Summary
The U.S. government has passed the Genius Act, its first major law related to cryptocurrencies, marking a shift in how digital currencies are viewed and regulated. This new law focuses on stablecoins, a type of cryptocurrency that is considered safer since they are tied to real currencies like the U.S. dollar. Another bill, the CLARITY Act, which could change how cryptocurrencies are regulated, has also made progress in Congress.
Key Facts
- The Genius Act is the first major cryptocurrency law passed by Congress.
- President Trump signed the Genius Act into law on July 18, 2025.
- The law focuses on stablecoins, a form of cryptocurrency backed by real currencies.
- Congress passed the Genius Act and another bill called the CLARITY Act during "crypto week."
- The CLARITY Act proposes shifting cryptocurrency regulation to a body called the Commodity Futures Trading Commission.
- The total value of cryptocurrencies reached $4 trillion shortly after the Genius Act's approval.
- Crypto supporters view stablecoins as a secure and efficient way to transfer money globally.
