US passes first major national crypto legislation

Lawmakers in the US have passed the country’s first major national cryptocurrency legislation.

- BBC

It is a major milestone for the once fringe industry, which has been lobbying Congress over regulation for years and poured millions into last year’s election, backing candidates that included Donald Trump.

The Bill sets up a regulatory regime for so-called stablecoins, a kind of cryptocurrency backed by assets seen as reliable, such as the dollar.

Trump is expected to sign the legislation into law on Friday, after the House passed the Bill on Thursday, joining the Senate, which had approved the measure last month.

Known as the Genius Act, the Bill is one of three pieces of cryptocurrency legislation advancing in Washington that is backed by Trump.

The President once derided crypto as a scam but his opinion shifted as he won backing from the sector and got involved in the industry as a businessman, with ties to firms such as World Liberty Financial.