Last week, three cryptocurrency bills were passed by the US House of Representatives despite intra-party disputes among Republicans.
Voting Process in the House
During two lengthy sessions in the House last week, nearly all Republicans, except for 12, and over 100 Democrats voted in favor of the stablecoin regulation bill known as the GENIUS Act. President Donald Trump signed the bill into law within 24 hours of the vote.
Next Steps for Cryptocurrency Laws
The other two bills, the CLARITY Act and the Anti-CBDC Surveillance State Act, will head to the Senate for consideration. Republicans have presented these initiatives as part of their 'crypto week', emphasizing the need for regulatory clarity in the digital asset industry. However, some Democrats have raised concerns over potential conflicts of interest related to Trump.
Challenges with CFTC Leadership Appointment
As discussions on the bills continue, the Senate has yet to vote on the nomination of Brian Quintenz for the chair position at the CFTC. The state of the commission is concerning, with only two commissioners, acting chair Caroline Pham and Kristin Johnson, currently in place. They may leave the commission before 2026 if Quintenz’s nomination proceeds.
The successful passage of three bills through the US House indicates a growing interest in regulating the cryptocurrency sector, but significant work lies ahead in the Senate.
