Stablecoin regulation bill heads to Trump's desk

• The vote was 308-122, with 102 Democrats joining all but 12 Republicans in supporting the bill.

State of play: The effort was the crown jewel of House Republicans' "Crypto Week," which included consideration of two other major digital asset bills.

• But trouble emerged early: A rebellion from right-wing hardliners stalled action for much of the week, culminating in a record-breaking vote to simply take up the GENIUS Act that was held open for nearly 10 hours.
• After huddles in Speaker Mike Johnson's (R-La.) office — and multiple conversations with Trump — members of the House Freedom Caucus switched their votes to "yes," ending the multi-day standoff.

Catch up quick: The Senate passed the GENIUS Act in June by a 68-30 vote after months of sometimes intense negotiations.

• Although the House had drafted its own stablecoin legislation, it ultimately chose to adopt the Senate-passed version.
• Trump had publicly urged lawmakers to get the bill to his desk without delay.

Between the lines: The president's considerable personal investments in cryptocurrency have complicated efforts to garner support for the bill, particularly among Democrats.

What's next: The GENIUS Act is only the first step in broader efforts to regulate the crypto industry.

• David Sacks, the White House's crypto czar, is urging the Senate to pass legislation to establish the first comprehensive set of rules for the cryptocurrency industry by the end of September.
• That bill, known as the CLARITY Act, also passed the House on Thursday but faces a tougher road in the Senate, where bipartisan support is less than certain.