House Votes on Crypto Bills Next Week

The U.S. House of Representatives is poised to vote on two significant pieces of cryptocurrency legislation as early as next week, according to a report from Punchbowl News on June 29. The chamber is set to conduct a single procedural vote on both the GENIUS Act and the CLARITY Act during the week of July 7. Following this procedural vote, each bill will undergo its own full vote on the House floor.

If either of these bills passes, it would represent a substantial advancement in establishing a comprehensive regulatory framework for digital assets in the U.S. This development comes at a time when there is a growing push from U.S. lawmakers to enact clear guidelines for digital assets under a new blockchain-friendly administration.

Senator Cynthia Lummis (R-WY) emphasized the importance of Congress advancing both the GENIUS Act and the CLARITY Act. She noted that the GENIUS Act had already passed the Senate floor earlier this month and expressed hope that the House of Representatives would work collaboratively to move both pieces of legislation forward. Lummis stated, “I’m not saying combine them, but they both need to pass this year.”

Senator Tim Scott (R-SC) also pledged to finalize the crypto market structure legislation by September 30 of this year. During a fireside chat on Capitol Hill, Scott, along with Senator Lummis and the head of the President’s Council of Advisers on Digital Assets of the White House, Bo Hines, reiterated their commitment to completing the market structure legislation by the end of September. Hines confirmed this timeline in a June 26 post, stating, “We are committed to getting market structure done by the end of September. Period.”

This legislative push underscores the increasing recognition of the importance of digital assets and the need for a clear regulatory framework. The passage of these bills would provide much-needed clarity for the cryptocurrency industry, potentially fostering innovation and investment in the sector. The upcoming votes mark a critical juncture in the regulatory landscape for digital assets in the U.S., with lawmakers aiming to establish guidelines that balance innovation with consumer protection.