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XRP Army Rejoices As Ripple CEO States the Importance of Passing GENIUS Act Into Law
A new chapter in the evolution of U.S. financial regulation is being written, and the XRP Army is celebrating. On July 17, the U.S. House of Representatives passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) with overwhelming bipartisan support (308–122). The bill had already cleared the Senate in June and now awaits President Donald Trump’s signature. Once signed, it will become the most consequential piece of financial legislation since the Dodd-Frank Act of 2010.
Ripple CEO Brad Garlinghouse hailed the moment as historic, stating on X: “The last major financial regulation bill was passed 15 years ago in response to the 2008 financial crisis. Tomorrow, the signing of the GENIUS Act cements the US’s future as a leader in truly innovative financial technology – stablecoins. This moment is a historic one, and I am looking forward to all that is to come as a result of this transformative legislation.”
The GENIUS Act establishes a clear, national regulatory framework for U.S. dollar-backed stablecoins. Under the law, only licensed entities, such as banks, credit unions, and qualified fintech firms, can issue these payment stablecoins. Issuers must maintain full one-to-one reserves, provide monthly third-party audits, and operate under the supervision of federal or state regulators. Significantly, algorithmic stablecoins and those not pegged to the dollar are excluded from this legal category.
Consumer protections are also strengthened: holders have a first claim on reserves in the event of insolvency, and issuers are prohibited from offering interest on their coins. However, third-party platforms may still do so.
This development caps off what many are calling “Crypto Week” on Capitol Hill. Alongside the GENIUS Act, the House also passed two other major crypto bills: the Clarity for Digital Tokens Act, which aims to resolve regulatory uncertainty between the SEC and CFTC, and the Anti-CBDC Surveillance State Act, which seeks to block the issuance of a Federal Reserve-backed digital currency.
While those two bills still require Senate approval, the GENIUS Act is now ready to be signed into law.
Source: timestabloid.com
