(qlmbusinessnews.com . Fri 18th Jul, 2025) London, UK —
President Trump to Ratify Landmark Stablecoin Regulation: How the Genius Act Changes the Crypto Landscape
UK Politicians Have Passed Landmark Cryptocurrency Legislation
In a significant development for the cryptocurrency sector, the United States has seen its first major piece of national cryptocurrency legislation receive approval from lawmakers. This development marks a substantial achievement for the industry, which has been actively seeking regulation and had invested heavily in last year's elections, with donations backing several candidates including Donald Trump.
This newly passed bill, establishing a regulatory framework for stablecoins—which are types of cryptocurrencies backed by assets considered stable, like the dollar—is expected to be ratified into law by Trump on Friday. The House of Representatives gave its nod to the bill on Thursday, following the Senate's approval last month.
Dubbed the Genius Act, this legislation is one of three cryptocurrency bills making headway in Washington with Trump's support. The president, who had previously dismissed cryptocurrency as fraudulent, shifted his stance after garnering support from the sector and engaging with the industry through his business endeavors, including associations with companies such as World Liberty Financial.
Proponents of the bill argue that it aims to offer clear guidance for an expanding industry, ensuring the US remains competitive in the evolving landscape of payment systems. There is a strong belief within the crypto space that such legislative measures could encourage broader adoption of digital currencies, thereby integrating them further into mainstream financial activities.
The bill mandates that stablecoins, which offer an alternative to cryptocurrencies like Bitcoin, be backed on a one-to-one basis by US dollars or other secure assets. These coins, perceived to be less volatile, have gained popularity among traders for transferring funds between various crypto tokens.
However, the bill has faced criticism for potentially introducing new risks into the financial system by formalising the role of stablecoins without establishing adequate consumer protections. Critics have expressed concerns over tech companies' deeper involvement in banking activities without comparable regulatory oversight and the complexities faced by customers if a stablecoin company were to fail.
Despite attempts to undermine the bill by highlighting its implicit endorsement of Trump's business ventures, including his family's promotion of their crypto coins, it still managed to secure substantial support from both Democrats and Republicans.
“Certain members might believe that passing this bill, despite its shortcomings, is preferable to maintaining the current situation. This represents a serious misjudgement of the risks associated with these instruments,” a group of consumer and advocacy organizations conveyed in a letter to Congress earlier this year, cautioning that the bill's passage could lead to a surge in assets wrongly perceived by consumers as secure.
After delays caused by unforeseen obstacles, analysts had anticipated the bill's passage earlier this week. The other two bills, which are aimed at preventing the US central bank from introducing its digital currency and establishing a regulatory environment for other crypto forms, have cleared the House and are now headed to the Senate, where Republicans have a slight majority.
This legislative progress coincides with reports of Trump considering a presidential order that would permit retirement accounts to invest in private assets, such as cryptocurrencies, gold, and private equity.
Meanwhile, Bitcoin's value soared to a new high this week, exceeding $120,000 (£89,000). However, Terry Haines from Pangaea Policy, a Washington-based analysis firm, believes that this marks the end of significant legislative victories for the crypto industry for some time. He noted, “This is the end of crypto's wins for quite a while – and the only one. When the easy part, stablecoin, takes ~4 to 5 years and barely survives industry scandals, it's not much to crow about.”
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