GENIUS Act Passes the House, Heads to President’s Desk

(July 17, 2025) Washington, DC – Today, Congressman Bryan Steil (WI-01) voted to pass the GENIUS Act. The GENIUS Act will create a framework for the issuance and regulation of payment stablecoins in the United States. The bill now heads to President Trump’s desk for his signature. Following passage, Congressman Steil issued the following statement:

"The golden age of digital assets is here, and the GENIUS Act, along with the CLARITY Act, will help the U.S. win the Web3 race,” said Steil. “This legislation protects consumers, cements the U.S. dollar as the world’s reserve currency, and promotes the next generation of Web3 businesses here in the United States. The President has called for digital assets legislation to reach his desk by August, and the House is delivering. By securing U.S. leadership in blockchain technology, we ensure that our economy will continue to dominate the financial services sector for years to come.

Background:

• Today, the House voted to pass the GENIUS act by a vote of 308-122 and the CLARITY Act by a vote of 294-134.
• A link to Congressman Steil’s floor speech on the bill is available here.
• This GENIUS Act previously passed the Senate by a vote of 68-30 and now heads to President Trump’s desk for his signature.
• The GENIUS Act is the result of months of collaboration between the House and Senate on stablecoin legislation.
• In February, Steil and Financial Services Chairman French Hill introduced a discussion draft establishing a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States, and in March introduced the STABLE Act.
• The STABLE Act, the House companion to GENIUS,  was cosponsored by Representatives Hill, Torres, Emmer, Huizenga, Meuser, Kim, Downing, Moore, Gottheimer, Haridopolos, Liccardo, Timmons, Lawler, Nunn, Rose, Stutzman.
• On April 2, 2025, Steil’s STABLE Act, passed through the House Financial Services Committee markup hearing by a vote of 32-17.
• In April, the Washington Times published The Golden Age of Stablecoins, an Op-Ed written by Congressman Steil addressing the importance for clear rules and regulations of stablecoins.
• President Trump reiterated support for stablecoin, market structure, and anti-CBDC legislation to pass through Congress and come to his desk before the August recess.