Meanwhile, the move by Congress to pass the stablecoin legislation without attaching another piece of payments legislation, the Credit Card Competition Act, deals a blow to the chances for passage of the CCCA in the current Congress, observers say. “The avenues for CCCA are dwindling and it continues to face an uphill battle,” Talbott says.

The GENIUS Act is likely to be signed into law on Friday and is set to change how stablecoin issuers operate both in the US and overseas.

Crypto market nears $4 trillion as Bitcoin, Ethereum, and XRP surge amid U.S. House passage of key crypto bills and growing investor optimism.

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

XRP jumps 6% after the House advances the GENIUS Act, boosting Ripple’s RLUSD strategy and bringing new regulatory clarity.

The cryptocurrency industry spent more than $250 million in the last election to help crypto-friendly candidates run for Congress and the White House.

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 House of Representatives passed to go ahead with key crypto legislation on July 16, which sent the crypto market rallying. Bitcoin was trading at $119,507.85 as per Kraken's price feed.

U.S. stablecoin regulation ensuring consumer protection, financial stability, and global financial influence. Learn about issuer requirements, reserve rules, and its impact on international transactions.