US House clears procedural step for key crypto bills, floor vote expected Thursday
Quick Take
- The U.S. House of Representatives has voted to advance a bundle of crypto bills for a floor vote, possibly on Thursday.
- These include the GENIUS Act, a stablecoin regulatory framework that could potentially be signed off by Trump this week.
The U.S. House of Representatives has passed the procedural vote on three major cryptocurrency bills, setting the stage for the GENIUS Act, Clarity Act, and the Anti-CBDC bill to receive a floor vote potentially on Thursday.
At around 11 p.m. on Wednesday, House Resolution 580, providing for the consideration of multiple bills, passed with 217-212 votes over nine hours after voting started. This effectively revives the bills that were defeated the previous day.
One of those bills is called the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) bill, which aims to establish a regulatory framework for stablecoins and passed the Senate vote last month. GENIUS could be slated to head to President Donald Trump's desk before the end of the week.
Other proposals include the Digital Asset Market Clarity Act, which takes a more comprehensive approach to creating a regulatory framework for digital assets, defining regulatory roles for the SEC and the CFTC. Lawmakers are also considering the anti-CBDC bill to block the Federal Reserve from issuing a central bank digital currency directly to individuals. These bills still need to go through voting in the Senate.
H.Res 580 previously failed to advance as a group of Republicans took issue with the GENIUS bill potentially allowing the Federal Reserve to issue a CBDC, which lawmakers leading the bill have clarified against.
The issue was seemingly resolved when House Majority Leader Steve Scalise announced Wednesday that Republicans will instead attach a CBDC ban to the National Defense Authorization Act (NDAA).
Following the successful vote, Scalise said that the next House floor vote on these crypto bills will take place on Thursday, according to PunchBowl News.
This week in Washington, dubbed the "Crypto Week," holds significant importance for the digital asset sector, as these bills would potentially reshape the industry's landscape in the United States and set a fundamental precedent for future digital asset regulation.
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