The US House of Representatives continues to advance legislation on cryptocurrency regulation. Two key bills are on the agenda.
GENIUS Stablecoin Bill
The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) was approved today with a vote of 215-211. This bill aims to establish a legal and regulatory framework for stablecoins in the US. It is expected to reach President Donald Trump's desk later this week.
Digital Asset Market Clarity Bill
The House also voted on the Digital Asset Market Clarity Act (Clarity), which proposes a legal foundation for the entire crypto market. The primary objective of Clarity is to clarify the division of authority between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the regulation of crypto assets.
Democratic Response to the Bills
No Democrat in the House supported these bills. At a press conference, Democratic Representative Maxine Waters described the Clarity and GENIUS bills as “two of the most dangerous bills,” stating:
"These bills are a gift-wrapped invitation for Trump to continue his crypto scam at full speed."
The cryptocurrency bills advancing in the US House of Representatives evoke mixed reactions, and their ongoing discussion will significantly impact the market and regulation of crypto assets.
