The so-called crypto week of the American House of Representatives is smoking towards mid-week votes on two fundamental laws that would advance industry status in the United States, including what is equivalent to a final action for the Congress on the Stablecoins regulation.
While the latter vote necessary on the Stablecoin bill known as the guide and establishment of national innovation for American stablecoins (GENIUS) Act would send it to the office of President Donald Trump to be signed, it is the largest bill – the law on the clarity of the digital asset market – which is the main concern of the cryptographic industry.
This legislation aimed at establishing a regulatory framework for American cryptography activities should occur at the end of the afternoon on Wednesday for its ground vote, industry lobbyists were advised, which would send the Clarity Act in the Senate for its exam. The Chamber also made it on a bill on the structure of the market for digital assets, but the Senate was motionless on the question during the previous session of the Congress. This time, key senators make promises to work quickly on this issue.
The Clarity Act should largely pass with a heavy bipartite vote. Its predecessor, financial innovation and technology for 21st century law (Fit21) Drew 71 Democrats when he passed. There is enormous pressure on the sector and among the republican legislators who lead the charge to collect more than that for more clarity, so he arrives in the Senate with a high momentum.
While Senator Tim Scott, president of the Senate banking committee, said the law on clarity would serve as a model for the work of his room, cryptographic lobbyists have been informed that legislators cannot be closely to his language, suggesting an upcoming period of negotiation.
Thursday morning, according to people familiar with planning, the room should temporarily vote on engineering, the bill aimed at creating railings for stablecoins issuers, such as the USDC de Circle and the USDT de Tether. This bill has already adopted the Senate with a large bipartite approval, and the legislators of the Chamber have agreed to do so as is, which means that its course would soon end on Trump’s office if it erases this last legislative stage.
The series of votes represents “the most consecutive week to date for the digital asset industry on Capitol Hill”, according to the main director of government relations of the Blockchain Association Jessica Martinez.
Before all this voting timing can be established in stone, the House rules will meet on Monday afternoon to develop the plan. The rules committee defines the procedures on how each element of legislation will be managed on the floor of the chamber.
If the Crypto Week follows the expected course, it will end with an important step for the Congress, passing the very first Cryptography Regulatory Bill. Once the genius is law, the industry will focus full time on the structure of the market, although it is not clear how much work should be done to reach an agreement between the Chamber and the Senate. Senator Scott said the Senate will be with his work by September 30.
“Instead of taking clarity, we believe that the Senate will set up its own bill, but not before September,” said Ian Katz, political analyst at Capital Alpha, although he doubts that the final effort will be completed this year.
This week too, the room was ready to adopt another bill which would prohibit a digital currency from the American central bank (CBDC). Republican legislators have argued against the federal reserve by issuing a digital dollar which, they say, could compete with the stablecoins issued in the United States and could give government financial monitoring capacities on citizens. Although the federal government has not prosecuted CBDC significantly, legislation would reduce the ability to do so in the future. The Chamber should vote on this bill Wednesday on Wednesday, although it is not clear what its fate in the Senate can be, which does not yet have a homologous bill.
