GENIUS Act Set for President’s Signature

The U.S. House voted Thursday (July 17) to approve the three bills that are part of Crypto Week.

In separate votes, representatives passed the CLARITY Act, the GENIUS Act and the Anti-CBDC Surveillance State Act, according to the roll call votes portion of the website of the Office of the Clerk of the House of Representatives.

The CLARITY Act passed on a 294-134 vote; the GENIUS Act, 308-122; and the Anti-CBDC Surveillance State Act, 219-210, according to the site.

House Financial Services Committee Chairman French Hill, R-Ark., applauded the passage of the three bills in a press release, adding that the CLARITY Act will now be considered by the Senate, while the GENIUS Act can now be signed into law by President Donald Trump.

Of the GENIUS Act, Hill said: “Our years of diligent work in Congress to bring clarity to payment stablecoins has reached a historic turning point. President Trump called on Congress to send him landmark legislation to his desk by August and we have delivered.”

He added in the release that the CLARITY Act “establishes clear rules of the road by creating a functional regulatory framework for digital assets,” while the Anti-CBDC Surveillance State Act “safeguards the privacy of Americans by prohibiting the creation of a Central Bank Digital Currency in the United States.”

Rep. Maxine Waters, D-Calif., the ranking member of the House Financial Services Committee, said in a press release that the GENIUS Act fails to separate banking and commerce, protect consumers, preserve national security, promote financial stability or address “glaring conflicts of interest raised by the actions of President Trump and his Administration.”

In the days before Thursday’s votes, Crypto Week had been volatile, with the push of the major crypto bills being slowed by an intra-party mutiny staged by some Republican lawmakers, PYMNTS reported Wednesday.

It was reported Thursday that the fate of the CLARITY Act in the Senate remains uncertain. Democrats who had supported the bill in committee in the House had begun to back away under pressure from liberal members and party activists angry over Trump and the Trump family’s crypto activity.

While 56 House Democrats joined Republicans in voting in favor of the CLARITY Act, the drama in that chamber and the opposition from elements of the Democratic base could chill Democratic support that will be needed to advance the measure in the Senate.