The House of Representatives voted late on June 17 to pass a trio of cryptocurrency-related bills supported by President Donald Trump and giving a rosy end to what the administration dubbed “Crypto Week,” despite an inauspicious beginning.
After failing to pass a procedural vote earlier in the week, the House passed the GENIUS [Guiding and Establishing National Innovation for U.S. Stablecoins] Act by a 308 to 122 vote. The legislation cleared the Senate earlier on June 17 by a vote of 60 to 38.
The GENIUS Act, Senate Bill 1582, establishes a framework for private companies to issue stablecoins by establishing oversight and approval standards for U.S. issuers of stablecoins—dollar-pegged digital tokens.
The companies issuing the tokens to investors would be required to maintain significant reserves and adhere to transparency and anti-money laundering rules.
The House also passed the Digital Asset Market Clarity Act by a 294 to 134 margin. The law would establish a cryptocurrency regulation framework by splitting oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The third bill passed was the Anti-CBDC Surveillance State Act, by a 219 to 210 vote, which bars the Federal Reserve from issuing a digital currency.
The Clarity Act—H.R. 3633—and the Anti-CBDC Surveillance State Act—H.R. 1919—still need to clear the Senate before arriving at Trump’s desk.
Trump was scheduled to sign the GENIUS Act into law during a ceremony at the White House on June 18.
Tags: Cryptocurrency