Preview: "The three bills on Republicans’ crypto agenda passed with bipartisan support despite continued pushback from Democrats over claims of corruption and conflicts of interest."
After delays in Congress over Republican concerns with central bank digital currencies (CBDCs), the US House of Representatives has passed three pieces of crypto legislation.
In a Thursday House session, lawmakers voted 294-134 to pass the Digital Asset Market Clarity (CLARITY) Act, a bill aimed at establishing a market structure for cryptocurrencies, 308-122 in favor of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, and 219-210 for the Anti-CBDC Surveillance State Act.
Almost 80 Democrats voted yes for the CLARITY Act and more than 100 for the GENIUS Act, with the bills having been expected to move through the chamber before Congress breaks for its August recess.
Republicans had been calling for everyone in their party to support the bills as part of their “crypto week” plans — a nod to US President Donald Trump’s stated intention to enact his crypto agenda quickly. However, on Wednesday, voting on consideration of a package, including the three bills, stalled for hours after some Republicans held out for a carve-out to ban the development of a CBDC in the US.
Related: US Republicans declare ‘Crypto Week’ to mull 3 crypto bills
Industry reaction is overwhelmingly positive
Many involved with crypto lauded the passage of the three bills as a “win” for the industry, though the anti-CBDC legislation, which received the least support from Democrats, could remain a contentious partisan issue.
Former Commodity Futures Trading Commission member and current Blockchain Association CEO Summer Mersinger said the vote on the Anti-CBDC Surveillance State Act suggested support for “privacy, market competition, and individual financial freedom.”
Prior to Thursday’s vote, California Representative Maxine Waters had been calling for all Democrats to oppose the three bills. In response to Republicans’ “crypto week” branding, Waters held an “anti-crypto corruption week” press conference and issued statements warning of corruption by the Trump administration.
“The Republican crypto bills we will consider will create giant loopholes in our federal financial laws that put consumers and investors at risk, in the name of innovation,” said Waters on Thursday. “These bills would increase the chance of another costly financial crisis, like the one in 2008 that led to trillions of dollars of wealth being wiped out, in the name of innovation.”
Trump reportedly planned to sign the GENIUS Act by Friday, assuming there were no amendments to the bill after it passed the Senate in June. Both the CLARITY and anti-CBDC bills will go to the Senate for debate and possible amendments before returning to the House or the president’s desk.
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