Trump’s direct talks with Republican holdouts secured critical backing for the GENIUS Act’s passage through the House.
The GENIUS Act proposes the first federal framework for regulating dollar-backed stablecoins in the United States.
Lawmakers are expected to vote separately on the GENIUS Act, CLARITY Act, and Anti-CBDC bill before mid-July.
House Financial Services Committee Chair French Hill confirmed that three key cryptocurrency bills now have enough bipartisan support to proceed. The GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act are expected to return to the House floor for a procedural vote after a failed attempt earlier in the month.
On July 15, former President Donald Trump met with 11 Republican lawmakers who had previously opposed the GENIUS Act. Following the meeting, those representatives reversed their stance, offering their support for the legislation.
GENIUS Act Sets Stablecoin Oversight Framework
The GENIUS Act, already passed by the Senate as S.1582, outlines federal rules for issuing and redeeming dollar-backed stablecoins. It aims to create a clear regulatory structure for stablecoins under U.S. law, potentially marking the first such federal standard.
The CLARITY Act (H.R. 3633) defines the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission in overseeing crypto markets. Alongside it, the Anti-CBDC Surveillance State Act (H.R. 1919) seeks to block the Federal Reserve from developing or launching a central bank digital currency.
Earlier Objections Tied to CBDC Concerns
An initial vote on the GENIUS Act failed when some Republicans raised concerns that language in the bill could indirectly allow a central bank digital currency. After revisions and Trump’s intervention, many of those concerns have been addressed, according to Hill.
Although the final voting date remains unconfirmed, sources close to the process suggest the House could take action before July 17. All three bills will be reviewed and voted on separately.
Bitcoin rose nearly 1% to $119,000 on July 16. Ethereum gained 4%, while Solana posted a 3.27% increase. The market reacted positively to renewed movement on Capitol Hill during what observers are calling "Crypto Week."
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