US House Advances Key Crypto Bills: Vote Thursday

The U.S. House of Representatives has successfully passed a procedural vote on three crucial cryptocurrency bills, paving the way for the GENIUS Act, Clarity Act, and the Anti-CBDC bill to potentially be voted on this Thursday. Late Wednesday evening, House Resolution 580, which facilitates the consideration of these bills, was approved with a narrow vote of 217-212 after nine hours of deliberation. This vote effectively revives legislation that had previously been defeated. Among the key proposals is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) bill, which aims to create a regulatory framework for stablecoins and has already passed the Senate. GENIUS could reach President Donald Trump's desk this week. Additionally, lawmakers are considering the Digital Asset Market Clarity Act, which proposes a comprehensive regulatory structure for digital assets, delineating the roles of the SEC and the CFTC. A bill to prevent the Federal Reserve from directly issuing a central bank digital currency (CBDC) to individuals is also under discussion. These measures still await a Senate vote. H.Res 580 had initially struggled to get through due to concerns among Republicans regarding the GENIUS bill's implications for CBDC issuance, a point the bill’s proponents have since clarified. The matter appears to have been addressed when House Majority Leader Steve Scalise announced that Republicans would attach a CBDC ban to the National Defense Authorization Act (NDAA). Following this crucial vote, Scalise indicated that the next floor vote on these cryptocurrency bills is set for Thursday, as reported by PunchBowl News. The ongoing legislative discussions in Washington, termed "Crypto Week," hold significant implications for the digital asset sector, with these bills poised to reshape the regulatory landscape for cryptocurrencies in the U.S. and establish important precedents for future regulations.