President Trump signs GENIUS Act into law

Key Points

1. The GENIUS Act provides a first-of-its-kind regulatory framework for US dollar-backed stablecoins, which have a market capitalization of roughly $250 billion.

2. The bill passed the House of Representatives with a 307-122 vote and the Senate with a 68-30 vote, with 18 Democrats joining Republicans.

3. The legislation grants the Office of the Comptroller of the Currency (OCC) authority to ensure stablecoin issuers maintain fully-backed liquid reserves and undergo annual audits.

4. The GENIUS Act aims to replace the previous 'patchwork of state regulatory frameworks' with a more unified federal approach.

5. The House also passed the CLARITY Act, which defines 'digital commodities' and divides crypto oversight between the CFTC and the SEC, now heading to the Senate.