https://www.moneylaundering.com/news/genius-act-lands-on-trumps-desk/

After a series of false starts and eleventh-hour arm-twisting, the Republican-controlled House sent legislation to the White House on Thursday afternoon that establishes a federal regulatory framework for issuing stablecoins backed by U.S. dollars.

By placing them under the Bank Secrecy Act, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which cleared the Senate a month ago and ended up passing the House by a landslide after drawing support from 102 Democrats, obligates issuers to build anti-money laundering programs and respond to requests from law enforcement to freeze assets.

The House also passed the Digital Asset Market Clarity Act, or CLARITY Act, by a vote of 294-134 on Thursday, with 78 Democrats onboard. The bill calls for dividing regulatory and supervisory authority over virtual assets between the Securities and Exchange Commission and Commodity Futures Trading Commission, and now moves to the Senate.

A second cryptocurrency-related bill, the Anti-CBDC Surveillance State Act, also moves to the Senate after passing the House on Thursday with only two Democrats in favor. If enacted, the bill would bar the Federal Reserve from issuing or using a central bank digital currency.