On Wednesday, Rep. French Hill expressed his belief that the House of Representatives possesses sufficient votes to pass the GENIUS Act, which focuses on stablecoin regulations, alongside other important cryptocurrency-related legislation. This includes a market structure bill and a proposal aimed at restricting the federal government’s ability to create a central bank digital currency. Hill’s remarks came during a CNBC interview, following statements from President Donald Trump, who indicated that there is strong support for the GENIUS Act, which previously stalled before reaching a final vote. If enacted, the GENIUS Act would impose rules requiring stablecoins to be fully backed by U.S. dollars or equivalent liquid assets, insist on annual audits for issuers with a market cap over $50 billion, and provide guidelines for foreign issuers. Hill stated, "I believe that we do have the votes to advance the Senate GENIUS Act." He emphasized that there was also strong bipartisan support for the market structure bill, developed by the House Agriculture and Financial Services committees. Additionally, Hill highlighted a proposal by Whip Tom Emmer from Minnesota, which would prevent the Federal Reserve from establishing a digital currency without direct Congressional approval, asserting confidence that the House can approve all three measures. Touted as "Crypto Week," Congress is expected to deliberate and potentially vote on both the GENIUS Act and the Digital Asset Market Clarity Act, along with a comprehensive market structure bill designed to create a clear regulatory framework for cryptocurrencies. The Clarity Act will outline the regulatory roles of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission regarding digital assets, as well as mandate that digital asset firms disclose financial information to retail investors and segregate funds appropriately.
❓ What is the GENIUS Act?
The GENIUS Act is legislation aimed at regulating stablecoins, ensuring they are fully backed by U.S. dollars and mandating audits for large issuers.
❓ What other legislation is being discussed alongside the GENIUS Act?
Congress is also considering a market structure bill and a proposal to limit the creation of a federal digital currency.