In what Republican lawmakers hailed as “Crypto Week,” the US House of Representatives approved a series of landmark bills that are expected to shape the future of digital asset regulation in the country. Chief among them is the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which passed both chambers of Congress with bipartisan support and now awaits President Donald Trump’s signature. The legislation is being lauded by crypto advocates as a turning point that could make the United States a global leader in cryptocurrency regulation. Yet critics warn it could also open the floodgates to illicit financial activity and leave everyday consumers dangerously exposed.

The GENIUS Act sets federal standards for the issuance of stablecoins – digital assets pegged to fiat currencies such as the US dollar – and establishes rules for their reserves and legal standing. Under the bill, issuers of “permitted payment stablecoins” must hold dollar-for-dollar reserves in assets like insured bank deposits or short-term Treasury bills. It also prioritizes stablecoin holders in bankruptcy proceedings and makes clear that these digital assets are neither commodities nor securities, thus exempting them from regulatory oversight by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Supporters of the legislation say it will offer long-overdue regulatory clarity for an industry that has existed in a legal gray zone. “This is the first step in making America the crypto capital of the world,” Republican Senator Bill Hagerty declared in a post on X. Nebraska Republican Representative Mike Flood echoed that sentiment, saying the law would “usher in a new era of digital asset innovation.”

President Trump has vocally supported the legislation, urging lawmakers to move “LIGHTNING FAST” in getting the bill to his desk. His enthusiasm for the crypto sector comes amid reports of his family’s financial ties to cryptocurrency ventures, raising

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