What to Know About the Three Crypto Regulation Bills in Congress

House Republicans this week took up a trio of bills that would help establish federal rules of the road for cryptocurrency, handing the industry a major win and fulfilling President Trump’s campaign promise to boost digital currencies in the United States.

All three bills would effectively put a government seal of approval on an industry that has long been met with skepticism from Washington, and would help cement cryptocurrency’s transformation from a scandal-ridden technology experiment to a mainstream financial and commercial instrument.

The crypto industry poured well over $100 million into getting pro-crypto politicians elected last year, and has thrown its weight behind the legislation, mounting an intensive lobbying campaign to win bipartisan support for the measures.

Here’s a look at what each would do.

Regulate stablecoins

The so-called Genius Act would establish a regulatory framework for stablecoins, a type of digital currency that is pegged to the value of the U.S. dollar.

Stablecoins are often seen as a sort of bridge between crypto and traditional currency. They are designed to avoid the wild and much-publicized fluctuations in value of some popular cryptocurrencies like Bitcoin.

Proponents of the legislation have argued that the bill would help modernize America’s financial system and break down the barriers between existing financial markets and cryptocurrency. Opponents argue it is overly lax and fails to prevent abuses or protect consumers.