In a massive victory for the crypto industry, the U.S. House has passed the crypto bills, which were up for debate during this Crypto Week. With this development, the GENIUS Act will become the first major legislation for the industry, while the CLARITY and Anti-CBDC Acts could follow shortly.
GENIUS Act To Become Law As Crypto Bills Pass In U.S. House
The stablecoin bill will become law after the House voted in favor of the three crypto bills, following over three hours of debate on the floor. This marks a milestone for the crypto industry, seeing as it could now get two major legislations in quick succession after years of a lack of regulatory clarity.
The passage of the GENIUS Act and other bills came just a day after the representatives passed a procedural vote in favor of them. This was a hard-fought victory considering that the procedural vote lasted for almost ten hours, the longest in modern history.
However, the passage was much more straightforward. 294 representatives voted in favor of the CLARITY, while 134 voted against. The GENIUS Act passed with a higher margin, with 308 voting in favor and 122 voting against the bill. For the Anti-CBDC Act, 219 representatives voted in favor while 210 voted against the bill.
With this latest development, the stablecoin bill will now head to the White House for U.S. President Donald Trump to sign it into law. Meanwhile, the CLARITY and Anti-CBDC Acts will head to the Senate.
Signing Ceremony To Hold Tomorrow
Trump has already scheduled a signing ceremony for the GENIUS Act tomorrow. The president was actively involved in this Crypto Week as he had earlier urged the Representatives to pass the bill quickly, and also played a key role in convincing the GOP holdouts when the first procedural vote failed.
He had declared that the stablecoin bill put the U.S. ahead of China and Europe. The bill will regulate stablecoin issuers, such as Tether, Circle, and Ripple, and ensure that they maintain accurate reserves for these coins.
The CLARITY Act is broader, as it spells out the roles of regulators such as the SEC and CFTC towards the crypto industry. It also introduces rules for crypto firms and outlines what tokens will be classified as securities or commodities. Meanwhile, the Anti-CBDC will ensure that the Federal Reserve doesn’t have the authority to create a Central Bank Digital Currency.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
Boluwatife is also a lawyer, who holds a law degree from the University of Ibadan. He also holds a certification in Digital Marketing.
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