US House Passes Crypto ‘GENIUS Act’ and Sends It to President Trump in Major Industry Victory
Washington, DC – July 17, 2025 — The United States House of Representatives has taken a significant step toward integrating cryptocurrency into the national financial framework by passing three pivotal bills related to digital assets. One of these, known as the GENIUS Act, was sent directly to President Donald Trump for signature, while the other two will now proceed to the US Senate for further consideration.
The legislative activity comes as part of a broader push by the Trump administration to position the US as the global “crypto capital” during what President Trump has proclaimed “crypto week.” Advocates within the industry have welcomed the developments, anticipating that clearer regulatory guardrails will help bring decentralized currencies into the mainstream American economy.
The GENIUS Act: Guardrails for Stablecoins
The GENIUS Act—short for Guaranteeing Empowered and New Innovations Using Stablecoins—is designed to create initial consumer protections and regulatory guidelines specifically for stablecoins. These cryptocurrencies are pegged to stable assets like the US dollar, aiming to reduce the extreme volatility commonly associated with digital currencies.
During debate on Thursday, House Financial Services Committee Chair French Hill emphasized the importance of the bill in striking a balance between innovation and protection. “Around the world, payment systems are undergoing a revolution,” Hill said. “This legislation ensures American competitiveness alongside strong guardrails for our consumers.”
The House passed the GENIUS Act with overwhelming bipartisan support, recording a 308-122 vote. The Senate had already passed the bill, paving the way for it to be sent to President Trump for approval.
Additional Bills Address Market Structure and Digital Currency Concerns
Alongside the GENIUS Act, the House passed two other cryptocurrency-related bills. One of these would establish a new market structure to clarify regulatory boundaries between commodities and securities in the digital asset space. It aims to delineate which cryptocurrencies fall under the jurisdiction of the Commodity Futures Trading Commission versus the Securities and Exchange Commission. This bill passed by a 294-134 vote and is headed to the Senate, where lawmakers may further refine the legislation.
The third measure, passed narrowly by a 219-210 margin, would prohibit the United States from creating a central bank digital currency (CBDC) — a government-issued digital form of cash. This bill will also proceed to the Senate for debate.
Bipartisan Support Amid Political Controversy
The passing of these bills represents a sizeable victory for cryptocurrency proponents who argue that the US must adopt clearer rules to foster innovation and maintain global leadership in digital finance. However, the legislative process has not been without controversy.
Democratic critics have raised concerns about the speed at which the GENIUS Act passed, suggesting it lacked sufficient safeguards and didn’t adequately address potential conflicts of interest involving the Trump administration. A notable provision in the GENIUS Act bans members of Congress and their families from profiting from stablecoins but notably excludes the President and his family.
This omission has drawn scrutiny because President Trump and his family reportedly maintain substantial financial interests in the cryptocurrency sector. Public disclosures revealed that Trump earned over $57 million in 2024 from sales of tokens linked to World Liberty Financial, a crypto project that launched its own stablecoin, USD1. Additionally, a Trump-associated meme coin has generated an estimated $320 million in fees, spread among investors.
Representative Maxine Waters, top Democrat on the House Financial Services panel, criticized the legislation as a means for the president’s allies to “validate, legitimise, and endorse the Trump family’s corruption and efforts to sell the White House to the highest bidder.”
Broader Context and Future Outlook
Cryptocurrencies have surged in popularity since the inception of Bitcoin in 2009, but until now, US regulatory frameworks have remained fragmented and uncertain. Advocates argue that the new bills provide much-needed clarity that could encourage wider adoption.
President Trump himself has shown strong enthusiasm for digital currencies, having proposed the creation of a cryptocurrency “national reserve” and reportedly suspending Department of Justice investigations into crypto activities since taking office.
Yet, some experts and lawmakers warn that the regulatory approach embodied by the GENIUS Act may be too lenient. They caution that a lack of stringent oversight might expose investors and the broader financial system to long-term risks and could enable major corporations to issue private cryptocurrencies without sufficient checks.
Conclusion
As the bills advance to President Trump’s desk and the Senate, the US stands at a crossroads in shaping its cryptocurrency future. The passage of the GENIUS Act alongside related legislation marks a significant milestone in legislative efforts to bring digital assets fully into the fold of regulatory scrutiny and mainstream finance, even as debates continue over the best path forward.
Source: Al Jazeera and various news agencies