The U.S. House of Representatives finished debate on three significant cryptocurrency bills last night after a series of procedural holdups. The three-bill package includes the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act, a dramatic advancement of U.S. crypto regulation.
The holdup was led by the House Freedom Caucus, who insisted that they be guaranteed the Anti-CBDC measure designed to prevent a central bank digital currency from moving.
The impasse continued for more than nine hours before a resolution following an agreement by leadership to add the CBDC-covered provision to the National Defense Authorization Act (NDAA), an annual spending bill that must pass.
Rep. Andy Harris, the Freedom Caucus chair, stated, “This agreement is a victory for individual liberty and prevents the government from having the tools to spy on every dollar Americans spend.”
Bills Breakdown:
- GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins): Creates a federal framework for issuing and regulating U.S. dollar-backed stablecoins, including detailed reserve requirements, audits, and consumer protection.
- CLARITY Act: Seeks to establish jurisdictional walls between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to better define regulation over different crypto assets.
- Anti-CBDC Surveillance State Act: Prevents the Federal Reserve from beginning a CBDC, in response to fears regarding privacy, financial spying, and government intrusion.
Senator Bill Hagerty assured the GENIUS Act will go to a vote later on Thursday, saying, “This is an important step to give guidance and leadership to stablecoin innovation. The U.S. needs to be at the forefront, not behind, in this area.”
Votes on the CLARITY Act and the NDAA with the Anti-CBDC amendment are anticipated Friday or early next week.
The legislative momentum follows increasing bipartisan enthusiasm for digital assets. The bills also seem to enjoy the support of President Donald Trump, who has publicly endorsed prohibiting a U.S. CBDC and termed stablecoins as “key to financial freedom.”
With regulatory insecurity having haunted the crypto space for so long, this day’s vote in favor of the GENIUS Act may be a turning point for U.S. digital finance, providing the basis for U.S. national crypto policy and innovation.
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