The U.S. House of Representatives passed the "Clarity for Payment Stablecoins Act" on Thursday by a 308-122 vote, advancing landmark crypto legislation that had previously cleared the Senate 60-30 last month.

The bill establishes a federal regulatory framework for dollar-pegged digital assets, requiring issuers to:

• Maintain 1:1 reserves in U.S. dollars or equivalent liquid assets

• Submit to either federal or state-level oversight (with state jurisdiction limited to issuers under $10B)

• Publish monthly reserve reports and redemption policies

• Comply with Bank Secrecy Act anti-money laundering rules

Foreign stablecoin issuers may operate in U.S. markets through digital asset service providers, subject to Treasury Department approval of equivalent foreign regulations.

Trump's Crypto Agenda
The vote comes as President Trump intensifies efforts to position America as the global crypto capital:

• Signed executive order last week creating a national Bitcoin reserve

• Hosted unprecedented White House crypto summit, vowing to make the U.S. "the Bitcoin superpower"

• Urged Congress to provide "regulatory certainty" for dollar-backed digital assets

• Established digital asset working group earlier this year to advance financial innovation

"This historic legislation delivers on my promise to make America the cryptocurrency capital of planet Earth," Trump stated at the summit, expressing hope to sign the bill into law this summer.

Market Context
The bipartisan move reflects growing recognition of stablecoins' $160B market importance, with daily transaction volumes now exceeding Visa's network. Analysts note the bill could accelerate institutional crypto adoption while mitigating risks like the 2022 TerraUSD collapse.