The US House of Representatives has approved three cryptocurrency-related bills, which move them forward before the August break.
On July 17, lawmakers voted 294–134 to pass the Digital Asset Market Clarity (CLARITY) Act. They also passed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act by a margin of 308–122. The narrowest vote, 219–210, was on the Anti-CBDC Surveillance State Act.
Support for the CLARITY and GENIUS bills came from both parties, with almost 80 Democrats backing the first and over 100 voting for the second.
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However, the proposal to stop a CBDC was more divisive. Most Democrats opposed it, while Republicans largely supported it.
Each bill focuses on a different part of the crypto industry. The CLARITY Act defines rules for exchanges and trading platforms, while the GENIUS Act establishes a framework for stablecoins, including standards for reserves and licensing. The Anti-CBDC bill blocks the development of a digital dollar by the Federal Reserve without Congress’s approval.
On July 16, the process was held up for hours when some Republicans refused to advance without a promise to include a ban on CBDCs in a future defense spending bill. Party leaders eventually agreed to this request, which allowed the votes to proceed.
Meanwhile, the Australian Transaction Reports and Analysis Centre (AUSTRAC) recently introduced a new strategy to tackle financial crime. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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