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Congress approves major crypto legislation in the U.S.

The U.S. Congress passed the GENIUS Act, regulating cryptocurrencies and focusing on stablecoins.

July 19, 2025 at 12:00 PM

The U.S. Congress passed landmark legislation to regulate cryptocurrencies, changing the industry landscape.

Congress approves major crypto legislation in the U.S.

This week, Congress passed the first significant legislation on cryptocurrencies, marking a shift in the U.S. government's approach to digital currencies. The House of Representatives approved the GENIUS Act, which sets rules mainly for stablecoins, leading to a record valuation of the cryptocurrency market at $4 trillion. President Trump signed the bill into law, vowing to make America a leader in crypto technology. However, the bill faces criticism, with opponents arguing it could weaken financial protections for consumers and benefit crypto firms heavily invested in lobbying. The legislation aims to manage stablecoins, backed by fiat currency, which supporters argue represents the future of finance. The next battleground will be the CLARITY Act, which proponents believe would allow more lenient regulation in the sector that some critics find alarming.

Key Takeaways

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The GENIUS Act is the first major U.S. crypto legislation.

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Stablecoins are seen as a safer option within crypto.

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The legislation aims to boost America's position in the crypto market.

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Critics warn about reduced consumer protections.

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The CLARITY Act could further change crypto regulations.

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Lobbying and campaign donations are influencing crypto legislation.

"This afternoon, we take a giant step to cement American dominance of global finance and crypto technology as we signed the landmark Genius Act into law."

President Trump highlights the significance of the new crypto legislation.

"It's all hype and there's not much 'there there.'"

Amanda Fischer criticizes the GENIUS Act for being weak on consumer protection.

"The law sets a very clear standard, one that even banks would have to abide by if they issue payments in stablecoins."

Dante Disparte defends the GENIUS Act as a strong regulatory framework.

"People can end up being put in a situation with the worst of all worlds, where they have all these new products with less oversight and more risk."

Mark Hays warns about potential dangers of relaxed crypto regulations.

The passing of the GENIUS Act symbolizes a monumental change for the cryptocurrency sector in the United States. With strong backing from President Trump, who has a vested interest in crypto, the legislation could lead to increased investments and innovations in the industry. However, it raises valid concerns about consumer protections and the potential for less stringent oversight. Critics warn that without proper regulation, the risks of financial instability could rise. As such, the crypto industry's influence on policy-making becomes a significant factor in shaping future financial landscapes. This is a classic case of innovation meeting regulation, where both opportunities and challenges will unfold in the coming months.