U.S. House Advances Crypto Bills After 10-Hour Vote

The U.S. House of Representatives has made a significant move towards regulating digital assets by advancing two crucial crypto bills, the CLARITY Act and the GENIUS Act. The vote, which lasted nearly 10 hours, ended in a close 217–212 decision, reflecting the intense debate and division surrounding crypto rules in the U.S. A group of Republicans had initially blocked an earlier vote but changed their stance after private talks with President Donald Trump. These lawmakers agreed to support the bills after securing a promise to add strong language to the CLARITY Act to prevent the creation of a government-controlled digital dollar, also known as a Central Bank Digital Currency (CBDC).

The CLARITY Act is designed to bring clear rules to the crypto space by defining which digital assets are considered securities and which are commodities. This distinction is crucial as it determines which government agency, the SEC or the CFTC, will oversee different parts of the crypto market. The bill was introduced by House Agriculture Committee Chairman G.T. Thompson, with support from key lawmakers like Dusty Johnson and Bryan Steil.

The GENIUS Act, led by Tom Emmer, takes a different approach but is equally important. It focuses on increasing innovation in new technologies like blockchain and artificial intelligence, aiming to keep the U.S. ahead in the tech world while creating clear and fair rules for digital assets. The promise to protect personal privacy through the CLARITY Act was enough to move things forward, despite the GENIUS Act itself being unchangeable.

One major concern addressed by these bills is the idea of government-issued digital money, which some fear could lead to government surveillance of personal spending. To address this, Emmer introduced the Anti-CBDC Surveillance Act, which works alongside the CLARITY Act to block the creation of a surveillance-heavy digital dollar. The added anti-CBDC language was a turning point in Wednesday’s vote.

With the rule now passed, the full House will vote on the CLARITY and GENIUS Acts, possibly as early as the next day. Chairman French Hill indicated there is enough support across both parties to pass the bills. If that happens, Trump is expected to sign the GENIUS Act into law before the week ends. This could be a major win for the U.S. crypto industry, providing much-needed clarity, protecting user privacy, and encouraging innovation. As Rep. Bryan Steil said, “After the longest House vote in history… Crypto Week continues on!”

With real progress finally being made, the U.S. might be ready to enter a new chapter in how it handles digital money. The legislative journey for these bills has been marked by unprecedented delays and gridlock. The vote on the rule for the cryptocurrency bills remained open for an extended period, with a tally of 208-221, falling short of the majority vote needed for adoption. This stalemate lasted over ten hours, highlighting the contentious nature of the debate surrounding cryptocurrency regulation. Despite the challenges, House Republicans successfully cleared a key procedural hurdle, allowing the consideration of the trio of cryptocurrency bills to proceed.

The GENIUS Act, which had already passed the Senate in June, is now poised for a final vote in the House. This bill is a crucial component of the crypto industry's legislative agenda, aiming to establish a comprehensive framework for stablecoins. The CLARITY Act, on the other hand, seeks to define Bitcoin as a commodity, providing much-needed regulatory clarity for the digital asset market. The Anti-CBDC Act complements these efforts by addressing concerns over the potential issuance of a central bank digital currency by the Federal Reserve.

The advancement of these bills signifies a pivotal moment in the regulatory landscape of cryptocurrencies. The CLARITY Act, in particular, has the potential to reshape the industry by providing a clear legal framework for digital assets. This clarity is essential for fostering innovation and investment in the sector, as it reduces regulatory uncertainty and encourages market participants to engage more confidently. The GENIUS Act, with its focus on stablecoins, addresses a critical aspect of the crypto ecosystem, ensuring that these digital assets, which are pegged to the value of traditional currencies, operate within a robust regulatory environment.

The Anti-CBDC Act, while not directly related to the CLARITY and GENIUS Acts, is an important piece of legislation that reflects growing concerns over the potential implications of a central bank digital currency. By blocking the Federal Reserve from issuing a CBDC, this act aims to preserve the existing financial system and prevent potential disruptions that could arise from the introduction of a new form of digital currency.

The progress of these bills underscores the evolving nature of cryptocurrency regulation in the United States. As the industry continues to grow and mature, lawmakers are increasingly recognizing the need for comprehensive and clear regulatory frameworks. The advancement of the CLARITY and GENIUS Acts, along with the Anti-CBDC Act, represents a significant step forward in this regard, paving the way for a more stable and predictable regulatory environment for digital assets.