On November 1, 2023, the U.S. House of Representatives approved two significant crypto bills—CLARITY and GENIUS—that promise to transform the regulatory landscape for digital assets in the country.
Approval of Crypto Bills
The U.S. House passed the CLARITY and GENIUS bills during its session on November 1. Initiated by Republicans, these bills aim to establish clear regulatory frameworks for cryptocurrencies. The CLARITY Act focuses on asset classification, while the GENIUS Act targets digital innovation.
Potential Market Impact
This legislative approval may affect digital assets such as BTC and ETH, as well as stablecoins. Increased regulatory clarity could lead to a potential influx of institutional investment into the cryptocurrency market.
Response from Key Players
Key figures involved in the crafting of the bills included House Speaker Mike Johnson, along with Reps. French Hill and G.T. Thompson. Johnson stated, 'We built consensus, and we got it done tonight.'
The passing of the CLARITY and GENIUS bills is anticipated as a crucial step toward a more stable and comprehensible regulatory framework for the cryptocurrency market in the U.S.
