Cryptocurrencies score another victory! - US House of Representatives passes bill. Cuts $9 billion in spending
The US House of Representatives has passed a bill to create a regulatory framework for cryptocurrency tokens pegged to the US dollar, known as stablecoins, sending the document to President Donald Trump, who is expected to sign it into law.
The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and invested in last year's election campaign to promote pro-cryptocurrency candidates. House lawmakers also passed a bill developing a regulatory framework for cryptocurrencies, which is expected to move to the Senate for consideration.
The stablecoin bill, called the Genius Act, received bipartisan support, with many Democrats joining Republicans in supporting the proposed federal regulations. The vote on the market structure bill, known as the Clarity Act, was also notably bipartisan.
Stablecoins, a type of cryptocurrency designed to store a constant value, usually a 1:1 peg to the dollar, are commonly used by cryptocurrency traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they can be used to send payments instantly.
If signed into law by Trump, the stablecoin law would require tokens to be backed by liquid assets — such as U.S. dollars and short-term Treasury bills — and for issuers to publicly disclose the composition of their reserves on a monthly basis.
Also, the Republican-controlled House of Representatives voted 216-213 to give final approval to a bill that cuts $9 billion in spending.
The law cuts $1.1 billion from the Corporation for Public Broadcasting, as well as another $8 billion from foreign aid, including the U.S. Agency for International Development and programs to promote global health and aid to refugees.
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