The United States House of Representatives moved the GENIUS Act closer to becoming law after a historic 10-hour procedural vote. The rule, which narrowly passed 217–212, also grants the Clarity Act and the Anti‑CBDC Act a glimmer of hope as they have been moved to the floor for final consideration.
The GENIUS Act proposes a federal framework for stablecoins, mandating strict 1:1 reserve backing in liquid assets. It allows federally licensed financial institutions to issue stablecoins. The Clarity Act aims to clarify which regulator is responsible for crypto oversight. At the same time, the Anti-CBDC bill seeks to bar the government from developing a Central Bank Digital Currency.
GENIUS Act Advances
Interestingly, the 10-hour session breaks the chamber’s record for its longest vote ever. The marathon voting period reflected intense negotiations over amendments and featured a last-minute intervention by President Trump. He urged the opposition Republicans to support the legislation, labelling it part of a broader “Crypto Week” initiative.
Notably, if passed, the bills will move to President Trump’s desk for his signature ahead of the August recess. Commenting on the recent development, House Committee on Financial Services Chairman French Hill said via an official press release:
“I’m excited President Trump will soon sign Senator Bill Hagerty’s GENIUS Act into law establishing a federally regulated, U.S.-dollar-backed stablecoin. Likewise, I’m delighted the House will vote on the exceptional digital asset market structure framework crafted by House Agriculture Committee Chairman G.T. Thompson and Subcommittee Chairs Dusty Johnson and Bryan Steil.”
Crypto Week Garners Reactions
Expectations are high for the crypto week as proponents believe that clear federal regulation will fuel institutional investment and integrate stablecoins into mainstream businesses. They also expect that if the GENIUS Act and the other bills are signed into law, they will secure America’s leadership in the crypto industry.
On the other hand, the crypto community expects this week to mark a turning point. The sentiment is evident in the market’s reaction this week. Earlier, Bitcoin and other crypto assets experienced a price rally, with the former reaching a new all-time high of $123,000.
Meanwhile, Bank of America has confirmed that it is developing a fully backed, dollar-pegged stablecoin. Nonetheless, the CEO noted they are “still trying to figure out how big or small it is” due to regulatory uncertainty and lukewarm client demand. However, the bank plans to launch once clearer legal frameworks emerge, following expected progress during the crypto week.
