House Passes Three Major Cryptocurrency Bills

The U.S. House of Representatives has passed three significant cryptocurrency bills, marking a pivotal moment in the regulation of digital assets. The GENIUS Act, which focuses on regulating stablecoin issuers, was approved with 308 votes in favor and 122 against. This legislation is now set to be signed into law by President Donald Trump at a ceremony scheduled for 2:30 p.m. EST the following day.

The GENIUS Act, or the Guiding and Establishing National Innovation for US Stablecoins Act, establishes reserve requirements and transparency standards for issuers of stablecoins like Tether and Circle. This legislation is expected to become the first comprehensive law focused specifically on stablecoins, addressing years of calls for regulatory oversight in the crypto sector.

In addition to the GENIUS Act, the House also approved the CLARITY Act with 294 votes in favor and 134 opposed. This bill outlines the roles of the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC) in overseeing digital assets. It introduces clear rules for how tokens are classified and which agencies will regulate specific segments of the crypto market. The bill now moves to the Senate for further consideration.

The Anti-CBDC Act, or bill no. 3, passed by the House narrowly with 219 ayes and 210 noes. This act would prevent the Federal Reserve from issuing a central bank digital currency, indicating concerns by legislators regarding privacy and the monopolization of digital payments by the federal government.

The vote came after a protracted procedural vote that lasted for ten hours. This vote played a fundamental role in paving the way for formal consent. President Trump was reported to have engaged in important persuasion activities to ensure that GOP members voted in favor of the bills following the first vote failure.

The passage of these bills represents a significant milestone in the regulation of digital currencies. The GENIUS Act, in particular, is a key priority for President Trump, who has positioned himself as a crypto-friendly leader. The legislation is expected to increase public trust in stablecoins and grow the industry overall. However, some critics have expressed concerns that the bill does not provide the federal government with the full authority it needs to regulate the industry effectively.

The implementation of the GENIUS Act will take some time, as federal regulators will have six months to come up with specific regulations after Trump signs the law. The House also passed the CLARITY Act, a market structure package that sets the rules for assets overseen by the SEC or commodities regulated by the CFTC. That measure now heads to the Senate.

The signing of the GENIUS Act is a significant win for the crypto industry, which has long called for regulatory clarity. Industry advocates have said that bills like the GENIUS Act will help to make cryptocurrency more mainstream. The new law is expected to accelerate the growth of the stablecoin market and increase the reach and profitability of stablecoins.