The U.S. House of Representatives overcomes procedural hurdles, cryptocurrency legislation back on track
The Republican-controlled U.S. House of Representatives voted to submit the cryptocurrency regulation bill for a full vote, clearing a key procedural hurdle after more than nine hours of negotiations to garner support from opponents. The first bill, named the "GENIUS Act," aims to establish a regulatory framework for stablecoins. This bill has already passed in the Senate, and if approved by the House, it will be sent to President Trump for signing into law. The second bill, named the "CLARITY Act," was introduced by the House and seeks to define cryptocurrencies as digital commodities. The U.S. Commodity Futures Trading Commission (CFTC) will play a central role in cryptocurrency regulation while retaining some authority for the U.S. Securities and Exchange Commission (SEC). The third bill, named the "Anti-CBDC Surveillance State Act," will prohibit the Federal Reserve from issuing central bank digital currency (CBDC). It should be noted that Federal Reserve officials have previously stated that they are not currently considering issuing a CBDC. To gain support from some Republican opponents, the third bill will be included as part of a compromise in the "National Defense Authorization Act." The House is expected to hold a final vote on the "GENIUS Act" this Thursday, while the vote on the "CLARITY Act" may be postponed until next week
According to Zhitong Finance APP, the Republican-controlled U.S. House of Representatives voted to submit the cryptocurrency regulatory bill for a full vote, clearing a key procedural hurdle after more than nine hours of negotiations to gain the support of opponents.
The first bill is called the "GENIUS Act," which aims to establish a regulatory framework for stablecoins. This bill has previously passed in the Senate, and if approved by the House, it will be sent to President Trump for signing into law.
The second bill is called the "CLARITY Act," proposed by the House, which intends to define cryptocurrencies as digital commodities. The U.S. Commodity Futures Trading Commission (CFTC) will play a central role in cryptocurrency regulation while retaining some authority for the U.S. Securities and Exchange Commission (SEC).
The third bill is called the "Anti-CBDC Surveillance State Act," which will prohibit the Federal Reserve from issuing Central Bank Digital Currency (CBDC). It should be noted that Federal Reserve officials have previously stated that they are not currently considering issuing a CBDC.
To gain the support of some Republican opponents, the third bill will be included as part of a compromise in the "National Defense Authorization Act."
The House is expected to hold a final vote on the "GENIUS Act" this Thursday, while the vote on the "CLARITY Act" may be postponed until next week
