The U.S. House of Representatives on July 17 approved two GOP-led bills addressing digital assets, with one being signed into law by the president on July 18 and the other advancing to the U.S. Senate for consideration.
The House voted 308-122 to approve the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, S. 1582, which Trump enacted the next day.
S. 1582, introduced on May 1 by U.S. Sen. Bill Hagerty (R-TN), establishes a regulatory framework for payment stablecoins, which are digital assets that an issuer must redeem for a fixed value.
“This legislation protects consumers, cements the U.S. dollar as the world’s reserve currency, and promotes the next generation of Web3 businesses here in the United States,” said U.S. Rep. Bryan Steil (R-WI), who voted to pass the S. 1582. “By securing U.S. leadership in blockchain technology, we ensure that our economy will continue to dominate the financial services sector for years to come.
Under the bill, only permitted issuers may issue a payment stablecoin for use by U.S. persons, subject to certain exceptions and safe harbors. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer.
Permitted issuers must be regulated by the appropriate federal or state regulator. Permitted issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less, according to the Congressional Record bill summary.
Rep. Steil said that S. 1582 is the result of months of collaboration between the House and Senate on stablecoin legislation.
In February, he and U.S. House Financial Services Chairman French Hill (R-AR) introduced a discussion draft establishing a framework for the issuance and operation of dollar-denominated payment stablecoins in the U.S., and in March introduced the STABLE Act, the House companion bill to S. 1582.
“President Trump’s signature on the GENIUS Act marks the turning point in years of collaboration between Congress, the Executive Branch, and stakeholders,” Rep. Hill said. “This is a historic day for American innovation and consumer protection as payment stablecoin legislation is now law.
“Our efforts don’t stop here, and I’ll continue to work with President Trump and the Senate to ensure critical market structure legislation will reach the president’s desk,” he added.
The House last week also voted 294-134 to pass Rep. Hill’s bipartisan Digital Asset Market Clarity Act of 2025, or the CLARITY Act of 2025, H.R. 3633, which would establish a regulatory framework for digital commodities, defined by the bill as digital assets that rely upon a blockchain for their value.
Rep. Hill sponsored H.R. 3633 on May 29 alongside eight original cosponsors, including Rep. Steil and U.S. Reps. Glenn “GT” Thompson (R-PA), Tom Emmer (R-MN), Dusty Johnson (R-SD), and Angie Craig (D-MN). The bill would exempt digital commodities on mature blockchains (and digital commodities on blockchains expected to mature within certain timeframes) from Securities and Exchange Commission (SEC) registration requirements if annual sales fall under a certain amount and other requirements are met.
The bill also would provide the SEC with jurisdiction over digital commodity activities and transactions engaged in by certain brokers and dealers on alternative trading systems and by national securities exchanges, according to the Congressional Record bill summary.
“The House passed landmark legislation that establishes clear rules of the road by creating a functional regulatory framework for digital assets,” Rep. Hill said. “This is the pivotal moment for American innovation and a critical step forward in protecting consumers and investors alike.”
Rep. Johnson pointed out that if America doesn’t lead in digital asset development, the nation risks losing innovation to Europe or China.
“Our CLARITY Act puts in place a strong, common-sense framework to give developers and consumers the certainty they need to thrive in the United States,” said Rep. Johnson. I’m grateful for the work of my colleagues who helped get this bill across the finish line in the House and I am hopeful the Senate acts soon.”
“This bill delivers on President Trump’s goal of making the United States the crypto capital of the world by providing the regulatory certainty needed to foster innovation, safeguard consumers, and ensure America leads in the next generation of financial technology,” added Rep. Thompson.