US Congress Passes Stablecoin Bill in Boost for Crypto

Watershed victory for industry clears way for broader use of tech in everyday finance

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WASHINGTON – The US Congress delivered a watershed victory for the crypto industry on July 17, passing the first federal legislation to regulate stablecoins and clearing the way for broader use of the technology in everyday finance.

Backed by Republicans and championed by US President Donald Trump, the Bill imposes federal or state oversight on US dollar-linked tokens that can move round the clock and across platforms.

Supporters say it could unlock faster, cheaper forms of payment – and bring legitimacy to a US$265 billion (S$340 billion) market that Citigroup analysts expect could swell to US$3.7 trillion by 2030.

The measure, which passed the House 308-122 with bipartisan support after clearing the Senate, is now on track to become law. Mr Trump personally lobbied Republican lawmakers to support it.

The legislation marks a political coming-of-age for the digital assets industry, which rebounded from the confidence-rattling collapse of Sam Bankman-Fried's FTX crypto exchange less than three years ago to pour hundreds of millions of dollars into the 2024 election of friendly lawmakers.