365Crypto
The US House just passed three major crypto bills ahead of its August break.
Lawmakers approved the CLARITY Act to set rules for crypto markets. They also passed the GENIUS Act to create guidelines for US stablecoins. Finally, they narrowly approved the Anti-CBDC Surveillance State Act. This last bill aims to block the US government from launching a central bank digital currency (CBDC).
The votes weren’t fully divided by party lines. Nearly 80 Democrats supported the CLARITY Act, and over 100 voted for the GENIUS Act. Republicans pushed these bills hard during what they called “Crypto Week.”
Some Republicans caused delays, demanding stronger language against CBDCs. Meanwhile, Democrat Maxine Waters accused Republicans of creating loopholes for fraud and financial risk. Waters called this week “Anti-Crypto Corruption Week.”
Industry leaders praised the votes. Blockchain Association CEO Summer Mersinger said it showed support for privacy and financial freedom.
Trump plans to sign the GENIUS Act by Friday. The other two bills now head to the Senate.
Footnote:
CBDC = Central Bank Digital Currency; a digital form of government-controlled money.
