Stablecoin bill clears House after GOP revolt, heads to Trump's desk

[WhiskeyGrinder]

https://thehill.com/policy/technology/5406918-stablecoin-genius-act-house-crypto/

The House on Thursday passed a bill setting up a regulatory framework for payment stablecoins, sending the cryptocurrency bill to President Trump’s desk and marking a major win for the industry.

Lawmakers voted 308-122 to pass the GENIUS Act following a tumultuous “crypto week” in the chamber that saw competing GOP factions bring the House floor to a standstill for two days.

Twelve Republicans voted against the measure while 102 Democrats voted “yes.” The GOP “no’s” included Reps. Andy Biggs (Ariz.), Eric Burlison (Mo.), Michael Cloud (Texas), Eli Crane (Ariz.), Warren Davidson (Ohio), Russ Fulcher (Idaho), Marjorie Taylor Greene (Ga.), Morgan Griffith (Va.), Andy Harris (Md.), Scott Perry (Pa.), Chip Roy (Texas) and Austin Scott (Ga.).

The bill regulating dollar-backed digital tokens now heads to Trump’s desk, where he has indicated he is eager to sign it.

[walkingman]

1. I don't understand the intricacies of Crypto or Stablecoin but I view is as dangerous - simply because

it is in competition with the US dollar (seems to me) and it just opens the door for more corruption. It will become "too big to fail" and we all know who is on the hook for that BS.

[Norrrm]

2. "dangerous".... "in competition with the US dollar".... Agree! They want it backed by the dollar.

"The bill regulating dollar-backed digital tokens..."

Who will issue such tokens? The dollar-based currency is controlled by one entity, our gov't.

It is illegal to counterfeit money, but this looks equivalent.

Then, they want the gov't to back such 'new' money.

A new system set up for fraud and corruption.

[Fiendish Thingy]

3. With 102 friends like that, who needs...

Well, you know the rest.

I guess the bribe checks cleared just in time.

I’d love to see how much crypto PAC money each of those 102 Dems got.