The US has passed its first major crypto legislation, marking a significant milestone for the digital asset industry.
The legislation sets out an initial regulatory framework for stablecoins, cryptocurrencies backed by assets such as the US dollar and considered more stable.
The move is a major victory for the crypto industry, which has been lobbying Congress for years and spent millions of dollars in elections, including supporting Donald Trump during the election.
The House of Representatives passed the bill on Thursday, after it was approved by the Senate last month. Trump is expected to sign it into law on Friday.
The bill, known as the Genius Act, is one of three crypto legislative initiatives being pushed in Washington with the support of President Donald Trump and Republicans.
The support is aimed at ensuring that the US does not lag behind in the evolution of the global digital payments system.
The crypto industry has long pressed the government to introduce such guidelines, hoping that it will broaden the use of digital currencies and accelerate their mainstream adoption.
