Thu, 17 Jul 2025

Thu, 17 Jul 2025 US passes first major national crypto legislation

It marks a milestone for the once fringe industry, as it expands its power in Washington.

* The US has passed its first major national cryptocurrency legislation, known as the Genius Act.
* The bill sets up a regulatory regime for stablecoins, a type of cryptocurrency backed by assets such as the US dollar.
* Stablecoins must be backed one-for-one with US dollars or other low-risk assets, and require approval from financial regulators before launch.
* Critics argue that the bill introduces new risks into the financial system without sufficient protections for consumers.
* The industry is pushing for clear rules to bring cryptocurrency into the mainstream and increase adoption.
* The bill was supported by about half of Democrats and the majority of Republicans in Congress.
* Two other related bills are currently being considered, one of which would prevent the US central bank from establishing a digital currency.
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