According to a publication by Eleanor Terrett, an American journalist specializing in cryptocurrencies, the House of Representatives has officially received the GENIUS Act. From now on, the House will deliberate and vote on the Senate version of the stablecoin bill.
Last week, the Senate passed the GENIUS Act with a vote of 68 to 30 and broad bipartisan support. According to current regulations, the stablecoin bill will be presented to the House of Representatives for consideration, and if approved without amendments, it will go to the president for final sanction.
However, key members of the House of Representatives are looking to merge the recently received bill with a market structure bill: the CLARITY Act. Terrett revealed that the Republican majority leader, Tom Emmer, is leading the initiative to integrate the GENIUS Act with the CLARITY Act before the vote.
The CLARITY Act, also known as the cryptocurrency market structure bill, aims to establish comprehensive regulation for the entire cryptocurrency industry. The CLARITY Act has been approved in the House of Representatives, but it is still unclear whether the merger plan will work. An attempt to merge both bills will delay the approval of the GENIUS Act, which will require the Senate to approve the changes.
Following the passage of the GENIUS Act in the Senate, U.S. President Trump urged the House of Representatives to approve the stablecoin bill without modifications. Trump desires a smooth approval of the GENIUS Act in the House of Representatives, pressing for the bill to reach his desk as soon as possible.
Follow me for more analysis and news, give a 👍, that would help me a lot to keep growing.