Key Crypto Bills to Pass After Delays

After significant upheaval in Washington, pro-crypto legislators from both parties are confident they have the votes to pass crucial legislation. Delays during the GOP’s 'Crypto Week' were due to some conservative lawmakers seeking amendments to anti-central bank digital currency measures. Three key bills are under consideration: the GENIUS Act, which focuses on stablecoins; the Clarity Act, aimed at regulating the crypto market; and a ban on central bank digital currencies (CBDCs). "All three of these are passing, they’re passing," Majority Whip Tom Emmer stated in an interview with The Block. He revealed that the GENIUS Act will be delivered to former President Trump for signature, ensuring it becomes law swiftly. The GENIUS Act will create a regulatory framework for stablecoins and is slated for a vote later today. If approved, it will reach Trump's desk by the end of the week. The Clarity Act aims to establish a comprehensive regulatory framework for digital assets and will also be voted on today, with its fate heading to the Senate if successful. A contentious point remains a bill led by Emmer to prevent the Federal Reserve from issuing CBDCs directly to individuals. The bill's future depends on its inclusion in the wider National Defense Authorization Act (NDAA), a crucial legislation generally deemed essential for passing. Regarding Trump's involvement in the discussions, Emmer noted that Trump communicated with lawmakers on Tuesday to discuss incorporating the CBDC ban into the Clarity Act, despite key House leaders missing that conversation. Emmer argued this could have provided a more complete picture to the President. Democrats have raised concerns about Trump’s crypto dealings, with estimates suggesting he has earned around $620 million from various crypto ventures. Emmer defended Trump, stating all actions taken by the former President and his family in the crypto space are lawful. In a separate interview, Representative Josh Gottheimer emphasized the importance of regulatory oversight as the bills progress. He expressed optimism about securing bipartisan support, highlighting extensive discussions among lawmakers. Despite delays caused by the House Freedom Caucus, Gottheimer remains hopeful for a strong bipartisan vote as they move forward with the legislative process.