According to breaking news, the cryptocurrency bills have overcome procedural hurdles in the House of Representatives.
After procedural setbacks earlier this week, the U.S. House of Representatives resumed its efforts to move forward with historic legislation on cryptocurrency regulation. In today’s vote, members of the House voted 215 to 211 in favor of the "National Innovation and Stablecoin Establishment Act" (H.R. 4530), which would create a framework for regulating stablecoins in the United States.
The "GENIUS" bill aims to establish a legal and regulatory foundation for stablecoins. It is expected to reach President Donald Trump's desk this week. The House also voted on the "Digital Asset Market Clarity" (Clarity) bill, which covers the cryptocurrency market as a whole. The "Clarity" bill aims to provide a legal framework that clarifies the distribution of powers between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in regulating crypto assets.
However, another bill is being put to a vote that prevents the Federal Reserve from issuing central bank digital currencies (CBDC) directly to individuals.
No Democrat in the House voted "yes" on these two bills. At a press conference held this morning, Democrats strongly responded to the bills. Maxine Waters, the leading Democratic member of the House Financial Services Committee, described the "Clarity" and "Genius" bills as "two of the most dangerous pieces of legislation," stating:
"These two bills are a wrapped gift for Trump to continue his scam on cryptocurrencies at full speed."
