U.S. House Votes to Advance Three Key Crypto Bills

Crypto Week has officially begun in the United States, marking a significant effort to advance digital assets. This multi-day event provides an opportunity for leaders in the U.S. House of Representatives to vote on three critical bills that aim to bolster the entire crypto sector. These bills include the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.

The CLARITY Act seeks to establish clear rules for when an asset is considered a security, determining whether it is overseen by the Securities and Exchange Commission (SEC) or classified as a commodity. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), introduced in February and passed by the Senate on June 17, sets guidelines for entities that may issue stablecoins. It mandates that issuers maintain reserves backing the stablecoin on a one-to-one basis in US dollars or other similarly liquid assets, and extends the Bank Secrecy Act to stablecoin issuers. The Anti-CBDC Surveillance State Act aims to prevent the US Federal Reserve from issuing a central bank digital currency (CBDC).

Industry experts view Crypto Week as a historic moment in U.S. history. Reeve Collins, CEO and pending executive chairman of digital asset management firm ReserveOne, noted that the U.S. is transitioning from uncertainty to clarity in the digital asset space. He emphasized that the bills under consideration would provide clear rules, reducing red tape and encouraging traditional banks and fintechs to participate confidently in the digital asset sector. This, according to Collins, could unlock trillions in value and position the U.S. as a global hub for digital assets.

Denelle Dixon, executive director of the Stellar Development Foundation, highlighted the importance of the GENIUS Act in ensuring access to the global financial system via blockchain technology. She stated that the bill recognizes the evolution of the financial system and the role of stablecoins, creating a federal licensing regime that supports the dollar’s strength and fosters international coordination. Dixon also noted that the passing of the GENIUS Act would protect consumers by ensuring that stablecoins are fully backed and stable, a critical aspect as stablecoins are projected to grow significantly in the coming years.

Currently, the U.S. House of Representatives has voted 215-211 to pass a procedural motion allowing the GENIUS and CLARITY Acts, along with the Anti-CBDC Surveillance State Act, to proceed to final votes. However, some industry experts remain skeptical about the bills' passage this week due to congressional procedures and political challenges. Rebecca Liao, co-founder and CEO of Web3 infrastructure provider Saga, and Margaret Rosenfeld, chief legal officer at Everstake, both expressed hope for significant progress but acknowledged the hurdles ahead.

Despite these challenges, Crypto Week has already built unprecedented momentum. Rosenfeld believes that this week’s events will likely result in the U.S. Senate considering market structure legislation next. Detailed rulemaking discussions are expected in the fall, with a focus on implementation if the stablecoin bill passes. This includes establishing licensing, reserve requirements, and disclosure standards, further solidifying the U.S.'s role in the digital asset landscape.