GENIUS 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.
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Crypto Market Eyes Upside as FTX Set to Repay $1.6B to Customers
- Elon Musk’s X Vows Crackdown on Bribery Network Behind Crypto Scam Accounts
- Flare Unveils First XRP-Backed Stablecoin, Boosting XRP’s Utility
- MLP Bets Big on Climate Change: Favours Play-To-Impact, Over Play-To-Earn
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
