The US House of Representatives passes the first federal bill on stablecoins

The U.S. House of Representatives has passed a bill to create a regulatory framework for cryptocurrency tokens pegged to the U.S. dollar, known as stablecoins. About writes Reuters.

The law, called the Genius Act, has been submitted to the President for signature To Donald Trump who, according to the American media, intends to support him.

Blockchain Association CEO and former Commodity Futures Trading Commission official Summer Mercinger described the decision as "a defining moment in the evolution of US policy on digital assets."

If Trump signs the law, issuers of stablecoins will be required to back the tokens with liquid assets, such as US dollars or short-term government bonds, and report on the composition of their reserves on a monthly basis.

The previous version of a similar bill was passed by the House of Representatives last year, but the Senate, under Democratic control, refused to consider it.

The House also passed two other important documents. The first, the Clarity Act, offers a clear definition of which digital assets are securities or commodities.

The second bill would prohibit the launch of a central bank digital currency, which Republicans are actively opposed to, believing that it threatens the privacy of citizens. Both of these documents have yet to be considered by the Senate.

According to the US media, the crypto industry spent more than $119 million to support candidates who advocated pro-cryptocurrency policies.

• In the American state of New Hampshire adopted a law on the establishment of the the first state-owned cryptocurrency reserve in the United States.