The Senate passed the Genius Act, which would regulate the red-hot stablecoin sector. From the sheer volume of breathless adulation, and the near-equal amount of fearmongering, you might expect that the bill will sail through the House of Representatives and land on President Trump’s desk by the end of summer.

The Guiding and Establishing National Innovation for U.S. Stablecoins Act for the first time establishes federal guardrails for stablecoin, which are digital assets pegged to the U.S. dollar designed to maintain a stable value that would be under regulatory supervision.