US passes first major national crypto legislation

The US Congress has passed the Genius Act, the country's first major national cryptocurrency legislation, focusing on regulating stablecoins by requiring them to be backed one-for-one with US dollars or other low-risk assets. President Trump, who previously criticized cryptocurrency but has since developed business ties to the industry, is expected to sign the bill into law on Friday after approval from both the House and Senate. While supporters view the legislation as providing necessary clarity for the growing crypto industry, critics argue it introduces financial risks by legitimizing stablecoins without sufficient consumer protections.