The act was officially signed into law by President Donald Trump on July 18, 2025, setting stringent guidelines around the issuance, backing, and disclosure requirements of stablecoins. The official White House account dubbed the GENIUS Act as a “landmark moment for the crypto industry and the US dollar.”

Before the GENIUS Act, stablecoins operated in a legal gray area, despite their rapid adoption within the cryptocurrency markets. There were no unified regulatory standards, leading to a fast-paced and unchecked growth of this sector. The advent of the GENIUS Act has changed this scenario, introducing a clear and nationwide regulatory framework for stablecoins in the US.

The GENIUS Act has established specific parameters around who can issue stablecoins, the necessity for full asset backing, and the required transparency. It has also carved a licensing route for banks and non-banking entities through the Office of the Comptroller of the Currency (OCC). The Act does not cover non-payment tokens, such as algorithmic stablecoins or DeFi-native collateralized assets, which will be separately examined.

The GENIUS Act has revolutionized the stablecoin landscape in the US and worldwide. It has forced crypto companies, fintechs, and traditional financial institutions to reevaluate their strategies. Crypto-centric stablecoin issuers like Circle and Tether now must follow federal licensing guidelines or face potential market exclusion. Simultaneously, traditional banks, fintech start-ups, and even retailers can now legally issue their own dollar-backed digital tokens, potentially igniting a wave of new competitors.

Public crypto firms have embraced the GENIUS Act, while smaller stablecoin projects and DeFi protocols express concerns over increased compliance costs and limited legal operating paths in the US. However, for regular users, the GENIUS Act offers enhanced security, provided they are willing to trade-off access to yield-bearing stablecoins and some decentralized stablecoin models.

The GENIUS Act has triggered a global ripple effect, with the crypto industry and global financial entities revising their strategies. It may serve as a reference for stablecoin legislation in other countries and significantly lower barriers for tech giants to integrate licensed stablecoins. The Act could also lead to faster, more affordable global remittance products, challenging traditional forex channels.

In short, the GENIUS Act doesn’t just stabilize the stablecoin — it could potentially redefine the future of the dollar itself.

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Ether prices soared to their highest this year, prompting a jump in shares of crypto-related businesses. Bitcoin, the largest cryptocurrency globally, saw a modest 0.2% increase, but it’s still over 3% short of its peak of $123,153 set last week.

The GENIUS Act prohibits the payment of yields or interests on regulated stablecoins. Consequently, Deutsche Bank has linked this to the rise in Ether prices as investors seek alternative yield-generating options in decentralized finance. “Financial institutions, payment processors, and fintech firms will keep purchasing operational Ether to cover transaction fees for the deployment of stablecoins and tokenized assets on the blockchain,” explained Gautam Chhugani, a senior analyst at Bernstein’s global digital assets.

Shares of companies like BitMine, Bit Digital, and SharpLink Gaming, which have recently increased their crypto holdings, also saw a significant rise. Shares of Strategy MSTR, the largest corporate holder of Bitcoin, have surged nearly 3000% since 2020 and rose by 2.2% on Monday.

Furthermore, Ether was traded at $3,816.7 after reaching its peak this year on Sunday. Shares of Coinbase Global and Circle Internet, a stablecoin issuer, also increased by 1.9% and 0.9%, respectively.

Stablecoins, which aim to sustain a consistent value, usually pegged 1:1 to the U.S. dollar, have become increasingly popular amongst crypto traders moving funds between tokens. Large Wall Street banks like Bank of America have also been exploring the possibility of launching their own stablecoins.

Other cryptocurrencies, such as Solana, also saw significant increases, hitting its highest level since February. The ProShares Ultra Solana ETF also rose by 16.6%. The overall crypto sector’s market value reached $4 trillion on Friday, according to data from CoinGecko.

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One highlight of the week was US President Donald Trump signing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law. This significant move for the crypto and blockchain sector was witnessed by many key players in the industry, including high-ranking Republicans and an array of cryptocurrency company executives.

Another notable trend is the increasing use of cryptocurrency for everyday purchases and high-value transactions across various user groups. A report from Bitget Wallet indicates that Gen Z and Gen X users are leading the way in this trend, showing a growing interest in the practical use of crypto.

In other news, Dave Portnoy, founder of Barstool Sports, expressed regret over selling most of his XRP just weeks before it reached new annual highs. He lamented over potentially lost profits and expressed his disappointment in divesting from XRP.

Meanwhile, a Satoshi-era Bitcoin whale moved their remaining Bitcoin holdings to Galaxy Digital, adding to the massive Bitcoin transfer made to the asset manager earlier this week.

Moreover, President Trump is reportedly planning to sign an executive order that could potentially allow American retirement plans to invest in cryptocurrencies and other alternative assets.

As the week concludes, Bitcoin is trading at $118,281, Ether at $3,553, and XRP at $3.43 with a total market cap of $3.85 trillion.

Various memorable quotes from industry figures and predictions for Stellar’s XLM have also marked the week. Notably, Stellar’s XLM appears set for a 35% price rally, mirroring XRP’s recent surge.

However, the week also saw its share of concerns, such as the imprisonment of a former UK officer for Bitcoin theft during the Silk Road 2.0 probe and the mounting lawsuits against Michael Saylor’s company, Strategy. Furthermore, the IMF reported that El Salvador hasn’t purchased any new Bitcoin since signing a loan agreement in December 2024.

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House Resolution 580, which allows for the consideration of numerous bills, was approved with 217-212 votes, more than nine hours after the voting process commenced. This action effectively breathes new life into the bills that were previously defeated.

One such bill is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) bill. It seeks to establish a regulatory framework for stablecoins and was passed in the Senate vote last month. If all goes well, GENIUS could find itself on President Trump’s desk before the week is out.

Other proposals include the Digital Asset Market Clarity Act, which provides a comprehensive approach to forming a regulatory framework for digital assets; and the Anti-CBDC bill, which aims to prevent the Federal Reserve from releasing a central bank digital currency (CBDC) directly to individuals. However, these bills still need to be voted on in the Senate.

Prior attempts to pass H.Res 580 were unsuccessful because some Republicans were concerned that the GENIUS bill could allow the Federal Reserve to issue a CBDC. However, bill leaders have since clarified that this would not be possible.

This issue was seemingly resolved when House Majority Leader Steve Scalise announced that Republicans will attach a CBDC ban to the National Defense Authorization Act (NDAA).

Following the successful vote, Scalise stated that the next House floor vote on these crypto bills will occur on Thursday, according to PunchBowl News.

This week, informally known as “Crypto Week” in Washington, is of great importance to the digital asset sector. The bills in question could potentially redefine the industry’s landscape in the United States and set a crucial precedent for future digital asset regulation.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Moynihan highlighted that the primary objective is to utilize stablecoins as transactional tools. This innovation could enable BoA to manage the massive amount of client assets that traverse its systems daily. “If our clients wish to utilize stablecoins for transferring part of their money, they’ll certainly proceed,” Moynihan commented.

BoA has been investigating the potential uses of stablecoins since as early as 2025. Moynihan previously shared at a May conference that the bank would progress if beneficial legislation is implemented. Reports suggest that the bank might consider launching a stablecoin in partnership with other banking behemoths such as JPMorgan and Citigroup.

The growth of the stablecoin market is accelerating, with industry experts increasingly considering these fiat-pegged assets as the upcoming “default settlement layer” for the internet. In 2024, stablecoin transaction volumes exceeded the combined volumes of Visa and Mastercard. Currently, the total value of circulating stablecoins is a staggering $257 billion, nearly double the value at the start of 2023. Two giants, Tether’s USDt (USDT) and Circle’s USDC (USDC), represent over 85% of the total stablecoin market.

These developments have led to the US government prioritizing stablecoin legislation, with the GENIUS Act being the most significant. Despite enjoying bipartisan support and being passed in the Senate, the bill, along with other crypto measures, hit a hurdle in the House of Representatives. However, the GENIUS Act is set for a House floor vote by Thursday.

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“After a brief discussion, all present have agreed to cast their vote in favor of the Rule tomorrow morning,” Trump shared on his Truth Social platform. He also mentioned a conversation with House Speaker Mike Johnson, who reportedly plans to expedite the vote on the legislation.

On Tuesday, a vote to advance three bills scheduled for the week, including the GENIUS Act and the Digital Asset Market Clarity (Clarity) Act, was narrowly defeated in the House with a vote of 196 to 223. These key legislations led to the current week being referred to as “Crypto Week.”

The GENIUS Act, which has already been approved by the Senate, seeks to establish a regulatory framework for stablecoins, including a requirement for full backing by U.S. dollars or comparable liquid assets. It will also mandate annual audits for issuers with a market cap exceeding $50 billion and establish guidelines for foreign issuance. The Act has received fervent support from Trump, who sees U.S. dollar stablecoins as a crucial instrument in reinforcing dollar dominance.

Following Trump’s post, House Majority Leader Steve Scalise released a new procedural voting schedule for the GENIUS Act, CLARITY Act, and the Anti-CBDC Act, with voting slated to begin at 12:20 p.m. on Wednesday.

Disclaimer: The Block operates as an independent media platform providing news, research, and data. Foresight Ventures, a majority investor in The Block as of November 2023, invests in other crypto-related companies. The Block continues to deliver objective, influential, and timely information about the crypto industry, maintaining its autonomy despite its investor relationships. This article is for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.

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A spokesperson for the House confirmed that another attempt will be made at 5 p.m. ET. Another insider also echoed these sentiments. This comes during what’s being dubbed as the “Crypto Week”, where the House was planned to review the Guiding and Establishing National Innovation for U.S. Stablecoins (“GENIUS”) Act and the Digital Asset Market Clarity (“Clarity”) Act.

The GENIUS Act, which has already won Senate approval, necessitates that stablecoins be fully backed by U.S. dollars or similar liquid assets. It further imposes yearly audits for issuers with a market cap exceeding $50 billion and lays down regulations for foreign issuance. This bill could potentially reach the President’s desk by week’s end.

On the other hand, the Clarity Act aims to set a comprehensive regulatory framework for cryptocurrencies. It outlines how the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission will oversee the industry and mandates digital asset firms to offer retail financial disclosures and keep corporate and customer funds separate.

Disclaimer: The Block is a self-sufficient media outlet offering news, research, and data. As of November 2023, Foresight Ventures is the primary investor of The Block. Foresight Ventures also invests in other crypto-related companies. Crypto exchange Bitget is a key LP for Foresight Ventures. Despite this, The Block continues its independent operations, providing unbiased, impactful, and timely crypto industry information. Please refer to our current financial disclosures for more details.

© 2025 The Block. All Rights Reserved. This article is provided strictly for informational purposes. It is not a substitute for professional legal, tax, investment, financial, or other advice.

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Maxine Waters, the ranking member of the House Financial Services Committee, along with the ranking member of the digital assets subcommittee, Stephen Lynch, stated that they would spearhead the Democratic opposition against the Republicans’ attempts to pass what they term as “hazardous” legislation. Earlier this month, Republican leaders declared their intention to consider bills pertaining to payment stablecoins, the structure of the crypto market, and central bank digital currencies (CBDCs) starting Monday.

“Republicans are rapidly advancing a perilous package of crypto legislation through Congress,” Waters contended. She further criticized the bills for their lack of crucial consumer protections and national security measures, and for potentially implicating Congress in “Trump’s unprecedented crypto scam.”

Given the slim majority held by the Republicans in the House, it is uncertain whether they will garner enough support to pass all three crypto bills given the opposition led by Democrats like Waters and Lynch. The GENIUS Act, a bill aimed at regulating stablecoins, managed to pass in the Senate despite initial opposition from several Democrats. However, legislative debate often encompasses discussions about US President Donald Trump’s crypto ventures.

Lynch expressed concern over his Republican colleagues’ keenness to favor the crypto industry while seemingly disregarding the potential vulnerabilities and opportunities for abuse within the crypto sphere.

Reportedly, Trump added approximately $620 million to his personal portfolio within months due to his investments in the crypto industry, including his family-backed business, World Liberty Financial. This crypto company has also been scrutinized for issuing its own stablecoin, USD1, as lawmakers in Congress, potentially influenced by Trump, contemplate legislation to regulate the asset.

Republicans in the House plan to consider the Anti-CBDC Surveillance State Act and the CLARITY Act, in addition to the GENIUS Act. The former aims to prevent the development of a US government-issued digital dollar, while the latter seeks to establish a digital asset market structure.

On Friday, White House crypto advisor Bo Hines announced on X that he expects the GENIUS Act to pass without any amendments or provisions, thereby fast-tracking the bill to the president’s desk. However, efforts to pass a crypto market structure bill seem to be shifting to the Senate.

Tim Scott, Chair of the Senate Banking Committee, Hines, and Wyoming Senator Cynthia Lummis announced in June that the Senate would aim to draft, introduce, and pass a bill by September 30, preceding the House’s announcement of its “crypto week” plans for the CLARITY Act.

“This will be the best version of a market structure bill that has been debated in the House since 2023,” commented House Financial Services Committee Chair French Hill during the recent release of the Thinking Crypto podcast. “We’ll vote on it in the House. It will then proceed to the Senate where we’re looking forward to inputs from Senator Scott, Senator Lummis, Senator Gillibrand, Senator Hagerty, and others about market structure.”

A market structure bill would likely define the roles that major US financial regulators, particularly the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), would play in overseeing digital assets. The proposed bill in the House suggests assigning more authority to the CFTC for the registration and regulation of digital assets.

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House Finance Committee Chair French Hill, House Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson all confirmed their commitment to use the week of July 14 to 18 to review a cryptocurrency market structure bill, a stablecoin bill, and a bill on Central Bank Digital Currencies (CBDCs).

“The Republican House is taking bold steps to implement President Trump’s comprehensive digital assets and cryptocurrency agenda,” stated Johnson. “During ‘Crypto Week,’ we eagerly anticipate the prompt review of three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.”

President Trump had previously expressed his desire for the GENIUS Act to be passed before Congress goes into a month-long recess in August. The legislation would begin to fulfil Trump’s campaign promises on cryptocurrency, which received significant backing from the crypto industry.

Despite the House Finance Committee passing a similar bill, the STABLE Act, in May, the House has chosen to focus on the Senate-led GENIUS Act.

The GENIUS Act, which received bipartisan support and was passed by the Senate last month, if approved by the House without amendments, will be sent directly to President Trump for signing.

However, legal experts at Pillsbury Law have suggested that amendments may be made to key provisions, which would then require the bill to be sent back to the Senate for approval.

The CLARITY Act, a cryptocurrency market structure bill, could be next on President Trump’s desk if it passes the Senate. This legislation would make it mandatory for most crypto exchanges to register with the CFTC and would also set out rules for disclosure, customer asset segregation, and record keeping.

The final bill to be considered during ‘Crypto Week’ is the Anti-CBDC Surveillance State Act. This bill aims to prevent the Federal Reserve from testing, developing, creating, or issuing any form of digital currency.

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As per Inner City Press, a meeting between the prosecutors and Kwon’s lawyers took place in the US District Court for the Southern District of New York before Judge Paul Engelmayer. The judge indicated his consideration of the GENIUS Act, which could potentially influence the securities fraud charges against Kwon.

The GENIUS Act, an acronym for Guiding and Establishing National Innovation for US Stablecoins, cleared the US Senate on June 17. However, it awaits a possible vote in the House of Representatives before a decision from US President Donald Trump on its enactment.

The legislation, which aims at regulating payment stablecoins, might impact Kwon’s charges related to the TerraUSD (UST) algorithmic stablecoin and LUNA, the platform’s token. In 2022, the UST by Terra significantly deviated from its peg to the dollar, leading to a system-wide crash. This event sparked legal action against Kwon and other executives by authorities in the US and South Korea.

In 2023, Kwon was arrested in Montenegro on unrelated charges. After several court delays, he was extradited to the US in December to stand trial on nine felony counts, including securities fraud, commodities fraud, and more. Kwon has maintained his innocence throughout and is being held without bail. His criminal trial is projected to start in January 2026.

In a separate civil case in 2024, Terraform Labs and Kwon were found guilty of defrauding investors by a jury. Judge Engelmayer is considering if the civil case rulings will have any bearing on Kwon’s ongoing criminal case.

The GENIUS Act, after passing the Senate, is currently under consideration in the House of Representatives. Its companion bill, the STABLE Act, is also under review. These bills may significantly reshape how US financial regulators and authorities approach digital asset-related cases.

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