House Advances Crypto Package Amid Legislative Hurdle
By: Eliza Bennet
The United States House of Representatives recently approved a motion to reconsider a pivotal crypto-related legislative package, which includes the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act. The motion, passed by a narrow margin of 215-211, places these acts into a procedural bundle to facilitate discussion and further legislative action. However, this does not automatically translate into legislation ready for presidential approval. Instead, the approval positions House and Senate leaders to either move these bills individually, integrate them into another legislative vehicle, or draft a consolidated version that can pass both chambers with identical statutory language.
This procedural maneuver allows committees or leadership to either discharge, mark up, or attach the individual bills to other moving legislative vehicles. This move came swiftly after a previous package failed to gain the necessary support on July 15. The initial failure hinged on opposition from libertarian-leaning and House Freedom Caucus members who argued for more debate time and opposed bundling the digital asset measures with other legislation, such as the annual defense appropriation.
The situation further intensified with former President Donald Trump urging Republican members via Truth Social to support the comprehensive rule, emphasizing its importance to maintaining the United States' leadership in digital asset policy over global competitors like China and Europe. Nonetheless, Representative Chip Roy voiced a need for a standalone debate, particularly stressing a strong opposition to a potential US central bank digital currency, highlighting the importance of addressing the CLARITY Act and other components comprehensively.
As analysts like Alex Thorn from Galaxy Digital continue to weigh in, the immediate future of the package remains uncertain. Observers anticipate the separate consideration of these Acts as the House and Senate work to convert the package into legislation that efficiently navigates through both chambers, potentially bringing substantial changes to the United States' approach to digital asset regulation.
