Republican House Speaker, Mike Johnson, expressed his eagerness to push forward a procedural vote for the bills on Wednesday. He highlighted the importance of these cryptocurrency bills to the White House, the Senate, and the House, as reported by Politico.

A faction of Republicans sought to modify or consolidate the GENIUS Act, which regulates stablecoins, with two other crypto bills scheduled for a vote this week. These include the Anti-CBDC Surveillance Act, which bans CBDCs, and the CLARITY Act, an extensive crypto market structure bill. Johnson, however, emphasized the need for these bills to be passed sequentially, hinting that the Senate might not approve the bills if bundled together.

The ‘Crypto Week’, a Republican initiative aimed at implementing crypto laws before the Congress’ month-long break in August, is driving the push to pass these bills. Conversely, Democrats have declared an “anti-crypto corruption week” in opposition to the proposed legislation.

Following Tuesday’s vote, Representatives Biggs, Burchett, Green, Luna, and Spartz clarified that while they were not against the crypto bills, they were unwilling to support the GENIUS Act unless it incorporated a specific CBDC ban.

Speaker Johnson is reportedly in talks with the dissenting Republicans to push the legislation forward. However, he admitted that the demand of the ‘no’ voters to merge the three crypto bills into a single package is a point of dispute.

The House is due to reconvene on Wednesday for a morning debate and other legislative activities. Despite the initial failure to pass the legislation, Caitlin Long, founder and CEO of Custodia Bank, reassured that there’s no cause for alarm, citing the GENIUS Act’s initial failure in the Senate as an example.

In conclusion, the GENIUS Act, which initially failed a cloture vote in the Senate due to Democratic opposition, later passed through the Senate with bipartisan support in June.

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Senate Bill 1373 was among the disputed bills. The bill proposed the creation of a strategic reserve fund from confiscated crypto assets. However, Governor Hobbs vetoed it. She stated in her veto letter that she has already endorsed legislation in the current session permitting the state’s interaction with cryptocurrencies without jeopardizing the general fund.

Hobbs pointed out that the “current volatility” of cryptocurrency markets does not make them a suitable fit for general fund dollars. Aside from the vetoed bills, the Governor recently signed House Bill 2749 into law, which sets up a reserve fund for unclaimed digital assets that can be accessed for future use with legislative approval.

SB 1024 was another vetoed bill. The bill proposed to allow state agencies to accept cryptocurrency as a form of payment for fines or civil penalties. Governor Hobbs rejected this bill as well, citing the “high risk” associated with tying state agencies to digital currencies. This concern was recognized by lawmakers from both political spectrums.

Earlier this month, Hobbs vetoed SB 1025, which would have permitted the state’s treasurer and retirement systems to invest up to 10% of their funds in digital assets. On the other hand, Hobbs approved HB 2387, which imposes strict risk-disclosure requirements for crypto kiosk operators.

HB 2387 mandates that crypto kiosks provide clear warnings about consumer fraud, obtain customer acknowledgment of risks, and provide detailed transaction receipts. It also sets a daily transaction limit of $2,000 for new customers and requires 24-7 live customer service. This is aimed at preventing scams, especially those targeting the elderly.

Disclaimer: The Block is an independent media outlet providing news, research, and data. Foresight Ventures, a majority investor of The Block as of November 2023, also invests in other crypto-related companies. 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 for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.

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