The U.S. House of Representatives is expected to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins, known as the GENIUS Act, this week as part of its self-dubbed “Crypto Week.”
The House will also consider two other crypto-related bills this week: The Digital Asset Market Clarity Act, which aims to regulate crypto by establishing roles for the Securities Exchange and Commodity Futures Trading Commissions in regulating digital tokens, and the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from issuing a digital U.S. dollar.
The GENIUS Act passed the Senate in June with bipartisan support. House leaders expect to pass the GENIUS Act and send it to President Donald Trump’s desk.
“House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda,” House speaker Mike Johnson (R-La.) said in a statement. “I look forward to President Trump signing them into law.”
Some Democrats oppose the GENIUS Act and other crypto measures. Reps. Maxine Waters (D-Calif.) and Stephen Lynch (D-Mass.) announced their own “anti-crypto corruption week” to oppose the crypto bills up for passage.
The GENIUS Act aims to regulate the roughly $238 billion stablecoin market, per CoinDesk data, creating a clearer framework for banks, companies and other entities to issue the digital currencies. Here’s what to know about what’s included in the bill and how it could impact investors — even those who don’t hold crypto.
said during the Senate debate in June. “Without a regulatory framework, stablecoin innovation will proliferate overseas — not in America!”
Puckrin agrees stablecoin regulation could be a boon for the U.S. and its position in the global economy.
“Congress has also realized that instead of threatening the U.S. dollar, stablecoins can help cement its global dominance, because 99% of stablecoins are pegged to USD,” he says. “With the dollar struggling to maintain its role in the global economy, the GENIUS Act could just be the thing that saves it.”
Some supporters acknowledge the bill isn’t perfect, but think it’s better than not having regulation on stablecoins at all.
“The general outlook is that [the bill] will do better than anything that is currently happening,” says Bezalel Eithan Raviv, CEO of blockchain security firm Lionsgate Network. “It’s a step in the right direction for everyone. There are ways to make it better. There are ways to make everything better. But this is the first one. Let’s give it a try, and it will ripple in many ways.”
nixed that plan, fearing the CCCA’s inclusion could cost votes in favor of the larger bill.
Still, the GENIUS act could impact retailers outside of crypto, Puckrin says.
“We’ll likely see stablecoins increasingly adopted as a digital alternative to the U.S. dollar, so banks, fintechs and merchants will be forced to offer stablecoin payment options,” he says. “Eventually, payment networks like Visa and Mastercard will have to do so as well, which will lead to lower fees. The CCCA proposals are an inevitable evolution of the GENIUS Act. It will just take a little longer if it isn’t written into law.”
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