The United States House of Representatives made significant strides in the crypto space by advancing three major bills on Wednesday. The GENIUS Act, Clarity Act, and the Anti-CBDC Act garnered strong support from the Republican members, while facing disapproval from the Democrats.
Despite facing initial setbacks on Tuesday with failed procedural votes, the House of Representatives successfully approved the bills today with a vote of 215 to 211. President Donald Trump, who had expressed confidence in the passage of the legislation, is set to sign the bills into law on Thursday.
The passage of these bills was made possible through the intervention of President Trump in the last 24 hours. Republican House members who initially voted against the bills were swayed by the inclusion of clear anti-CBDC regulations. Representative Andy Harris highlighted the agreement reached with President Trump to add strong anti-CBDC provisions to the CLARITY legislation.
In terms of market impact, the approval of the crypto bills is expected to have a profound effect on the altcoin market, particularly Ethereum (ETH). Ethereum and other layer one chains are likely to attract more institutional investors looking to establish regulated fiat-backed stablecoins.
Following the House vote, the price of Ethereum surged by 6.9 percent in the past 24 hours, reaching above $3,308. The total crypto market cap also saw a 3 percent increase, hovering around $3.8 trillion. The clear regulations in the United States are expected to set a precedent for global markets, paving the way for significant growth in the crypto industry.
Overall, the passage of these bills signals a positive development for the crypto market, positioning it for exponential growth in the near future. With clear regulations in place, both investors and industry players can expect a more stable and secure environment for crypto transactions and investments.