The U.S. House of Representatives has approved a trio of cryptocurrency bills aimed at setting the first comprehensive federal rules for digital assets. Lawmakers voted 308-122 to pass the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, 294-134 for the Digital Asset Market Clarity (CLARITY) Act, and cleared an Anti-CBDC measure. Representative French Hill, chair of the House Financial Services Committee, said ahead of the ballots that the chamber had the necessary votes, a prediction borne out by the wide margins. President Donald Trump signed the GENIUS Act on 18 July, establishing a nationwide regime for so-called payment stablecoins and marking the first crypto-specific statute to become U.S. law. The legislation treats dollar-backed tokens as neither securities nor commodities, subjects large issuers to federal oversight and sets consumer-protection and anti-money-laundering standards. Passage of the bill represents a milestone for the industry, which has sought legal certainty for stablecoin issuers that collectively hold about US$250 billion in outstanding tokens. Attention now shifts to the Senate, where Banking Committee Chairman Tim Scott, together with Senators Cynthia Lummis, Bill Hagerty and Bernie Moreno, on 22 July released a discussion draft intended to build on the House-passed CLARITY Act. The proposal would define “ancillary assets,” require the Securities and Exchange Commission to tailor existing rules for digital-asset activity and create bespoke disclosure obligations, while inviting public comment on more than 35 issues. Scott said the goal is a bipartisan framework that protects consumers, fosters innovation and cements U.S. leadership in digital finance.
Good news: The Blockchain Regulatory Certainty Act language is in the Senate Market Structure draft. This will protect open source devs from unfit licensure requirements. Getting it into the bills has been Coin Center's top priority in Congress.
Tim Spence, chairman, CEO & president of @FifthThird Bank, joins "Open Interest" to discuss the impact stablecoin technology will have on the bank's operations. Congress delivered a watershed victory for the crypto industry last Thursday, passing the first federal legislation to https://t.co/5IDmeIx1xP
U.S. House Passes GENIUS and CLARITY Acts, Signaling Bipartisan Support for Digital Assets https://t.co/IiTDMdPtO2 | by @jonesday