House Votes on Three Major Crypto Bills This Week

Congressional Republicans are gearing up for a pivotal week in digital asset legislation, with three major bills set to be voted on by the House. The GENIUS Act, focusing on stablecoin regulation, is expected to pass swiftly, while the broader CLARITY Act, addressing crypto market structure, faces resistance from House Democrats. The Anti-CBDC Surveillance Act, aiming to ban a central bank digital currency, is also on the agenda but is unlikely to advance in the Senate.

The GENIUS Act, originating from the Senate, is anticipated to be passed without amendments, marking a significant milestone as the first major crypto legislation to clear both chambers of Congress. House Republicans are pushing for bipartisan support to ensure the CLARITY Act's viability in the Senate, where 60 votes are required. However, opposition from House Democrats, including Maxine Waters, is expected due to concerns over governance and potential conflicts tied to Trump-affiliated crypto interests.

Rep. Warren Davidson, a Republican generally supportive of crypto policy, has announced his opposition to the GENIUS Act, criticizing the strategy to separate the bills as "designed to ultimately fail." Despite this, Financial Services Chair French Hill maintains that the bills will protect investors, consumers, and position the U.S. as a leader in financial technology and digital asset innovation.

The House Rules Committee is set to meet to determine the voting schedule, with decisions this week crucial in shaping the future of crypto regulation in the U.S. The outcome will either deliver long-standing industry priorities or stall progress due to political divisions. If passed, these bills could redefine the U.S. regulatory approach to crypto, influencing stablecoin issuance, agency oversight of tokens, and the existence of digital dollars. Existing crypto firms may face streamlined federal compliance obligations, replacing the current patchwork of state-level requirements. Additionally, a U.S. rejection of a CBDC through legislation could create divergence from international monetary authorities exploring central bank digital currencies.