July 17 (UPI) — The House of Representatives voted to regulate digital currencies and protect their owners on Thursday during what many lawmakers called “crypto week.”
The House voted 308-222 to approve the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which is dubbed the GENIUS Act.
The measure goes to President Donald Trump for signing and establishes financial guidelines and protections for owners of stablecoins.
“For far too long, America’s digital assets industry has been stifled by ambiguous rules, confusing enforcement and the Biden administration’s anti-crypto crusade,” House Majority Whip Tom Emmer, R-Minn., told media on Thursday.
“President Trump and this Congress are correcting course and unleashing America’s digital asset potential with historic, transformative legislation,” Emmer said.
“President Trump promised to make America the crypto capital of the world,” Emmer added. “Today, we delivered.”
Stablecoins are digital assets that are tied to tangible assets, such as the U.S. dollar, to make them more stable in comparison to other types of cryptocurrencies that derive their value from market demand.
A dozen Republican House members voted against the measure, the passage of which was delayed by GOP-based opposition on Tuesday.
The president met with 11 Republican lawmakers who stopped the measure’s passage and on Tuesday evening announced they reached an agreement to pass the GENIUS Act.
Despite Trump’s announcement, several GOP lawmakers stalled the measure’s passage for nine hours on Wednesday, which delayed its passage to Thursday.
The House also passed the Digital Asset Market Clarity Act of 2025 with a 294-134 vote and the Anti-Central Bank Digital Currency Act with a 219-210 vote.
Those measures go to the Senate for consideration.
The Anti-CBDC Act would ban the Federal Reserve from issuing its own version of a cryptocurrency.
Those who oppose a Federal Reserve-issued digital currency say it would enable the federal government to monitor the currency and track its use.
The Digital Asset Market Clarity Act of 2025 would define digital assets as commodities, securities or stablecoins.
The proposed act also would divide regulatory control of the digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
House approval of the three measures occurred during what many Republican lawmakers called “crypto week” on Capitol Hill.