- French Hill confirms bipartisan support for all three crypto bills, including the GENIUS Act and CLARITY Act.
- Donald Trump met with GOP holdouts, who now back the GENIUS Act after initially blocking it.
- Crypto Week resumes as Bitcoin, Ethereum, and Solana rise amid renewed legislative progress.
French Hill, Chair of the House Financial Services Committee, said the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act now have enough support to pass. In a CNBC interview on July 16, he stated:
“I believe that we do have the votes to advance the Senate’s GENIUS Act, which will create the first federally regulated dollar-backed stablecoins.”
The House will reattempt a procedural vote after an earlier failure. The original motion collapsed when several Republican lawmakers objected to language they said might allow a central bank digital currency (CBDC).
Hill confirmed the House Speaker is preparing to bring the bills back for consideration. He said support from both Republican and Democratic members has grown since the failed motion.
Related: David Sacks Backs Trump’s GENIUS Act Push to Make US Undisputed Crypto Leader
Trump Meeting Brings GOP Support for GENIUS Act
On July 15, Donald Trump met with 11 Republican House members who had voted against the GENIUS Act. Following the meeting, Trump announced that those lawmakers now back the bill.
The GENIUS Act, passed earlier in the Senate, creates a regulatory framework for issuing and redeeming dollar-backed stablecoins under federal law. The CLARITY Act (H.R. 3633) defines oversight responsibilities for the SEC and CFTC. The Anti-CBDC Surveillance State Act (H.R. 1919) aims to prevent the Federal Reserve from launching a CBDC.
Hill said that the Speaker is organizing the vote schedule and expects the three crypto bills to be reconsidered soon.
Crypto Week Continues as Bitcoin, Ethereum, Solana Rise
The return of support for the GENIUS Act appears to have restored momentum for Crypto Week in Congress. According to market data on July 16, Bitcoin climbed nearly 1% to $119.000. Ethereum increased by 4%, and Solana rose by 3.27%.
Lawmakers have not confirmed the final date for the vote. However, sources say the House could begin voting before July 17. All three bills—GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act—will be considered separately.
The GENIUS Act is listed as S.1582 in the Senate. If passed in the House, it would move to the president’s desk.
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