MORE: What to know about the GENIUS Act, a crypto regulation bill Stablecoins are cryptocurrency that have their value tied to a stable asset like the U.S. dollar.

The bill, known as the GENIUS Act, is the first major crypto legislation ever passed by Congress. It now heads to President Trump's desk.

The state of New York would look to add a 0.2% tax on crypto sales and transfers under a bill introduced in the state’s ...