Lawmakers in the US Republican and President Donald Trump were able to overcome disputes between the party to obtain three bills that went through the House of Representative last week, but some of the law still had a way to go before it became law.
After two long sessions at home last week, on Thursday all but 12 Republicans and more than 100 Democrats voted for Yay in the guide and establishment of national innovation for US Stablecoins (Genius) Act, a bill to repair payment stablecoins, where Trump signed by law About 24 hours later.
The other two bills, the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC (Central Bank Digital Currency) Surveillance State Act, will go to the Senate for consideration as both rooms are preparing to break for a contraction of August.
The three bills are part of the Republicans’ “Crypto Week” initiative, which claims to be in a hurry to establish regulatory clarity for aspects of the digital asset industry.
Some Republican lawmakers attempted to brand their efforts as “non-partisan” or bipartisan. The excess of most viewers on the signing of the Genius Act are members of their party or otherwise interacting with Trump, while some Democrats continue to bring potential conflicts of Trump’s interest in debates about bills connected to his own adventures in Crypto. It suggested that the law could still deal with arguments from the democratic Senate with the remaining two bills.
The Senate Republicans are expected to meet the crypto market structure first. The bill will set policies for regulators such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and identify which tokens qualify as security under US law.
Related: Crypto Execs to attend the US Stablecoin Bill signing after Thursday Vote
The clarity was first, and the CBDCs were second?
On Tuesday, four Republican senators released a draft of discussion of their version of a crypto market structure bill, they said “builds up” in The Clarity Act. The law, temporarily titled The Responsible Financial Innovation Act, suggested that the Chamber’s efforts to establish a crypto market structure may be little more than a trial running for the Senate bill.
If the Clarity law or the responsible financial innovation law ends with being closer to the final product that Republicans want, either bill must go through the same rooms to wind up Trump’s desk.
https://www.youtube.com/watch?v=Q980_6DJFyu
The Anti-CBDC Bill faces similar challenges. Only two democrats cooperated with the Republicans to approve the bill in the Chamber. Reports also suggested that many Republicans held the initial vote In all three bills in concerns that the words of the Genius Act may be allowed for a backdoor in a digital US dollar.
Wyoming Senator Cynthia Lummis, chair of the Banking Committee’s Digital Assets Subcomm Committee, also has suggested that the Senate will remain in the session until August to meet some of Trump’s nominations.
A Senator spokesman said he would also help “carry out the President’s agenda” at that time, which signed that he could also use the time to prepare for the markups on two bills.
CFTC still faces staff issues
In the midst of all discussions on crypto bills and with lawmakers in Congress who are expected to break for their backdrop in August for a few days, the Senate has not voted for Brian Quintenz’s appointment to head to the CFTC.
Report suggested A Republican senator was not at a scheduled Monday committee conference, forcing the leadership to delay a vote on Quintenz.
A spokesman for Senate Agriculture Committee chair John Boozman, a meeting to consider Quintenz’s nomination, told Cointelegraph Republicans that a vote expects the party lines. However, the committee planned to vote on the prospect CFTC chair before the August Recess.
Only two commissioners, acting Caroline Pham and Kristin Johnson, serving the CFTC at the time of publication. Both are expected to leave the agency before 2026 after Quintenz’s possible confirmation of the Senate, who potentially abandoned the four -leadership seats.
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