MEXCGENIUS Act Reaches House But Progress Hinges On CLARITY Act Merger
Highlights
- The U.S. Senate has forwarded the GENIUS Act to the House for deliberation.
- Key House members are advocating merging GENIUS Act with the market structure bill.
- Donald Trump wants the House to pass the stablecoin bill without delay.
After overcoming the legislative hurdles in the Senate, the GENIUS Act may face new headwinds in the U.S. House of Representatives. Some House members are backing a pairing of the stablecoin bill with the crypto market structure bill as a prerequisite for smooth passage.
House Receives GENIUS Act Amid Clamour For Merger With CLARITY Act
According to an X post by U.S.-based journalist Eleanor Terrett, the House of Representatives has officially received the GENIUS Act. The House will now deliberate and vote on the Senate’s version of the stablecoin bill.
Last week, the Senate passed the GENIUS Act in a 68-30 vote with massive bipartisan support. In line with extant rules, the stablecoin bill heads to the House for consideration, and if passed without amendment, the bill will proceed to the president for final assent.
However, key House members are pushing to merge the recently received bill with a market structure bill – the CLARITY Act. Terrett disclosed that GOP Majority Whip Tom Emmer is leading the charge to package the GENIUS Act with the CLARITY Act ahead of voting.
The CLARITY Act, also known as a crypto market structure bill, seeks to provide an overarching regulation for the entire crypto industry. Notably, the CLARITY Act has passed markups in the House, but it remains unclear if the merger plan will work. An attempt to merge both bills will delay the passage of the GENIUS Act, requiring the Senate to approve the changes.
“Market structure is essential to any Congressional action on digital assets,” said Emmer. “I expect the GENIUS Act has a path in the HOUSE, so long as it’s accompanied by the CLARITY Act.”
Following the passage of the GENIUS Act by the Senate, U.S. President Trump urged the House to pass the stablecoin bill without modification. Trump wants a clean passage of the GENIUS Act by the House of Representatives, pushing for the bill to reach his desk “ASAP.”
The Senate Banking Subcommittee on Digital Assets has unveiled principles for its version of the CLARITY Act, seeking to improve the House version.
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