The United States House of Representatives has passed a key procedural vote on crypto legislation after first rejecting it just a day ago. The vote was part of a legislative push during what lawmakers are calling “Crypto Week,” led by House Republicans in Washington, D.C.
The bills in question include the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act. A previous attempt to begin debate failed with a 196-222 vote, but lawmakers returned later for a second vote, which passed 215-211.
The GENIUS Act, which is at the center of the conversation, is short for the “Guiding and Establishing National Innovation for U.S. Stablecoins Act.” This bill would require all stablecoins used in the U.S. to be backed by real U.S. dollars or high-quality assets. It also sets strict rules for audits and transparency, especially for issuers with over $50 billion in circulation.
In addition, it will lay out how foreign-backed stablecoins can operate in the U.S. However, some Republicans opposed the bill because it does not include a full ban on a central bank digital currency (CBDC). Congresswoman Marjorie Taylor Greene was among those who voted no, warning that the bill leaves the door open for a future digital dollar.
The CLARITY Act is another bill in the package. It aims to split responsibility between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which would be helpful to define which agency oversees what in the crypto world. It also requires crypto companies to keep customer funds separate from company funds and provide regular financial disclosures.
Following the failed vote, Democrats led by Rep. Maxine Waters criticized Republicans and promoted their own campaign, called “Anti-Crypto Corruption Week.” This campaign is meant to block or change the crypto bills, which they say favor special interests and could be tied to former President Donald Trump’s connections to the crypto industry.
Trump reportedly stepped in after the failed vote, meeting with some Republican holdouts and urging them to support the bills. His involvement helped shift enough votes to pass the procedural step. Still, five Republicans voted no, and most Democrats remain opposed.
Bitcoin reacted quickly to the news, rising by 2% from a low of $116,447 after the vote passed. Currently, it’s trading for $119.259, according to CoinMarketCap. On July 14, just days earlier, Bitcoin hit a new high of $123,000.
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