Crypto, First Major and Stablecoin Bill
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Congress, Crypto
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The House is considering bills to provide regulatory clarity for cryptocurrency and the digital assets industry, including the GENIUS Act for stablecoins and the CLARITY Act.
Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.
The US House passes the GENIUS stablecoin bill, establishing federal regulation as it awaits President Trump's signature to become law.
A dozen House Republicans bucked Trump and Speaker Mike Johnson to prevent the legislation from advancing on the floor -- joining the entire Democratic caucus -- and, at least temporarily, freezing activity in the House. The final tally was 196-223.
Bitcoin rose to over $120,000 on Monday, breaking the cryptocurrency’s all-time high as Congress considers several pieces of pro-crypto legislation. The digital currency peaked at around $122,600 mid-afternoon Monday before declining to around $116,
The crypto industry will take a step closer to going mainstream this week as a series of industry-friendly bills progress through Congress, paving the way for digital assets to potentially be further integrated into traditional finance.