The U.S. Senate has passed the GENIUS Act, which is now in the House of Representatives. The upcoming steps may lead to changes in the regulatory framework for cryptocurrencies in the country.
Historic Step: The GENIUS Act
Approved on June 17, the GENIUS Act has become the first major cryptocurrency bill to pass the Senate with a 51–23 vote. It is now in the hands of the House of Representatives. If approved, it will be sent to the president for signature.
Significance of the Bill
Tom Emmer, a key leader in the House, raises the potential for combining the GENIUS Act with the CLARITY Act. The latter has already passed through the House Financial Services Committee and awaits a full House vote. Emmer believes that moving both bills together will provide a comprehensive structure for cryptocurrency transactions in the U.S.
Political Aspects and Concerns
President Donald Trump is urging the House to quickly pass the GENIUS Act without modifications. However, concerns have arisen among lawmakers regarding his connections to cryptocurrencies, particularly with the World Liberty Financial stablecoin project. Senator Adam Schiff introduced the COIN Act to limit the ability of presidents and their families to profit from cryptocurrencies while in office.
The passage of these laws could help establish uniform rules for the crypto industry in the U.S., freeing companies from having to navigate different regulations in each state.
