On Thursday, the House of Representatives passed the Genius Act, a bill that establishes rules for stablecoins, a type of cryptocurrency pegged to the U.S. dollar, with President Donald Trump expected to sign the legislation into law at a ceremony on Friday afternoon.
After years of battling with regulators, the legislation represents a major victory for the crypto industry, which started in the wake of the 2008 financial crisis and was long viewed as an outlaw sector. Now, the stamp of approval from Congress—and the broad embrace by the Trump administration—casts new legitimacy on blockchain technology, with once-skeptical institutions like Big Tech companies and banks rushing in, especially as Bitcoin soars to record highs.
