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

The House of Representatives passed the GENIUS Act, which deals with stablecoin regulation, in a 308-122 vote on July 17.

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."

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

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.

The crypto industry has scored a historic win this week after the stablecoin bill was cleared by the U.S. House and set for President Donald Trump’s final approval into law. House lawmakers voted 308-122 to adopt the GENIUS Act.

The stablecoin regulation bill looked dead in the water on Tuesday, but Trump now indicates progress. Adjacent stocks like Circle are reacting.