• The House has passed the GENIUS Act, creating the first federal framework for payment stablecoins, delivering a major legislative victory for the crypto industry and sending the bill to President Trump’s desk. The breakthrough follows a turbulent week of intra-GOP standoffs, high-stakes dealmaking, and an unprecedented floor vote marathon.

WASHINGTON, DC (TDR) — After days of internal gridlock, late-night negotiations, and shifting alliances, the House voted Thursday to pass the GENIUS Act, a landmark bill that establishes the first U.S. regulatory framework for payment stablecoins—digital tokens backed by the U.S. dollar.

The bill, which passed 308-122, now heads to President Trump, who has signaled his intent to sign it into law.

A Milestone for Crypto—and a Battle to Get There

The GENIUS Act’s path to passage was anything but smooth. The chamber stalled earlier in the week after hardline Republicans blocked a procedural vote on a trio of digital asset bills, including the stablecoin measure.

Twelve Republicans voted against the GENIUS Act, while 102 Democrats voted in favor, offering a rare example of bipartisan cooperation in an otherwise fractured House.

“This is a critical moment for America’s role in digital innovation,” said Rep. French Hill (R-Ark.), a key sponsor of the bill. “We’re finally giving the industry the clarity it’s been asking for, while protecting consumers and preserving dollar dominance.”

The GENIUS Act creates uniform rules for issuing and managing payment stablecoins, placing oversight with state and federal regulators. It also includes provisions for anti-money laundering compliance and issuer transparency.

Crypto advocates have long pushed for such a law, arguing that regulatory ambiguity has pushed innovation offshore and chilled domestic investment.

Trump’s Hand in the Deal

The GENIUS Act’s survival hinged on a deal brokered by President Trump, who intervened after House floor negotiations collapsed Tuesday. The former businessman-turned-president struck an agreement with GOP hardliners by supporting language from the Anti-CBDC Surveillance State Act, a measure that bars the Federal Reserve from launching a central bank digital currency (CBDC).

The anti-CBDC language was not added directly to the GENIUS Act but was instead incorporated into the broader National Defense Authorization Act, a must-pass bill due later this year.

“We’re not going to let the Fed surveil Americans under the guise of innovation,” said Rep. Tom Emmer (R-Minn.), sponsor of the anti-CBDC bill. “The president understands that.”

The compromise allowed most GOP holdouts to flip their votes during a record-setting nine-hour rule vote, freeing the House floor for final action on the GENIUS Act.

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What Comes Next for Crypto Regulation?

The GENIUS Act’s passage marks a significant step forward for digital asset legislation, but the larger battle over crypto market structure remains unresolved.

Lawmakers on both sides of the aisle want to split jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). That broader framework was the subject of a separate bill—the Digital Asset Market Clarity Act, which passed the House 294-134 earlier this week.

Still, some members were disappointed the House failed to combine both efforts into a single package.

“We needed a unified bill, but at least we’ve taken the first step,” said Rep. Patrick McHenry (R-N.C.), chair of the House Financial Services Committee.

Senate leaders are expected to release their own version of the market structure legislation soon. But with a slower-moving upper chamber and lingering partisan concerns, the GENIUS Act may be the only crypto victory Congress delivers this year.

Industry Reacts

The crypto industry welcomed the bill’s passage as a breakthrough.

“We now have a stablecoin bill supported by both parties and the president,” said Sheila Warren, CEO of the Crypto Council for Innovation. “That’s a huge signal to the markets.”

Investors, fintech startups, and blockchain developers say the clarity will unlock new growth and help keep U.S. companies competitive globally.

In an industry defined by volatility, Thursday’s vote sent a rare and reassuring signal of stability. The real question now: Will Congress maintain momentum on broader crypto reform?

What should Congress prioritize next—market structure, DeFi rules, or CBDC oversight? Tell us what you think.

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