The US House of Representatives has approved legislation for cryptocurrency regulation, amid discussions among lawmakers.
First Cryptocurrency Bill
On Thursday, the House voted in favor of the Digital Asset Market Clarity (CLARITY) Act with a vote tally of 294-134. This bill aims to establish a market structure for cryptocurrencies in the US. Nearly 80 Democrats supported the Republican-led legislation, part of three expected bills to be passed before Congress's August recess.
Internal Republican Disputes
Republicans have been urging all party members to support the bills as part of their 'crypto week', related to President Donald Trump's intent to swiftly enact his crypto agenda. However, on Wednesday, voting on the package, including the three bills, stalled for several hours as some Republicans sought a carve-out to ban the development of a central bank digital currency (CBDC) in the US.
Expected Developments in Stablecoin Regulation
The House is expected to vote soon on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act for regulating payment stablecoins, as well as the Anti-CBDC Surveillance State Act. Trump reportedly planned to sign the GENIUS Act by Friday, assuming no amendments were made after it passed the Senate in June.
This is a developing story, and further information will be added as it becomes available.
