Stablecoin bill passes in U.S. House of Representatives

Infinity Hedge reported via Telegram that the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act (Genius Act) has passed in the U.S. House of Representatives. The legislation sets out the rules for the types of institutions that can issue stablecoins, requiring issuers to maintain stablecoin reserves in a 1:1 ratio with U.S. dollars or other similar liquid assets. It also extends the Bank Secrecy Act to stablecoin issuers.