The U.S. House of Representatives has successfully passed the procedural vote for three significant cryptocurrency bills, preparing the way for the GENIUS Act, the Clarity Act, and the Anti-CBDC bill to possibly be voted on the floor this Thursday.
House Resolution 580, which allows for the consideration of numerous bills, was approved with 217-212 votes, more than nine hours after the voting process commenced. This action effectively breathes new life into the bills that were previously defeated.
One such bill is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) bill. It seeks to establish a regulatory framework for stablecoins and was passed in the Senate vote last month. If all goes well, GENIUS could find itself on President Trump’s desk before the week is out.
Other proposals include the Digital Asset Market Clarity Act, which provides a comprehensive approach to forming a regulatory framework for digital assets; and the Anti-CBDC bill, which aims to prevent the Federal Reserve from releasing a central bank digital currency (CBDC) directly to individuals. However, these bills still need to be voted on in the Senate.
Prior attempts to pass H.Res 580 were unsuccessful because some Republicans were concerned that the GENIUS bill could allow the Federal Reserve to issue a CBDC. However, bill leaders have since clarified that this would not be possible.
This issue was seemingly resolved when House Majority Leader Steve Scalise announced that Republicans will attach a CBDC ban to the National Defense Authorization Act (NDAA).
Following the successful vote, Scalise stated that the next House floor vote on these crypto bills will occur on Thursday, according to PunchBowl News.
This week, informally known as “Crypto Week” in Washington, is of great importance to the digital asset sector. The bills in question could potentially redefine the industry’s landscape in the United States and set a crucial precedent for future digital asset regulation.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
