Recent developments in the US Congress regarding cryptocurrency legislation have garnered attention. After a lengthy voting period, three main crypto bills are finding support.
Prolonged Voting on Crypto Bills
House Republican leaders reached a deal to move forward with three cryptocurrency bills that had been stalled due to a record-length vote. The vote, which lasted over nine hours, was the longest in House history, eventually passing with a vote of 217-212.
How CBDC Debate was Resolved
A group of Republican holdouts initially refused to support the vote unless a ban on central bank digital currencies (CBDCs) was guaranteed. However, House Majority Leader Steve Scalise stated that Republicans would now include a CBDC ban in a must-pass defense spending bill, the National Defense Authorization Act (NDAA).
What’s Next for Crypto Legislation
This week, Republicans dubbed it 'Crypto Week' and are looking to pass a crypto market structure bill called the CLARITY Act, the CBDC-banning Anti-CBDC Surveillance Act, and the stablecoin-regulating GENIUS Act. Votes on the GENIUS and CLARITY Act are expected to occur in the coming days.
This situation highlights the intensification of discussions surrounding cryptocurrency regulation in the US, and upcoming steps in the passage of these bills could have significant implications for the crypto market.
