The U.S. House of Representatives is closing the proclaimed Crypto Week with a bang, passing three monumental digital asset regulation bills.
Yesterday, on a vote of 206-102, the Republican-led U.S. House passed the GENIUS Act, sending the country’s first crypto-specific regulations bill to the desk of the sitting President.
GENIUS is an acronym meaning “Guiding and Establishing National Innovation for US Stablecoins.” The bill purports to seek to improve consumer protection, transparency, marketing restrictions and regulatory oversight for the burgeoning stablecoin market, estimated to be worth $250 billion.
Furthermore, the House passed the CLARITY and the Anti-CBDC Surveillance State Acts by similar margins, sending both bills to the Senate for further consideration.
The CLARITY Act seeks to establish a clear regulation framework for crypto and other digital assets. The Anti-CBDC Act would prohibit Fed banks from issuing central bank digital currencies (CBDCs).
Though the GENIUS Act easily passed the House, prominent Republican Senator Josh Hawley has been vocal and adamant in breaking party lines on the bill, urging his fellow Republicans to vote against it.
“It’s a huge giveaway to Big Tech.
It allows these tech companies to issue stablecoins without any kind of controls. I don’t see why we would do that.”
Trump is expected to sign the GENIUS Act into law soon.
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