On July 17th, local time, the U.S. House of Representatives passed the “Guidance and Establishment Act for National Innovation in U.S. Stablecoins” (referred to as the “Genius Act”) with a vote of 308 in favor and 122 against. This legislation aims to make significant regulatory reforms on cryptocurrency. The bill is expected to be signed into law by President Trump.
Additionally, on the same day, the House passed the “Clarity Act” on a vote of 294 in favor and 134 against. This bill will be submitted to the Senate for consideration. The proposal aims to establish a broader and more beneficial regulatory framework for digital assets. (Reported by Xu Xiao)