The stablecoin bill will become law after the House voted in favor of the two cryptocurrency bills, following more than three hours of debate in the chamber. This marks a milestone for the cryptocurrency industry, as it could approve two significant laws in quick succession after years of regulatory uncertainty.
The approval of the GENIUS Act and other bills came just a day after representatives approved a procedural vote in their favor. This was a narrow victory, considering that the procedural vote lasted almost ten hours, the longest in modern history.
However, the approval was much simpler. 294 representatives voted in favor of CLARITY, while 134 voted against. With this latest advancement, the stablecoin bill will now go to the White House for U.S. President Donald Trump to sign it into law. Meanwhile, the CLARITY and Anti-CBDC laws will move to the Senate.
Trump has already scheduled a signing ceremony for the GENIUS Act for tomorrow. The president actively participated in this Cryptocurrency Week, as he previously urged representatives to swiftly pass the bill, and also played a key role in convincing reluctant Republicans when the first procedural vote failed.
He had stated that the stablecoin bill placed the United States ahead of China and Europe. The bill will regulate stablecoin issuers, such as Tether, Circle, and Ripple, and ensure that they maintain accurate reserves of these coins.
