On the eve of the August recess of the U.S. Congress, the House of Representatives took the lead in passing H.Res.580, a procedural bill representing three major encryption bills, paving the way for the three bills to be put on the official agenda. Subsequently, the bills were voted on one after another and all passed successfully. Although this time it received some cross-party support, there are still strong opposition voices within the Democratic Party, warning that these bills may weaken financial supervision and even sow the seeds of a new wave of financial crisis.
A brief understanding of H.Res.580, the procedural bill that represents the three major encryption bills
H.Res. stands for House Resolution. H.Res.580 is a "procedural bill" used by the House of Representatives to arrange and regulate the voting process for certain bills. It is not substantive legislation, but determines "which bills can be discussed, how to discuss them, and the order and time of voting."
Before the "three major encryption bills" can enter the formal vote, they must first pass this procedural bill before the bill can be put on the agenda.
After H.Res.580 was passed, all three bills passed
On Thursday (7/18) Taiwan time, after the House of Representatives passed the H.Res.580 procedural bill, three encryption bills were voted on one by one. The results are as follows:
CLARITY Act: 294 votes in favor, 134 votes against: Establishes a market regulatory structure for cryptocurrencies and received support from nearly 80 Democratic lawmakers.
The United States Stablecoin Innovation Act (GENIUS Act): 308 votes in favor and 122 votes against: specifically regulates the issuance and supervision of stablecoins, and is supported by more than 100 Democratic lawmakers.
Anti-CBDC Surveillance State Act: 219 in favor, 210 against: This bill is the most controversial, mainly prohibiting the US central bank from promoting CBDC, and has the lowest support from the Democratic Party.
Before the vote, the Republican Party asked all members of the party to support these three bills and called this week "Crypto Week". The goal is to submit a report card before the congressional recess in August, echoing US President Trump's promise to accelerate the promotion of crypto bills.
How is the bill going? GENIUS will be signed by Trump as early as this Friday
The following is the next progress of the three bills:
(GENIUS Act): It has already passed the Senate in June. Assuming the Senate does not propose any temporary amendments, Trump will sign it into law as early as this Friday.
(CLARITY Act), (Anti-CBDC Act): will be sent to the Senate for deliberation. During the process, the content of the bill may be modified or new provisions may be added. If the Senate really makes amendments, it must be returned to the House of Representatives for a new vote. Assuming that the Senate does not make any changes or the versions of both parties are consistent, the bill will be sent directly to the White House and signed by President Trump to take effect.
Trump has previously said that the GENIUS Act is the first step in his encryption policy and must be completed before August.
The vote was almost stuck the day before, and the CBDC ban became the key
In fact, on Wednesday (7/17), the House of Representatives originally voted on the voting procedures for the three bills. As a result, some Republican lawmakers insisted on including a more explicit CBDC ban in the bill, which caused the vote to be stuck for several hours.
In the end, the House of Representatives decided to deal with the Anti-CBDC Act separately first, and then vote on the three bills separately to restore the bill process to normal.
Democrat Waters slams bill for fear of causing next "financial tsunami"
On the eve of the vote on H.Res.580, California Democratic Representative Maxine Waters held a press conference and directly called this week "Anti-Crypto Corruption Week", urging the entire party to prevent the three bills from passing.
Waters warned that these bills would open regulatory loopholes for the crypto industry, exposing consumers and investors to high risks. She also pointed out that this deregulation approach might cause the United States to experience another financial tsunami similar to the 2008 financial tsunami, causing trillions of dollars in wealth to evaporate.
The industry generally applauds, but the CBDC ban may become a focus of partisan controversy
After the bill was passed, the industry and the cryptocurrency community almost applauded, believing that this was a major victory for the industry. Summer Mersinger, a former U.S. Commodity Futures Trading Commission (CFTC) official and current CEO of the Blockchain Association, said that the Anti-CBDC Act in particular represents the House of Representatives' support for people's privacy rights, market competition, and personal financial freedom.
However, the Democratic Party’s support for this CBDC ban is significantly lower, and it is likely to remain a focus of partisan controversy in the future.
(The key procedural bills of the three major encryption bills in the United States have been passed! The House of Representatives is about to review it, and there are constant noises within the Republican Party)
This article The U.S. House of Representatives' "Crypto Bill Week" is moving forward across the board! Three major encryption bills and procedural bills all passed the first appeared in Chain News ABMedia.