House Votes on Three Key Crypto Bills

In the coming days, the House of Representatives is expected to vote on three significant pieces of crypto legislation: the GENIUS Act, the Clarity Act, and the Anti-CBDC Act. These bills aim to establish a regulatory framework for stablecoins, clarify jurisdictional boundaries between the SEC and CFTC, and prohibit the creation of a U.S. central bank digital currency (CBDC), respectively.

The GENIUS Act, which has already passed the Senate, seeks to create a framework for overseeing stablecoins. This legislation has a strong chance of becoming the first crypto-focused bill to be signed into law by the federal government. The Clarity Act, on the other hand, is a more comprehensive piece of legislation that aims to create clear jurisdictional boundaries between the SEC and CFTC in the regulation of digital assets. This bill has been eagerly awaited by the crypto industry, as it would provide much-needed clarity on regulatory oversight. However, it does not yet have a counterpart in the Senate, and its passage before the end of the year is uncertain.

The Anti-CBDC Act, sponsored by House Majority Whip Tom Emmer, seeks to prohibit the U.S. from creating its own CBDC. Emmer has argued that a government-issued CBDC could be used as a surveillance tool to erode the American way of life. This bill also does not have a counterpart in the Senate, and its passage is uncertain. All three pieces of legislation are expected to pass the House with bipartisan support, which would be a significant win for the industry. However, even if the bills are not perfect, they would provide a much-needed framework for regulating digital assets and help crypto companies operate in the U.S.

Katherine Dowling, general counsel at Bitwise, noted that while the bills are not flawless, they would dispel the current regulatory ambiguity and help crypto companies operate in the U.S. She also highlighted that other countries are already moving forward with crypto regulation, while the U.S. is still in the early stages. However, she noted that Washington has changed its attitude towards crypto incredibly quickly since Donald Trump’s re-election and former SEC Chair Gary Gensler’s departure. Dowling emphasized the importance of maintaining momentum and making crypto a part of the presidential agenda.