Historical
On Thursday, July 17, 2025, the U.S. House of Representatives overwhelmingly passed (308 to 122) the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), the first federal regulatory framework for U.S. stablecoins.
📌 Key Takeaways from the GENIUS Act
- Requires 1:1 backing with liquid assets (deposits, Treasury bills) and periodic audits.
- Prohibits the issuance of algorithmic stablecoins without real backing.
- Enforces dual licensing: oversight at both the state and federal levels.
- Requires monthly disclosure of reserves patterns.
- It marks the start of a "crypto week" alongside other measures: the CLARITY Act (defining assets as securities or commodities) and a law preventing a CBDC (central bank digital currency).
Context and Motivations
- The Senate had approved the GENIUS Act on June 17 by a 68–30 margin.
- This legislation is seen as a US effort to position itself as a global leader in digital finance and fintech, backed by bipartisan support and the direct push of President Donald Trump.
- Executives from banks such as JPMorgan, Citi, and Bank of America have already expressed interest in issuing stablecoins under this legal framework.
Reactions and Criticisms
It has impacted the stablecoin market, currently valued at around USD 260 billion, mainly dominated by USDT and USDC ([Cinco Días][1]).
There are controversial aspects:
Critics point to potential conflicts of interest, given that Trump and his family have investments linked to cryptocurrencies ([The Washington Post].
Democrats such as Maxine Waters and Elizabeth Warren warn of risks to financial stability and insufficient measures in anti-bribery and money laundering.
What comes next?
- The GENIUS Act will be sent to President Trump for his signature, which is expected to happen very soon.
- It is planned to go into effect in 2026, following the issuance of detailed rules by the Fed, the OCC, and the CFTC.
- The next step is for the Senate to review the CLARITY Act, which has already passed the House of Representatives.
In short, this is a historic regulatory milestone: for the first time, the US establishes a federal framework law for stablecoins, granting clarity, protections, and legitimacy to the sector—although not without political debate. economic and ethical.
