U.S. Lawmakers Advance Key Crypto Legislation: GENIUS Act and CBDC Ban Near House Vote

377

In a pivotal moment for cryptocurrency regulation, the U.S. House of Representatives approved a procedural resolution late Wednesday night, enabling three major crypto-related bills to proceed to the House floor for voting as early as Thursday.

House Resolution 580 passed narrowly with a 217–212 vote after hours of debate, reviving legislative efforts that had stalled earlier in the week. The vote sets the stage for lawmakers to consider the GENIUS Act, the Digital Asset Market Clarity Act, and a controversial anti-CBDC proposal.

GENIUS Act Could Reach Trump’s Desk This Week

One of the headline proposals is the GENIUS Act — short for Guiding and Establishing National Innovation for U.S. Stablecoins — which proposes a national regulatory framework for stablecoins. Having already passed in the Senate, this legislation could reach President Donald Trump for approval before the week ends.

Defining the Roles of SEC and CFTC in Crypto Oversight

The Digital Asset Market Clarity Act aims to establish clearer jurisdictional boundaries between the SEC and CFTC when it comes to regulating digital assets. This bill is seen as a crucial step toward eliminating ambiguity in enforcement and compliance across the crypto industry.

Another bill under consideration seeks to prohibit the Federal Reserve from directly issuing a Central Bank Digital Currency (CBDC) to individuals. This “anti-CBDC” measure is intended to address privacy concerns and limit government control over digital currency.

Republican Concerns Resolved with NDAA Strategy

Previously, resistance from a faction of House Republicans blocked H.Res 580, largely due to fears that the GENIUS Act could open the door for a future CBDC. However, this issue was resolved after House Majority Leader Steve Scalise announced that a CBDC ban would be incorporated into the National Defense Authorization Act (NDAA) instead.

Following the resolution’s passage, Scalise confirmed that the full House vote on these crypto bills is scheduled for Thursday, according to PunchBowl News.

A Defining Week for U.S. Crypto Policy

With what many are calling “Crypto Week” in Washington, this wave of legislation is poised to redefine the regulatory landscape for digital assets in the United States. The outcome could set long-term precedent for how stablecoins, digital asset markets, and CBDCs are governed moving forward.