The United States' first significant national cryptocurrency legislation has been approved by lawmakers. It marks a significant turning point for the industry, which was once considered to be marginal. Over the years, it has lobbied Congress regarding regulation and contributed millions to the election of last year, supporting candidates including Donald Trump. Stablecoins are a type of cryptocurrency that are backed by assets that are thought to be reliable, like the dollar. The bill establishes a regulatory framework for these coins. After the House passed the bill on Thursday, joining the Senate, which had approved the measure last month, Trump is expected to sign it into law on Friday. The bill, which is known as the Genius Act, is one of three pieces of cryptocurrency legislation that Trump supports moving forward in Washington. The president once called cryptocurrency a scam, but as he gained industry support and became involved in the industry as a businessman with connections to companies like World Liberty Financial, his opinion changed. The legislation, according to supporters, aims to establish clear guidelines for a burgeoning sector and ensure that the United States keeps up with advancements in payment systems. The crypto industry had been advocating for such measures in the hope that they would encourage more individuals to use digital currencies and bring them closer to the general public. Stablecoins, an alternative cryptocurrency to Bitcoin, must be backed one-to-one with US dollars or other low-risk assets, according to the provisions. Traders transfer funds between various crypto tokens using stablecoins. In recent years, the use of these coins, which are thought to be less volatile, has increased rapidly.
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