The GENIUS Act has been received by the House of Representatives after passing the Senate, but the path ahead now depends on the US House.
Some lawmakers are pushing to link the passage of this bill with the cryptocurrency market structure bill, making this combination a potential condition for approval.
The act, officially named the Guidance and Establishment of a National Innovation Framework for US Stablecoins (GENIUS Act), was passed by the Senate last week with a bipartisan vote of 68–30.
The focus of the act is to establish a national legal framework for stablecoins to promote financial innovation while protecting consumer rights and maintaining financial stability.
This is one of the largest federal government efforts to regulate stablecoins. The act is seen as a significant turning point in creating transparency and legitimizing the expanding digital asset market. Under the normal legislative process, the act will move to the House of Representatives, where it is expected to be debated and voted on regarding the Senate's bill.
If passed as drafted, the GENIUS Act will be sent directly to the President for signing.
House lawmakers are pushing to merge the two bills, GENIUS and CLARITY.
Debate is currently centered on the CLARITY Act, which builds a comprehensive regulatory framework for the cryptocurrency market, guiding how to classify digital assets (e.g., securities, commodities, or other types) and identifying the federal agency with oversight authority.
While the GENIUS Act targets stablecoins, the CLARITY Act aims to fill the legal gap for the entire cryptocurrency market, including exchanges, tokens, and DeFi projects.
Republican Deputy Majority Leader Tom Emmer supports merging the two bills, arguing that stablecoin regulation should be part of broader market structure reform.
The CLARITY Act has been passed in the House committee, undergoing thorough discussion and refinement. However, it has not yet been brought to the full House for a vote, nor has the Senate considered it.
Combining the two bills will slow the passage process of GENIUS, forcing it back to the Senate for further negotiation.
However, some lawmakers believe that the combined bill would provide the US with a comprehensive legal framework for digital assets, helping to clarify regulatory uncertainty and enhance investor protection.
President Trump calls for swift approval without amendments.
After the Senate passed the GENIUS Act, President Trump urged the House to approve the stablecoin bill without any changes. He hopes for the bill to pass cleanly and quickly so that it reaches his desk 'immediately.'
Trump described the act as 'extraordinary' and 'purely GENIUS,' asserting that it represents the pinnacle of American ingenuity, and the US will lead the world in an unprecedented victory with digital assets. He views stablecoins as a key breakthrough in modern finance and expresses strong support for regulating this type of cryptocurrency.
Source: https://tintucbitcoin.com/genius-act-ket-hop-cung-clarity-act/
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