US greenlights landmark crypto bill
The US House of Representatives has passed the first major national cryptocurrency legislation, the Genius Act. The act, backed by the Donald Trump administration, aims to establish a clearer regulatory framework for cryptocurrencies and other digital assets. It is now headed to Trump for signature.
The Genius Act will establish a regulatory framework for stablecoins, a type of cryptocurrency pegged to “safe” assets like the US dollar. These digital tokens are used by crypto traders to move funds quickly and avoid the volatility of other coins like Bitcoin or Ethereum. The latest move marks a major milestone for the crypto industry, which has been pushing for federal legislation for years.
Trump’s proactive approach
Trump is expected to sign the legislation on 18 July 2025. The Senate had approved the measure last month. The Genius Act is one of three pieces of crypto legislations currently advancing in the US, backed by the US president. Trump has taken a more proactive approach towards cryptocurrency as he launched a business called World Liberty Financial, saying, “I think crypto is one of those things we have to do.” This marks a turnaround from a few years ago, when he said Bitcoin seemed like a “scam” and a threat to the US dollar. It is also in stark contrast to the Biden administration, where the White House has been leading a crackdown on crypto firms in recent years.
The provisions of the act include requiring stablecoins to be backed one-for-one with US dollars or other low risk assets. Stablecoins alone have surged in popularity, helping bridge the gap between traditional finance and blockchain.
Industry reaction
Critics argue that this bill introduces systemic risk by legitimising stablecoins without airtight consumer protections. Big tech companies could gain an unfair edge in financial markets, acting like banks without them being subject to similar oversight. Some opponents even see the bill as a backdoor endorsement of Trump-linked crypto ventures. Critics say voting for the legislation could be viewed as condoning Trump’s personal investments.
For the crypto industry, this bill is a long-awaited win. Firms now see a clearer path to innovation and consumer adoption, and many believe this could push crypto into the mainstream. Bitcoin surged past $120,000 this week, with markets reacting favourably to the regulatory clarity.
The latest move comes as Trump is reportedly working on a presidential order to allow retirement accounts to include crypto, gold, and private equity—a move that could bring trillions in investment to the sector.
