The House approved the GENIUS Bill with a 308-122 vote with significant Democratic support, adopting regulations for a type of cryptocurrency known as stablecoins that proponents believe will fundamentally change the world of commerce. It was a remarkable win for the crypto industry — and for President Trump, who campaigned on making the U.S. “the crypto capital of the planet.” The GENIUS Bill, which stands for “Guiding and Establishing National Innovation for U.S. Stablecoin” now heads to the president’s desk for his signature, since the Senate had already approved it last month. The new legislation will put more formal regulations around stablecoins, which is viewed by many as a safer type of cryptocurrency. That’s because companies selling stablecoins have to hold the equivalent dollars in reserve. So if you buy $1 in stablecoin, the issuer that provided you with one has to keep $1 in reserve. That means that when you want to cash it, you can get paid back promptly. Stablecoins are a hot emerging part of the crypto sector. Key industry players believe stablecoins will allow people and companies the ability to transfer money as digital currency anywhere in the world instantaneously, regardless of borders, without onerous and expensive bank or money transfer fees. They believe that the world of credit cards or wire transfers will be completely upended once they are adopted widely. More crypto legislation is expected to follow the GENIUS Act. A ‘Crypto Week’ win: Congress passes 1st major crypto legislation in the U.S. | WBHM 90.3