The US House of Representatives passed the GENIUS Act, the nation's first major crypto legislation, marking a significant shift in the government's approach to digital currencies. The bill, focusing on stablecoins, sets new regulations and aims to establish American dominance in the crypto market. President Trump signed the bill into law, boosting the crypto sector's valuation to a record $4 trillion. However, critics express concerns about weak consumer protections and industry influence on the legislation. Another bill, the CLARITY Act, which would transfer regulatory power to the Commodity Futures Trading Commission, is awaiting Senate approval, facing strong opposition from critics.

Prepared by Christopher Adams and reviewed by editorial team.