The U.S. House of Representatives Advances Three Crypto Assets Bills through Procedural Vote

After a tumultuous voting process, the U.S. House of Representatives passed a procedural vote on July 17 regarding three important Crypto Assets bills. This paves the way for the votes on the GENIUS Act, the Clarity Act, and the Anti-CBDC Act, which are expected to be voted on again local time on Thursday.

The voting lasted for more than 9 hours, setting a new record for the duration of procedural voting in the House of Representatives. In the end, the House passed Resolution No. 580 with a vote of 217 in favor and 212 against, advancing the review of several bills. This result was hard-won, as just a day earlier, the same bill unexpectedly failed to pass the House's procedural vote.

The turning point came when House Majority Leader Steve Scalise announced that the Republicans would attach the CBDC ban to the National Defense Authorization Act (NDAA). This move ensured that the CBDC ban would be passed alongside the must-pass NDAA, thereby persuading eight conservative Republican lawmakers who had previously opposed it to change their stance.

Among these three cryptocurrency-related bills, the "GENIUS Act" is considered to be progressing the fastest. This bill aims to establish a regulatory framework for stablecoins and was passed by the Senate vote last month. The industry expects the "GENIUS Act" to be sent to the president for signing within this week.

The "Digital Asset Market Clarity Act" (Clarity Act) takes a more comprehensive approach, aiming to create a regulatory framework for digital assets and clarifying the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Another bill is the anti-CBDC bill, which aims to prevent the Federal Reserve from issuing central bank digital currency directly to individuals. It is worth noting that even if these two bills pass the House vote, they still need to be voted on in the Senate.

During the voting process, the U.S. president personally intervened, urging lawmakers to advance the legislative process through phone communications and face-to-face meetings. The president expressed support for "Crypto Week" on social media and emphasized that this bill would help consolidate the United States' global leadership position in the digital asset sector.

Despite the dramatic voting process, the final passage marks an important step for the United States in the regulation of Crypto Assets. These bills could not only reshape the landscape of the American Crypto Assets industry but also set important foundational precedents for the regulation of future digital assets. As the bills progress, there is widespread industry attention on whether the United States can fulfill its promise of becoming the "Crypto Capital."