Yesterday, the House of Representatives stalled several cryptocurrency bills in a key procedural vote, causing the House to move to recess and regroup on the legislation.
Three crypto bills are in the queue for approval in the House: the CLARITY Act (HR 3633), the GENIUS Act (S 1582), and the Anti-CBDC Surveillance State Act (HR 1919).
The CLARITY Act aims to resolve regulatory oversight of the various types of digital assets, creating guidance for when a digital asset is a security, commodity or something else. The GENIUS Act provides rules for “payment stablecoins.” The Anti CBDC bill bans the Federal Reserve from issuing a retial central bank digital currency. This is due to overwhelming privacy concerns.
Last night, on Truth Social, President Trump announced that recalcitrant members were now in line to support the crypto legislation.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule. Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the Vote as early as possible. I want to thank the Congressmen/women for their quick and positive response. MAKE AMERICA GREAT AGAIN!”
The GENIUS Act, which has already been approved by the Senate, could become law quite soon once it is approved in the House. The CLARITY Act and Anti-CBDC legislation still need to go through the process in the Senate. This could take some time.
As for the Genius Act, current expectations are for it to move forward today in the afternoon.
In response to the news, shares in crypto firms regained their footing after yesterday’s temporary retreat.
