Crypto Bills Passed: U.S. House Greenlights GENIUS Act

Crypto Bills Passed: Major Crypto Legislation Clears the House

GENIUS Act clears House: A milestone for U.S crypto policy after Crypto Bills Passed

In a historic move, the US House representatives passed the GENIUS Act  which is the first major legislation focused at regulating the cryptocurrency industry. Backed by a bipartisan vote of 308 to 122 the bill sets up a clear structure for stablecoins where digital tokens are tied to assets like the U.S dollar.

According to a reporter Eleanor Terrett, the GENIUS Act alongside two other major is the CLARITY Act(passed with 294-134 votes with 78 democrats in favour) and the Anti-CBDC (passed with 219-210 with 2 democrats) Surveillance State and these are all part of a larger Crypto Bills Passed push in Washington. 

Source: X

According to the reporter, the GENIUS Act(with 308-122 with 102 Democrats in favour) is expected to be signed into law by President Trump at a White House ceremony today. 

Regulating Stablecoins: What the GENIUS Act proposes?

It targets the $250 billion stablecoin market which is aiming to bring transparency, consumer protection and legal clarity to an area that is long and has been under-regulated. 

Stablecoins are seen as key tools in everyday digital currency transactions. Especially for payments and trading. By establishing oversight rules, the bill is designed to reduce risk, encourage responsible growth and give both businesses and investors confidence in the system. 

Crypto Bills Passed: House Approves Broader Agenda 

The GENIUS was part Crypto Bills Passed on July 17. The CLARITY Act seeks to define the broader framework for digital assets in the financial markets while the Anti-CBDC targets to block the U.S government from creating a central bank digital currency which are citing privacy concerns. 

While the other two i.e GENIUS and Clarity Act  enjoyed broad bipartisan backing. Whereas, the Anti-CBDC bill saw narrow support, mostly along party lines that is revealing the ongoing divide over digital surveillance. 

Industry celebrates a big win for Crypto Bills Passed

The digital currency community has hailed the House vote as a game-changing moment. Many experts and blockchain companies praised the Crypto Bills Passed for offering the regulatory certainty that firms have been asking for a long time. 

Summer Mersinger the CEO of the Blockchain Association said that the move supports “privacy, competition and individual financial freedom”. 

Now, with a legal foundation emerging the startups and the investors see this as a green signal for innovation without fear of unclear rules. 

Critics warn of risk and regulatory gaps 

Not everyone is on board, Democratic Republican Maxine Waters warned that these could open dangerous loopholes in the  financial laws. 

She accused Republicans of risking another financial collapse under the banner of innovation and labeled their efforts as anti-crypto corruption week. 

Despite these warnings, over 100 Democrats still voted in favor of the GENIUS which signals the growing acceptance of blockchain regulation even across party lines. 

Conclusion 

With the Crypto Bills Passed, now on the verge of being signed into law as confirmed by Eleanoe Terrett’s report the US has taken a bold move towards shaping the future of digital currency.