The U.S. House is trying to pass three crypto-related laws this week before its recess in August. These laws pertain to stablecoin regulation (GENIUS Act), banning government-controlled digital currencies (Anti-CBDC Surveillance Act), and setting rules for the crypto market (CLARITY Act). House Speaker Mike Johnson says these bills are important to the White House, Senate, and House.
On Tuesday, a vote to move forward with these bills failed as 13 Republican lawmakers, including Steve Scalise and Marjorie Taylor Greene, didn’t support it. They want the GENIUS Act to clearly ban central bank digital currencies (CBDCs). They are concerned the current version of the GENIUS Act doesn’t have clear provisions for this.
The House adjourned Tuesday without further action but will reconvene Wednesday for debate and legislative business.Critics like Rep. Andy Biggs expressed concerns that the GENIUS Act’s framework could enable a layered CBDC and lacks self-custody guarantees. The critics called for an open amendment process to refine the legislation.
Speaker Johnson acknowledged the dissent but highlighted resistance to combining the bills into one package, as some Republicans advocate. He stressed that the Senate would likely reject a merged bill, favoring a sequential approach. Discussions with holdouts continue to advance the legislation.
Caitlin Long, CEO of Custodia Bank, downplayed the initial failure, noting the GENIUS Act’s similar Senate setback in May before its bipartisan passage in June.
Eleanor Terrett, host of Crypto in America, clarified that the GENIUS Act already prohibits the Federal Reserve from offering retail CBDC services, like digital wallets or personal accounts.
The push for crypto legislation faces Democratic opposition, with some labeling it “anti-crypto corruption week.” The outcome of Wednesday’s vote remains critical for crypto policy before the congressional break.
Also Read: GENIUS, CLARITY Act Fail in US Procedural Vote Amid Crypto Week
