Stablecoins , digital tokens pegged to traditional currencies like the US dollar — have become central to the cryptocurrency ecosystem. As their use grows, so does concern from regulators. The recently passed US “Genius Act” aims to bring oversight to the sector,

The House on Thursday passed the CLARITY market structure bill for digital assets, GENIUS stablecoin bill, and an Anti-CBDC bill.

President Donald Trump on Friday signed the GENIUS Act into law, in a major milestone for the crypto industry and the president’s stated goal of reshaping American crypto policy.

Phillips also raised concerns around the structure of the new bill, which creates a dual licensing structure for some stablecoin issuers where they can seek either federal or state supervision. He said that it could create a “race to the bottom” for different jurisdictions seeking to attract crypto companies.