House Passes Three Major Crypto Bills in Bipartisan Votes

The U.S. House of Representatives passed three significant cryptocurrency bills on Thursday, marking a substantial regulatory overhaul for the industry. The bills, known as the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, were approved after months of intense lobbying and internal debates among Democrats regarding the approach to crypto regulation ahead of 2025.

The GENIUS Act, which had already been cleared by the Senate, received a final vote of 308-122 in the House. This bill establishes rules for stablecoins and is now on its way to President Donald Trump's desk. Over 100 Democrats, including Minority Leader Hakeem Jeffries, supported the bill, aligning with most Republicans in a rare display of bipartisan agreement. The goal is to treat cryptocurrencies more like traditional money, providing companies with the regulatory clarity they have long sought.

Following the GENIUS Act, the House passed the CLARITY Act with a 294-134 vote. This bill is more comprehensive, outlining how crypto firms should register, disclose information, and adhere to financial regulations across various agencies. Seventy-eight Democrats joined Republicans in backing the legislation. Nancy Pelosi and Pete Aguilar voted in favor, but Jeffries did not, despite having supported the GENIUS Act just minutes earlier.

There was significant pushback from some Democrats. Maxine Waters, the top Democrat on the House Financial Services Committee, warned that the bills could trigger financial instability and provide President Trump with opportunities to exploit gaps in the system. She expressed concerns that the crypto-friendly rules could "enable corruption" and questioned whether the legislation was designed to protect the economy.

The Anti-CBDC Surveillance State Act was also passed. This bill prevents the Federal Reserve from creating or piloting any form of central bank digital currency (CBDC) without congressional approval. Most Republicans supported the bill, citing concerns about programmable money that could allow the government to track or control individual transactions.

Tom Emmer, the Minnesota Republican who introduced the bill, added strict rules to ensure no loopholes exist. The legislation prohibits the Federal Reserve from offering products or services directly to individuals, maintaining accounts on behalf of individuals, or using any renamed version of a CBDC. It also blocks the Fed from using a CBDC to carry out monetary policy, effectively banning any CBDC-related activities.

Crypto advocate David Sacks praised the House's votes, calling them "massive wins for crypto." The numbers confirmed a landslide victory in crypto circles. Senator Billy Hagerty, who originally introduced the GENIUS Act, stated that the law would modernize America's payment systems, boost demand for U.S. Treasuries, and help establish the country as the "crypto capital of the world."

Paul Atkins, the pro-crypto SEC chair, supported the GENIUS Act, stating that it provides "clear rules of the road" for the industry. He noted that the law would reduce transaction costs, increase speed, and lower risk while maintaining essential protections. Atkins also highlighted that this marks a turning point for the U.S. to become a global leader in blockchain technology, not just traditional finance.

Meanwhile, the White House confirmed that President Trump is dealing with a chronic vein condition, which could potentially impact the implementation of these crypto bills. If his condition worsens, any or all of the crypto bills could be reversed, similar to how Trump reversed many of Joe Biden’s past policies when he took office.

Not everyone is convinced that these new laws are safe. Elizabeth Warren, a long-time critic of the crypto industry, reiterated her concerns that the bills could destabilize the economy if not backed by robust oversight. She called the current versions "very weak regulation" and expressed worries about the lack of safeguards for consumer protection and the potential for crypto to disrupt the entire economy.