Yesterday the House resoundingly approved the GENIUS Act to regulate stablecoins, attracting strong Democrat support with a vote of 308 to 122. Given the Senate has already approved the bill, the legislation is all but final, only needing President Trump’s signature.
Additionally, two other bills received supportive votes, including the Clarity Act for crypto market infrastructure which also attracted strong Democrat support. It attracted 294 votes in favor with 134 opposed. A bill to prevent a CBDC was passed with a much tighter margin of 219 to 210. However, both the Clarity Act and the Anti-CBDC Surveillance State Act would still need to be approved by the Senate.
On the one hand, the passage of the GENIUS Act is something to celebrate, providing much needed regulatory clarity to an area which is rapidly expanding.
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