The House of Representatives made a significant decision on July 16 by approving a motion to reconsider a package of crypto-related proposals. This package includes the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act, and the vote resulted in a close 215-211 decision.
Alex Thorn, the head of research at Galaxy Digital, expressed that analysts are anticipating a vote specifically on the GENIUS Act today. However, it’s important to note that this approval is part of a procedural bundle and does not directly send the package to the President for enactment.
The next steps involve converting this bundle into actionable legislation. This could include committees or leadership discharging, marking up, or attaching the individual measures to other legislative vehicles. The goal is to draft a consolidated conference substitute that can pass through both chambers and reach the President’s desk for final approval.
On July 15, there was a setback for the crypto package as House leaders attempted to advance the GENIUS Act for floor action. This came after members rejected a rule that would have combined the three digital asset measures with the annual defense appropriation bill.
President Donald Trump took to Truth Social to urge Republicans to support the combined rule, emphasizing that it would keep the United States ahead of China and Europe in digital asset policy. However, Libertarian-leaning and House Freedom Caucus members pushed back against the bundling and advocated for separate debates on each measure.
Representative Chip Roy highlighted the importance of both a hard ban on a US central bank digital currency and the CLARITY Act. He emphasized the need to address these issues comprehensively and simultaneously.
As the legislative process continues, it will be crucial to monitor how these crypto-related proposals progress through the House and Senate. The ultimate goal is to establish clear regulations and guidelines for the digital asset industry while ensuring the United States remains competitive on the global stage.