Which country has passed the first major national cryptocurrency law, called the Genius Act, in July 2025?

United States lawmakers passed the first major national cryptocurrency law, called the Genius Act, in July 2025. The bill focuses on regulating stablecoins, a type of cryptocurrency backed by assets like the US dollar. It requires stablecoins to be backed 1-to-1 by US dollars or low-risk assets. The crypto industry welcomed the bill as a way to boost mainstream acceptance and clarify rules.