If passed, the bills could lead to new ways to use the currencies, corporate adoption, and institutional investment.

Congress defines the Genius Act, also known as the Guiding and Establishing National Innovation for US Stablecoins, as providing "regulation of payment stablecoins" making it "unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States."

The US House advances debates on key US crypto legislation, including bills on stablecoins, digital asset oversight, and anti-CBDC measures.

The bills aim to define Bitcoin as a commodity, block a Federal Reserve issued CBDC, and regulate stablecoins while protecting decentralized assets.

The Clarity Act (HR 3633), the legislation that aims to provide guidance on how different digital assets are regulated and which agency has oversight, is

The Genius Act passed in the House by a 308-122 vote after it was passed in the Senate last month with broad bipartisan support. The landmark legislation lays out the rules of the road for the $250 billion market for stablecoin,