US House Advances Crypto Bills After Record 10-Hour Vote

The US House of Representatives has made a significant stride in regulating the cryptocurrency industry by advancing the CLARITY and GENIUS bills. This development marks the longest voting process recorded in the House’s history, with a nearly ten-hour procedural voting session. The bills are now set for a final vote in the General Assembly, where they are expected to be further negotiated and ultimately presented for presidential approval.

The extended duration of the voting process underscores the complexity of cryptocurrency regulations and the need for thorough evaluations by all involved parties. The consensus reached at the end of the session highlights the determination of lawmakers to move forward with these legal arrangements. The regulations aim to provide clarity on cryptocurrencies, defining the rules that actors in the sector must adhere to, including the definition of cryptocurrencies, sector supervision, and the obligations of sector players.

Experts suggest that these legal steps are intended to create a more predictable and stable environment for the growth of the cryptocurrency ecosystem in the US. By reducing uncertainties, these regulations are expected to contribute to investor protection and align the sector with international standards. Congress members have stated that these regulations are crucial for enhancing the US’s global competitiveness and supporting innovative ventures. The adoption of these laws is seen as a proactive policy move that could bring both clarity and confidence to the sector.

The GENIUS Act, in particular, would mark the first time the US sets federal rules for stablecoins, a significant corner of the crypto market. The CLARITY Act seeks to clarify the taxation of staking, which involves crypto users pledging their digital assets to help validate transactions. This move is expected to modernize the regulatory framework for digital assets and provide much-needed direction in the rapidly evolving crypto industry.

The vote on the rule for the cryptocurrency bills was a record-breaking one, spanning over seven hours. As of 9:30 p.m., the vote remained open at a 208-221 tally, short of the majority vote needed for adoption. However, with the rule adopted, the House can now debate and hold final passage votes on three cryptocurrency bills and a measure to fund the Pentagon for the fiscal year. This procedural hurdle was cleared after a lengthy debate, setting the stage for final votes on the bills.

The advancement of these bills is a significant development in the US's approach to cryptocurrency regulation. The GENIUS Act would provide a comprehensive framework for stablecoins, addressing issues such as consumer protection, market integrity, and financial stability. The CLARITY Act would provide clarity on the taxation of staking, which has been a contentious issue in the crypto community. The passage of these bills would mark a significant step forward in the US's efforts to regulate the cryptocurrency industry and provide a clear path for its future development.