WASHINGTON — House lawmakers passed the most significant legislation regulating digital currency to date Thursday, approving a trio of bills aimed at revamping the nascent industry.
Lawmakers approved the bipartisan GENIUS Act, which establishes a framework for overseeing the $238 billion stablecoin market — cryptocurrency that is pegged to hard assets like the US dollar — in a 308-122 vote.
The measure is intended to pave the way for banks and other financial institutions to issue stablecoins, giving consumers more options about where to put their wealth.
Critics have warned that the new regulatory framework gives the government too much power over crypto, may endanger the industry’s decentralization, and could lead to certain stablecoins getting unfair regulatory treatment over others.
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Source: https://nypost.com/2025/07/17/us-news/house-passes-trio-of-crypto-bills-to-help-regulate-digital-currency-bars-fed-from-making-its-own/
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