Summary
The cryptocurrency community welcomed this update and hopes that the (CLARITY Act) can also be sent to Trump's desk.
Summary The cryptocurrency community welcomed this update and hopes that the (CLARITY Act) can also be sent to Trump's desk. Coin Circle reports: Key points
The U.S. House of Representatives passed the Stablecoin Bill (GENIUS Act) and submitted it to then-President Donald Trump for final approval. SEC Chairman Paul Atkins stated that the bill aims to 'stimulate innovation' through clear rules.
This week, after receiving approval from the U.S. House of Representatives, the Stablecoin Bill is awaiting President Donald Trump's final signature to take effect. This development is seen as a significant victory for the cryptocurrency industry.
The House passed the GENIUS Act with a vote of 308-122, marking a historic step for cryptocurrency legislation.
Over 100 Democrats joined Republicans in supporting the bill, which aims to legalize regulated payment stablecoins and integrate them into the broader financial system.
However, this process has not been smooth sailing for the Republicans.
Successful 'Cryptocurrency Week'
Earlier this month, the Republicans designated the week of July 15 as 'Cryptocurrency Week' to push key crypto legislation, including the Market Structure Bill and the CLARITY Act.
However, these efforts faced dual resistance. On one hand, from California Congresswoman Maxine Waters leading a civil
Major party factions launched an 'Anti-Cryptocurrency Corruption Week' opposition campaign. They hope to add a presidential ethics clause to the bill, criticizing the Trump family's involvement in cryptocurrency.
The 'corruption' trades in the sector.
On the other hand, some House members expressed concerns about the potential inclusion of CBDC (Central Bank Digital Currency) in the future, leading to procedural delays.
This temporarily hindered the House's debate and vote on the related bill, but after Trump's intervention, it paved the way for Thursday's vote.
Ultimately, Democratic leaders such as Minority Leader Hakeem Jeffries and former House Speaker Nancy Pelosi joined Republicans in passing the bill.
Market reaction
This will be the first cryptocurrency legislation in the U.S. officially becoming law, which the industry welcomes warmly.
Ripple founder Brad Garlinghouse called it a 'significant financial bill' since the 2008 financial crisis, adding that
'This is a historic moment, and I personally look forward to all the outcomes that this transformative legislation will bring.'
Ripple's legal chief Stuart Alderoty stated that the passage of the Stablecoin Bill will 'promote innovation and protect consumers,' adding that this is exactly what Americans have been asking for.
Coinbase founder Brian Armstrong also praised the update as 'an important day for Washington cryptocurrency.' However, he emphasized that 'the work is not done' until the (Clarity Act) reaches Trump's desk.
SEC Chairman Paul Atkins also expressed support for the bill, stating,
'This is an important step in stimulating innovation by providing clear rules for the cryptocurrency industry.' #Trump Pressures Powell #以太坊连续两日领涨 $BTC
