On the eve of the August recess in the U.S. Congress, the House first passed the H.Res.580 procedural bill representing the three major cryptocurrency bills, paving the way for the formal agenda of the three major bills. Subsequently, the House also completed the voting on the bills, all of which passed successfully. Although some bipartisan support was gained this time, there are still strong opposing voices within the Democratic Party, warning that these bills may weaken financial regulation and even lay the groundwork for a new wave of financial crises.
A simple understanding of the H.Res.580 procedural bill representing three major cryptocurrency bills.
H.Res. stands for House Resolution, which is the House of Representatives' resolution. H.Res.580 is the procedural bill used by the House to arrange and regulate the voting procedures for certain bills. It is not substantive legislation but determines 'which bills can be discussed, how to discuss them, the order of voting, and the timing arrangements.'
Before these 'three major cryptocurrency bills' can enter formal voting, they must first pass this procedural bill to be included in the agenda.
After the passage of H.Res.580, all three major bills were approved.
On Thursday (7/18) Taiwan time, after the House passed the H.Res.580 procedural bill, the three cryptocurrency bills were voted on one by one, with the following results:
Digital Asset Market Clarity Act (CLARITY Act): 294 votes in favor, 134 votes against: Establishes a market regulatory structure for cryptocurrencies, gaining support from nearly 80 Democratic Congress members.
U.S. Stablecoin Innovation Act (GENIUS Act): 308 votes in favor, 122 votes against: Specifically regulates the issuance and oversight of stablecoins, with more than 100 Democratic Congress members supporting it.
Anti-CBDC Surveillance State Act: 219 votes in favor, 210 votes against: This bill is the most controversial, primarily prohibiting the U.S. central bank from promoting a CBDC, with the lowest support from Democrats.
The Republican Party demanded full support for these three major bills from within the party before voting and dubbed this week 'Crypto Week', aiming to submit a report card before the August congressional recess, echoing President Trump's commitment to accelerate the promotion of cryptocurrency bills.
How is the progress of the bills going? The GENIUS Act could be signed by Trump as early as this Friday.
The following are the upcoming developments for the three major bills:
(GENIUS Act): It has already passed the Senate review in June, and assuming the Senate does not propose amendments, Trump will sign it into effect as early as this Friday.
(CLARITY Act), (Anti-CBDC Act): These will be sent to the Senate for review, during which the contents of the bills may be amended or new provisions added. If the Senate does make amendments, it will have to return to the House for a re-vote on the amended version. If the Senate does not make changes or both versions are consistent, the bills will be sent directly to the White House for President Trump to sign into effect.
Trump had previously stated that the GENIUS Act is the first step in his cryptocurrency policy and must be completed by August.
Almost hit a snag the day before voting, the CBDC ban became the key issue.
In fact, on Wednesday (7/17), the House initially voted on the voting procedures for the three bills, but the vote was stalled for several hours because some Republican Congress members insisted on adding a more explicit CBDC ban to the bills.
Ultimately, the House decided to handle the (Anti-CBDC Act) separately first, then voted on the three bills individually, restoring the normal legislative process.
Democrat Waters criticizes the bills, warning they could trigger the next wave of 'financial tsunamis'.
On the eve of the H.Res.580 procedural bill vote, California Democratic Congresswoman Maxine Waters held a press conference, directly labeling this week as 'Anti-Crypto Corruption Week', urging the entire party to block the passage of these three bills.
Waters warned that these bills would open regulatory loopholes for the cryptocurrency industry, exposing consumers and investors to high risks, and directly pointed out that this kind of deregulation might lead the U.S. to experience another financial crisis like that of 2008, erasing trillions of dollars in wealth.
The industry broadly applauds, but the CBDC ban may be a focal point of partisan controversy.
After the bill passed, industry and cryptocurrency circles almost cheered, believing it to be a significant victory for the industry. Summer Mersinger, former official of the U.S. Commodity Futures Trading Commission (CFTC) and current CEO of the Blockchain Association, stated that the (Anti-CBDC Act) particularly represents the House's support for people's privacy rights, market competition, and personal financial freedom.
However, the Democratic Party's support for this CBDC ban is noticeably lower, and it may continue to be a focal point of partisan controversy in the future.
(Key procedural bill for the three major U.S. cryptocurrency bills passed! The House is about to deliberate, with ongoing internal dissent in the Republican Party)
This article reports that the U.S. House of Representatives' 'Crypto Bill Week' is making full progress! All three major cryptocurrency bills passed successfully, originally appearing in Chain News ABMedia.