Bryan Steil, U.S. Representative of Wisconsin's 1st congressional district | Official U.S. House headshot
Bryan Steil, U.S. Representative of Wisconsin's 1st congressional district | Official U.S. House headshot
Today, Congressman Bryan Steil of Wisconsin's 1st District voted in favor of the GENIUS Act, a bill aimed at establishing a framework for the issuance and regulation of payment stablecoins in the United States. The legislation has now been sent to President Trump's desk for approval.
"The golden age of digital assets is here, and the GENIUS Act, along with the CLARITY Act, will help the U.S. win the Web3 race," Steil stated. "This legislation protects consumers, cements the U.S. dollar as the world’s reserve currency, and promotes the next generation of Web3 businesses here in the United States."
The House passed the GENIUS Act with a vote of 308-122, while the CLARITY Act passed with a vote of 294-134. The Senate had previously approved the GENIUS Act by a vote of 68-30.
In February, Congressman Steil and Financial Services Chairman French Hill introduced a discussion draft to establish a framework for dollar-denominated payment stablecoins in the U.S., followed by introducing the STABLE Act in March.
The STABLE Act was cosponsored by several representatives including Hill, Torres, Emmer, Huizenga, Meuser, Kim, Downing, Moore, Gottheimer, Haridopolos, Liccardo, Timmons, Lawler, Nunn, Rose, and Stutzman. On April 2nd this year, it passed through a House Financial Services Committee markup hearing by a vote of 32-17.
President Trump has expressed support for stablecoin legislation and emphasized its importance before Congress's August recess.
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