During a late-night session of the House of Representatives, HR 580 was approved by a majority of its members, thus allowing key crypto legislation to advance towards a floor vote.
HR 580 is a procedural resolution that multiple Republicans were blocking. A vote earlier in the day failed, with a second vote taking place around 11 PM, in which the Ayes won 217 to 212. All Democrats voted against the resolution (with one not voting), and just one Republican voted against the measure (with two not voting).
HR 580 provided for the consideration of multiple bills, including the CLARITY Act, the GENIUS Act, and anti-CBDC legislation. The GENIUS Act provides clarity in the issuance of payment stablecoins. The CLARITY Act is a broader measure that aims to guide the regulation of various digital assets.
Representative French Hill, Chairman of the House Committee on Financial Services, issued a statement following the vote that broke the impasse.
“Congratulations to President Trump, Speaker Mike Johnson, Majority Leader Steve Scalise, and Majority Whip Tom Emmer for your engagement and hard work over the last few days to craft a strategy whereby President Trump’s digital asset agenda moves through the House and opens the door to a golden age of digital assets,” said Hill. “I’m excited President Trump will soon sign Senator Bill Hagerty’s GENIUS Act into law establishing a federally regulated, U.S.-dollar-backed stablecoin.”
Hill added that he was looking forward to voting on the CLARITY Act, the digital asset market structure framework, as well as the Anti-CBDC bill. Both of these bills will need to receive approval in the US Senate before they reach the President’s desk. The GENIUS Act has already been approved in the Senate.