House Passes Three Major Cryptocurrency Bills Amid Growing Political Momentum

The US House of Representatives has passed three significant cryptocurrency bills before the August recess, marking a pivotal moment in the regulatory landscape of digital assets. The bills, which include the Digital Asset Market Clarity (CLARITY) Act, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, and the Anti-CBDC Surveillance State Act, were approved after delays caused by Republican debates over central bank digital currencies (CBDCs).

The CLARITY Act, which aims to provide regulatory clarity for digital assets, was passed with a vote of 294-134. The GENIUS Act, focused on establishing a regulatory framework for stablecoins, received a vote of 308-122. The Anti-CBDC Surveillance State Act, which seeks to prevent the Federal Reserve from issuing a CBDC, passed by a narrower margin of 219-210. The bipartisan support for the first two bills indicates growing political momentum behind establishing clearer crypto market rules.

President Donald Trump is expected to sign the GENIUS Act by Friday, assuming it remains unchanged after passing the Senate in June. The CLARITY and Anti-CBDC bills will proceed to the Senate for further consideration, where they could be amended before returning to the House or reaching the president’s desk. This legislative package was part of the Republicans' self-declared “crypto week,” although the process was delayed on Wednesday as some Republicans demanded a clearer stance against the development of a US CBDC.

Industry stakeholders mostly welcomed the House’s approval of the bills. Summer Mersinger, former commissioner of the Commodity Futures Trading Commission (CFTC) and current CEO of the Blockchain Association, praised the Anti-CBDC measure as a defense of individual financial freedom and market competition. However, Representative Maxine Waters of California condemned the bills, warning that the proposed legislation could weaken federal financial safeguards and open the door to systemic risks similar to the 2008 financial crisis.

In addition to these legislative developments, President Trump is reportedly preparing to sign an executive order that could open the door for American 401(k) retirement plans to invest in alternative assets beyond traditional stocks and bonds, including cryptocurrencies. This initiative could cause a significant shift in the investment options available to American workers saving for retirement. The executive order may be signed as early as this week and would direct regulatory agencies in Washington to explore how 401(k) plans could incorporate digital assets, metals, and funds related to infrastructure projects, corporate acquisitions, and private lending.

This potential move follows the US Labor Department’s May decision to rescind restrictions imposed during the Biden administration that limited the inclusion of cryptocurrencies in 401(k) plans. The regulatory rollback may also pave the way for more institutional involvement in digital assets. Meanwhile, private firms have already started moving in this direction. In April, financial services giant Fidelity, which manages $5.9 trillion in assets, launched a new crypto-enabled retirement account for American investors.

At the state level, North Carolina lawmakers introduced legislation in March that would allow up to 5% of various public retirement funds to be allocated to cryptocurrencies like Bitcoin. Internationally, pension funds in the United Kingdom and Japan also explored crypto allocations. If enacted, Trump’s executive order could be a historic development in the intersection of digital assets and retirement savings.

In another significant move, President Trump has nominated Eric Tung, a corporate lawyer with extensive ties to the crypto industry, to serve as a judge on the Ninth Circuit Court of Appeals. Tung is currently a partner at law firm Jones Day and has represented high-profile crypto clients like the Blockchain Association in its legal challenge against the US Treasury Department over sanctions on Tornado Cash. He also served as counsel in a case against BitMEX’s parent company and defended stablecoin issuers by arguing that some sales do not constitute securities offerings.

Tung’s potential appointment has drawn attention due to his deep ties to the digital asset industry. If confirmed, he will preside over appeals from nine western states, including California, a hub for tech and crypto companies. Watchdog group Accountable.US criticized the nomination, warning that Tung’s record suggests he may support deregulating the crypto sector as part of the Trump administration’s pro-crypto agenda. The group specifically mentioned his history of challenging regulatory oversight of smart contracts and stablecoins.