- The three crypto bills including the GENIUS Act, Clarity Act, and Anti-CBDC Act now have a clear path to President Trump’s desk.
- The inclusion of the anti-CBDC language in the defense bill has reassured more House members to vote for the crypto bills.
- The final House vote on the GENIUS Act is expected on Thursday.
In a narrow 217 to 212 vote, the U.S. House of Representatives has passed a key procedural hurdle, clearing the way for a final floor vote on a slate of crypto bills. A final vote on the GENIUS Act, which would create a federal framework for stablecoins, could now happen as soon as today, Thursday.
The successful vote marks a major breakthrough for what has been dubbed “Crypto Week” in Washington.
The Deal That Broke the Deadlock
The procedural vote was able to pass after a key compromise was reached. An earlier attempt to advance the bills failed when several Republican lawmakers objected to language in the GENIUS Act, fearing it might inadvertently open the door for a Central Bank Digital Currency (CBDC).
Related: Trump Pushes GENIUS Act Back on Track as French Hill Confirms House Votes
An intervention from President Donald Trump appears to have reassured these members after a promise was made that strong anti-CBDC language will be included in the separate NDAA defense bill.
“With the final procedural vote passed — and a promise that anti-CBDC language will be included in the NDAA defense bill — House leadership can bring the GENIUS Act, and possibly the CLARITY Act, to the floor for final passage as soon as tomorrow,” Eleanor Terrett noted.
Why the Crypto Bills Matter a Ton
The three crypto bills are signatures to the final success for the Trump administration. Furthermore, the United States plans to lead global markets in adopting digital assets to revitalize the struggling economy.
The anticipated final approval of the crypto bills, led by the GENIUS Act, will have a significant impact on the Web3 space. The GENIUS Act will introduce much-needed legal clarity to enable more institutional investors to adopt digital assets seamlessly.
The anti-CBDC language was crucial to ensure private stablecoins thrive in the future. Furthermore, the United States needs stablecoins to thrive to maintain the U.S. dollar as the global reserve currency.
Related: David Sacks Backs Trump’s GENIUS Act Push to Make US Undisputed Crypto Leader
With the private stablecoins running on existing blockchains – led by Ethereum (ETH), Tron (TRX), and Solana (SOL) – the mainstream adoption of the crypto assets is at hand. Consequently, Ether price led the wider altcoin market in a bullish breakout in the past 24 hours.
According to aggregate market data from CoinGecko, Ethereum price surged over 7% in the last 24 hours to reach a local high of about $3,418. The total crypto market cap climbed to $3.8 trillion, as Bitcoin (BTC) price banged around its all-time high.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
