US Congress passes stablecoin bill

NEW YORK -- The US House of Representatives on Thursday passed a landmark bill on stablecoins after the Senate nodded the bill in June.

With the name of Guiding and Establishing National Innovation for US Stablecoins Act, or the GENIUS Act, the bill lays out standards for stablecoins, a kind of digital currency pegged to the US dollar or other fiat currencies.

The bill was passed 308 to 122 in the House with bipartisan support.

US President Donald Trump is expected to sign the bill into law soon and it will become the first federal regulation on stablecoins in the United States.

Trump has been a supporter of the bill and urged Republican lawmakers to vote for it.

On Thursday, the House also passed the Digital Asset Market Clarity Act, setting up rules for crypto exchanges, brokers and issuers; and the Anti-CBDC Surveillance State Act, which bans central-bank digital currencies. The two bills need to be passed in the Senate, which means uncertainties in their fate.