Breaking: U.S. House Passes Landmark Crypto Bills CLARITY and GENIUS Acts
Highlights
- 308 representatives voted in favor of the stablecoin bill while 102 voted against.
- The GENIUS Act will head to Trump's desk for him to sign it into law.
- 294 representatives voted in favor of the CLARITY Act while 134 voted against.
- The CLARITY and Anti-CBDC Acts are heading to the Senate for a similar debate.
In a massive victory for the crypto industry, the U.S. House has passed the crypto bills, which were up for debate during this Crypto Week. With this development, the GENIUS Act will become the first major legislation for the industry, while the CLARITY and Anti-CBDC Acts could follow shortly.
GENIUS Act To Become Law As Crypto Bills Pass In U.S. House
The stablecoin bill will become law after the House voted in favor of the three crypto bills, following over three hours of debate on the floor. This marks a milestone for the crypto industry, seeing as it could now get two major legislations in quick succession after years of a lack of regulatory clarity.
The passage of the GENIUS Act and other bills came just a day after the representatives passed a procedural vote in favor of them. This was a hard-fought victory considering that the procedural vote lasted for almost ten hours, the longest in modern history.
However, the passage was much more straightforward. 294 representatives voted in favor of the CLARITY, while 134 voted against. The GENIUS Act passed with a higher margin, with 308 voting in favor and 122 voting against the bill. For the Anti-CBDC Act, 219 representatives voted in favor while 210 voted against the bill.
With this latest development, the stablecoin bill will now head to the White House for U.S. President Donald Trump to sign it into law. Meanwhile, the CLARITY and Anti-CBDC Acts will head to the Senate.
Signing Ceremony To Hold Tomorrow
Trump has already scheduled a signing ceremony for the GENIUS Act tomorrow at 2:30 p.m. EST. The president was actively involved in this Crypto Week as he had earlier urged the Representatives to pass the bill quickly, and also played a key role in convincing the GOP holdouts when the first procedural vote failed.
He had declared that the stablecoin bill put the U.S. ahead of China and Europe. The bill will regulate stablecoin issuers, such as Tether, Circle, and Ripple, and ensure that they maintain accurate reserves for these coins.
The CLARITY Act is broader, as it spells out the roles of regulators such as the SEC and CFTC towards the crypto industry. It also introduces rules for crypto firms and outlines what tokens will be classified as securities or commodities. Meanwhile, the Anti-CBDC will ensure that the Federal Reserve doesn’t have the authority to create a Central Bank Digital Currency.
Crypto prices have reacted positively to the news of these three crypto bills passing in the House. The Bitcoin price has again broken above the psychological $120,000 level and is looking to reach new highs. BTC had reached a new all-time high (ATH) of $123,000 earlier in the week in anticipation of these bills passing. Notably, the XRP price has also rallied significantly on the back of this development.
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