It has been a long time coming, but Congress finally stepped up to make cryptocurrency more accessible to everyday Americans. While crypto usage has become more common for American families, the industry has largely remained dominated by Wall Street insiders, rather than open for growth on Main Street.
Fortunately, last week, Congress took action and passed several important cryptocurrency bills. One piece of legislation in particular, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), which was passed by the Senate on June 17, was initially stalled in the House, not because members oppose crypto, but because of political maneuvering.
Washington has become so consumed with political games and credit-taking, they refuse to see the forest through the trees. Meanwhile, as Congress argues about who gets credit, America is falling behind global competitors in financial innovation. The GENIUS Act brings real rules to dollar back stablecoins. It protects consumers and opens crypto markets to more Americans than ever before. It keeps crypto innovation here, in the United States.
The GENIUS Act, signed into law by President Donald Trump, sets new federal standards for stablecoins, digital tokens backed one to one by US dollars or treasuries. Here’s how this groundbreaking law works:
First, only qualified issuers, not just any random company, can create stablecoins. Second, they have to be fully backed by U.S. dollars or other short term treasuries, with reserves verified by monthly disclosures and annual audits. Third, there's clear oversight, making sure everyone has to follow anti-money laundering and consumer protection rules.
Why does this all matter for Main Street? For the first time, we have a clear federal playbook for using stablecoins as actual payment tools. That means businesses and developers can finally build and use stablecoins with confidence. The stablecoin market is already valued at over $250 billion and JP Morgan predicts it could double in three years. Others say it could triple. The impact is huge. Stablecoins allow individuals and businesses to transfer money instantly, 24/7, without exorbitant fees, effectively cutting out the middleman. They also generate new demand for hundreds of billions of dollars in short term US Treasuries, strengthening our national economy.
More importantly, these bills are about providing Americans with reliable digital dollars and a future where the United States leads in financial innovation. As our economy continues to digitize, everyday Americans — not just tech giants or foreign competitors — must benefit from advances in how we use, store, and transfer money.
American families are always striving to build a brighter future, seeking ways to create generational wealth and secure opportunities for their children. That is our American Dream. The legislation that Congress passed and President Trump signed into law will open investment in digital currency for millions of Americans who previously lacked access. There is still more work to be done to make the digital economy open to all, but these bills represent a huge leap forward to creating a new path to financial freedom for every American.
Ultimately, this is about your economic future: your paycheck, your savings, and your privacy. Whether you're a small business owner, a fintech developer, or a family looking for a way to diversify your portfolio, it’s critical to have a stake in ensuring that America leads the digital age with freedom, innovation, and trust.
Andrew Gordon is a CPA, cryptocurrency lawyer, and the founder of Main Street Crypto PAC, a federal political action committee advocating for fair, transparent, and inclusive crypto policy that supports small business owners, middle-class investors, builders, and innovators across the country.