House of Representatives Passes Landmark Crypto Bills, Sends to President Trump for Approval
In a significant move for the cryptocurrency industry, the U.S. House of Representatives passed three cryptocurrency bills this week, marking a watershed moment in the industry's history. The most notable among the three, the CLARITY Act, creates a regulatory framework for stablecoins, cryptocurrencies pegged to the dollar. The bills are now heading to President Donald Trump for approval, following a turbulent week in Congress.
Background and Context
The trio of bills, dubbed the GENIUS Act
, CLARITY Act
, and an unnamed third, were initially met with a mutiny by a coalition of ultraconservative House Republicans. The passage of the GENIUS Act and the movement of the CLARITY Act to the Senate stage represent significant progress for the crypto industry, which has been lobbying for a clear federal regulatory framework.
President Trump has been a strong advocate for the industry, pushing for the U.S. to become the crypto capital of the world,
and driving a 'crypto week' in the nation.
Key Developments
Despite initial resistance, the House eventually approved the GENIUS Act and the CLARITY Act. The latter, which establishes a regulatory framework for stablecoins, is considered a significant stride toward regulating the burgeoning cryptocurrency industry. The third bill is still under consideration.
The Clarity Act, which is now to be examined by the Senate, provides the country with a clearer regulatory framework,
reported Le Monde, echoing the sentiment of the crypto industry, which has been calling for clear regulations to foster growth and stability.
Implications and Reactions
The passage of these bills, particularly the CLARITY Act, is seen as a victory for the cryptocurrency industry. Advocates hope these legislative measures will bring decentralized currency into the U.S. mainstream.
Argentinian newspaper Clarin noted that the CLARITY Act was approved by the House of Representatives and now moves to the Senate, during a crypto week driven by Trump.
This indicates the significant role the Trump administration has played in advancing these bills.
Conclusion
The GENIUS Act, having cleared Congress, is on its way to President Trump for enactment. The CLARITY Act, having been approved by the House of Representatives, is now heading to the Senate for examination.
The third bill is still under consideration, and the outcome will significantly impact the federal framework for cryptocurrency regulation. This series of crypto bills represents a major step towards integrating cryptocurrencies into the U.S. mainstream, reflecting the Trump administration's commitment to making the U.S. the crypto capital of the world.