The cryptocurrency industry reached an important milestone in Washington on Thursday, because the congress knew legislation with the first federal rules for Stablecoins, a popular form of digital currency.
A dual mood in the house to approve the bill, known as the Genius Act, to the White House for the signature of President Trump, now expected on Friday. He has promised to make the first large piece of crypto legislation signed in the United States.
But even when the industry and its backers won their first major policy victory, the fate of a potentially more consistent digital currency regulation was still questioned by the congress.
The house also approved the Clarity Act on Thursday and sent the senate legislation that would determine the rules for Cryptocurrency market that defend managers from the industry for months.
The core of that measure is provisions that would weaken the power of the Securities and Exchange Commission to Police Crypto and, instead, hand over more control to the Commodity Futures Trading Commission. That could protect the industry against the type of aggressive enforcement that the SEC has undertaken in the BIDEN administration, when supervisors submitted lawsuits against a procession of large crypto companies, and instead enable a committee that is seen as much friendlier.
The Clarity Act “is definitely the most important thing we have insisted on”
Republist French Hill, Republican van Arkansas and the chairman of the Financial Services Committee, said that the package of legislation would yield Mr Trump's vision to make “America again to bring capital, to strive for this and lead in digital payments, just as we have in the world capital market in the world capital market in the world capital market in the world capital market.”
The measures were about the noisy opposition of most Democrats, who claimed that the legislation would give the crypto industry a lax series of rules it had written to improve rich players, including Mr Trump's own family, as they tried to enrich themselves.
Representative Maxine Waters from California, the top democrat in the Financial Services Committee, trained the action as “a mood to give Trump the pen to write the rules that would put more money in his family's pocket”, one that would “cause consumer damage” and “plant the seeds for the next financial crisis.”
Representative Brad Sherman, Democrat from California, said that the action was one of republicans to “do what makes a profit for the crypto bros, including Donald Trump.”
But it received support from a large Democrats block, including those who claimed that some regulation of the cryptocurrency industry was better than none, considering how quickly the cryptom markets grew.
“The only question is whether we start with the hard work of developing regulation or refusing to start,” said representative Angie Craig van Minnesota, the top democrat in the agricultural committee, in a speech on the house floor about the Clarity Act.
According to the bill, she added: “Consumers will eventually be protected by the same kind of guardrails that protect investors in other sectors of the economy.”
The big two -part voices about the legislation reflected the success of the industry in the cultivation of powerful allies in the government. Crypto-companies financed a network of Super PACs that spent more than $ 130 million on supporting pro-Crypto candidates in the 2024 elections. Mr. Trump is also a vocal crypto-enthusiast, with a range of digital currency companies that have strengthened the riches of the industry the industry, a point of the industry the industry the industry, a point of the industry of the industry, a point of the industry of the industry, a point of the industry of the industry, a point of the industry of the industry, a point of the industry of the industry's family. want to be seen as enriching a Trump family company.
This week the accounts seemed to be on a Glidepad in the direction of an easy passage in the house, but action then put a small group of conservative republicans organized a rebellion, blocked the debate and threw the house floor into Chaos. They demanded stronger guarantees that a third bill, which would prohibit the Federal Reserve from publishing its own digital currency of the Central Bank of CBDC, would reach the law.
That measure also started on Thursday and sent it to the Senate. But it was not clear whether it would attract sufficient two -part support to survive in the Senate, where it would need the support of at least seven Democrats to scale up and vote for procedural obstacles.
Struggling to set up the internal rebellion, Republican leaders of the House Republican leaders promised to attach the CBDC prohibition to the annual bill of the Defense Policy later this year, the announced legislation that legislators in both parties consider a “must-pass” item. But it was not clear whether that would be successful, and some conservative critics remained skeptical.
“The number one that is not happening today is a ban on a digital currency of the central bank,” said representative Marjorie Taylor Greene, Republican of Georgia, during a appearance on Thursday on “War Room”, a podcast organized by Stephen K. Bannon. She argued that the issue of a CBDC would expose the public to financial supervision. “This means the possibility for the government to take control of your digital bank account where all your money is and to switch off,” she said.
She mocked the deal that the leaders of her party had offered and claimed that it would “not be honored,” and was one of the 12 Republicans who were against the Stablecoin Bill on Thursday.
The road for the rest of the crypto package was uncertain. Senators have indicated that they want to prepare their own version of a crypto market structure law, and that debate is probably complex and possibly long -term. It is unclear whether Democrats would be willing to support such an industrial account, an account described by groups for consumer protection.
“It is a terribly bad piece of legislation that is ready to design our existing securities,” said Hilary Allen, a professor of law at American University who has testified for Congress on Crypto Regulation.
Nevertheless, the rapid succession of votes on Thursday showed the rapid succession of the industry in Washington, where legislators managed to save what they had named 'Crypto week' on Capitol Hill. The industry has bent its muscles throughout the week with a marketing blitz with advertisements at bus stops in Washington and chocolate bars with crypto-theme in vending machines that have been set up around Capitol Hill.
The voices in the house have played a series of legal fights this week by TopCrypto companies.
In the Biden era, the SEC launched a broad performance against the crypto industry and complaining top fairs such as Coinbase and Kraken. The agency argued that almost all cryptocurrencies were securities, such as shares of companies traded on Wall Street, and that cryptom companies violated the law by offering them without the correct disclosures.
The legal offensive of the SEC threatened the survival of the crypto industry in the United States. Last year, several top companies closed to each other to finance a Super PAC called Fairshake and two other affiliated PACs, which started with an editions aimed at stacking the congress with pro-industries Wetgevers.
That effort was remarkably successful. As soon as Mr. Trump took office in January, the legislative priorities of the crypto world began to get ahead in the congress.
Last month, the Senate de Genius Act approved the Genius Act, which gives a government -seal of approval to Stablecoins, a kind of digital currency designed to maintain a constant price of $ 1. At the same time, legislators in the house introduced the Clarity Act, the most ambitious legal effort of the industry.
A central goal of the Clarity Act is to exclude part of the profit that the crypto world has made under Mr Trump. In recent months, the SEC has dropped its lawsuits against Crypto companies, but the agency could theoretically revive that effort under a future president. The industry wants to ensure that this does not happen.
If the Clarity Act is assumed: “We would certainly be unpacked from bringing cases for misconduct from the past,” said Amanda Fischer, who was a top official during the Biden administration. “It would bless all the behavior of the crypto industry with retroactive effect.”
