Republicans passed the three bills on their crypto agenda with bipartisan support, despite continued pushback from Democrats over claims of corruption and conflicts of interest.
After delays in Congress over Republican concerns with central bank digital currencies (CBDCs), the US House of Representatives passed three pieces of crypto legislation.
In a Thursday House session, lawmakers passed the Digital Asset Market Clarity (CLARITY) Act, a bill aimed at establishing a market structure for cryptocurrencies, with a 294-134 vote. They favored the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act with 308-122 votes and gave the Anti-CBDC Surveillance State Act 219-210 votes.
Almost 80 Democrats voted yes for the CLARITY Act, and more than 100 voted for the GENIUS Act; Congress had expected the bills to move through the chamber before it breaks for its August recess.
Republicans had been calling for everyone in their party to support the bills as part of their “crypto week” plans — a nod to US President Donald Trump’s stated intention to enact his crypto agenda quickly. However, on Wednesday, some Republicans stalled voting on consideration of a package, including the three bills, for hours after they held out for a carve-out to ban the development of a CBDC in the US.
Industry Praises New Developments
The passage of the three bills was lauded by many involved with crypto as a “win” for the industry, though the anti-CBDC legislation, which received the least support from Democrats, could remain a contentious partisan issue.
Former Commodity Futures Trading Commission member and current Blockchain Association CEO Summer Mersinger suggested the vote on the Anti-CBDC Surveillance State Act indicated support for “privacy, market competition, and individual financial freedom.”
Prior to Thursday’s vote, California Representative Maxine Waters had been calling for all Democrats to oppose the three bills. In response to Republicans’ “crypto week” branding, Waters held an “anti-crypto corruption week” press conference and issued statements warning of corruption by the Trump administration.
“The Republican crypto bills we will consider will create giant loopholes in our federal financial laws that put consumers and investors at risk, in the name of innovation,” Waters stated on Thursday. “These bills would increase the chance of another costly financial crisis, like the one in 2008 that led to trillions of dollars of wealth being wiped out, in the name of innovation.”
Trump reportedly planned to sign the GENIUS Act by Friday, assuming the Senate made no amendments to the bill after it passed in June. They will send both the CLARITY and anti-CBDC bills to the Senate for debate and possible amendments before they return to the House or the president’s desk.
