Backers of the Genius Act, a potentially landmark bill that could help "stablecoins" go mainstream, say it would greatly speed electronic payments.

Experts say the legislation could unleash a tidal wave of new stablecoins—and fresh complaints about President Trump's crypto entanglements.

The GENIUS Act is likely to be signed into law on Friday and is set to change how stablecoin issuers operate both in the US and overseas.

MARA CEO Fred Thiel discusses the impact of the GENIUS Act on the company, the 'rapidly maturing' crypto industry and U.S. energy policy during and interview on 'Mornings with Maria.'

Congress defines the Genius Act, also known as the Guiding and Establishing National Innovation for US Stablecoins, as providing "regulation of payment stablecoins" making it "unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States."

With Ethereum sitting at the center of the GENIUS Act tailwind, stablecoin dominance, and growing institutional allocations, a push to $4k before Q3 close is increasingly looking like a base case.

In what's now officially the longest vote in the history of the U.S. House of Representatives, lawmakers stalled for over seven hours and 24 minutes Wednesday night over a cryptocurrency rule vote that nearly imploded under GOP infighting.

After clearing a procedural hurdle in the House of Representatives by a 215-211 vote on 16 July, the GENIUS Act now heads to floor debate, having already secured bipartisan Senate