FameEX Hot Topics | U.S. House Passes Three Major Crypto Bills Ahead of August Break

After delays in Congress caused by Republican concerns over central bank digital currencies (CBDCs), the U.S. House of Representatives has successfully passed three significant crypto bills. The bills include the Digital Asset Market Clarity (CLARITY) Act, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, and the Anti-CBDC Surveillance State Act. The passage came during a House session on Thursday, with votes of 294-134 in favor of the CLARITY Act, 308-122 for the GENIUS Act, and 219-210 for the Anti-CBDC Surveillance State Act.

The passage of these bills was largely supported by Republicans, with nearly 80 Democrats backing the CLARITY Act and over 100 supporting the GENIUS Act. The legislation was expected to progress before Congress adjourns for its August recess, a time frame in which lawmakers traditionally take a break. However, Republican efforts to pass the bills as part of their “crypto week” plans, a strategic push to advance President Trump’s crypto agenda, faced significant delays. The stalled vote on Wednesday saw some Republicans hold out, demanding an exemption to ban the development of a CBDC in the U.S. before moving forward with the package of bills.

Despite the delays, the passage of these three bills is seen as a win for the crypto industry. Industry experts and crypto advocates hailed the outcome, though the Anti-CBDC Surveillance State Act, which garnered the least support from Democrats, may continue to be a divisive issue. Summer Mersinger, the CEO of the Blockchain Association and former Commodity Futures Trading Commission member, stated that the vote on the Anti-CBDC bill signaled support for “privacy, market competition, and individual financial freedom.”

However, not all lawmakers were in favor of the bills. California Representative Maxine Waters voiced strong opposition, urging Democrats to vote against the bills. Waters, who has been vocal about her anti-crypto stance, responded to the Republicans’ “crypto week” branding with an “anti-crypto corruption week” press conference. She warned that the bills would create “giant loopholes” in U.S. financial laws, endangering consumers and investors. Waters also raised concerns that the bills could potentially lead to another financial crisis similar to the 2008 crash.

Trump plans to sign the cryptocurrency legislative draft, including the GENIUS Act, at an event on Friday, provided no amendments are made to the bill after it passed the Senate in June. However, both the CLARITY and Anti-CBDC bills will now move to the Senate for further debate and possible amendments before being sent back to the House or the president’s desk for final approval. This marks a pivotal moment in the ongoing evolution of U.S. crypto regulation.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.