Crypto Bills Move Forward Following 9-Hour Stalemate in U.S. House

The U.S. House has ultimately advanced the 3 key crypto bills. As per the exclusive reports, the U.S. House has finally pushed forward the stablecoin-centered GENIUS Act, Anti-CBDC Surveillance State Act, and CLARITY Act. This development has taken place after a nine-hour-long vote, resulting in a victory with a narrow 217,212 margin.

3 Top Crypto Bills Advance as U.S. House Pushes Them Forward Following 9-Hour Stalemate

The center of attention in this respect is the broad-level debate dealing with central bank digital currencies (CBDCs). Hence, some of the Republicans refused to vote unless a ban was guaranteed on CBDCs by the party leaders. Nonetheless, Steve Scalise, the House Majority Leader, verified that the ban would rather be inserted into the defense spending policy, the National Defense Authorization Act (NDAA).

As a result of this, the bill moved ahead while witnessing any further delay. Particularly, GENIUS Act is comprehensively supported by U.S. President Donald Trump. It is focused on regulating stablecoins without broadening the power of the Federal Reserve to release a CBDC. Nonetheless, a few Republicans, including Representative Keith Self, cautioned the bill could offer a “back door” to boost CBDC adoption.

U.S. House to Formulate Bold Crypto Regulations

The CLARITY Act is devoted to developing a transparent crypto market structure while guaranteeing user protection. Backers are of the view that approving the respective bills will strengthen innovation while minimizing the need for investors to shift cash offshore. While discussing the Anti-CBDC Surveillance State Act, Tom Emmer, the Representative from Minnesota, expressed optimism.

He asserted that linking Anti-CBDC Surveillance State Act with the NDAA can guarantee unelected bureaucrats never get permission to trade financial privacy of the U.S. residents for a surveillance tool. Overall, the GOP leaders have categorized this week as “Crypto Week.” They are of the view that the House is eventually making decisive moves to establish regulation for the rapidly expanding market.