Backers of the Genius Act, a potentially landmark bill that could help "stablecoins" go mainstream, say it would greatly speed electronic payments.

This bill is now on President Trump’s desk, making it the first major piece of crypto-focused legislation on track to become US law.

The House of Representatives today approved GENIUS, clearing the way for stablecoin act to go to President Trump for signature. It also passed CLARITY market structure legislation, sending it to the Senate.

GLXY, HOOD and RIOT rally as the GENIUS Act clears the House, setting the stage for sweeping U.S. stablecoin regulation.

The House of Representatives passed the GENIUS Act, making it the first major piece of federal legislation to regulate stablecoins.

After clearing a procedural hurdle in the House of Representatives by a 215-211 vote on 16 July, the GENIUS Act now heads to floor debate, having already secured bipartisan Senate

The crypto industry has scored a historic win this week after the stablecoin bill was cleared by the U.S. House and set for President Donald Trump’s final approval into law. House lawmakers voted 308-122 to adopt the GENIUS Act.