TLDR
- Rep. French Hill confirmed that the House has enough votes to pass three key crypto bills this week.
- The three bills are the GENIUS Act, the CLARITY Act, and the Anti-CBDC bill.
- The bills previously faced setbacks due to strong opposition from Democratic lawmakers.
- Rep. Hill expressed confidence in the reintroduction of the bills and their passage.
- The House will vote on the CLARITY Act today, and the GENIUS Act will be voted on tomorrow.
Rep. French Hill confirmed that the House of Representatives has sufficient votes to pass three vital crypto-related bills this week. These bills are the Senate’s GENIUS Act, the Anti-CBDC bill, and the CLARITY Act. Despite recent setbacks, Hill emphasized that the necessary support is in place for their passage.
The initial vote saw the three bills face significant opposition from the Democrats, who were united in rejecting the legislation. Of the 220 Republicans present, 196 voted in favor, while 13 voted against, and 11 were undecided. The Democratic side, however, rejected the bills, with 210 voting “NAY” and two remaining neutral. This resulted in a 223-196 vote, with the majority opposing the legislation.
Despite this setback, Rep. Hill remained optimistic about the passage of the crypto bills. He stated that Speaker Mike Johnson is overseeing their reintroduction to secure their success. Hill explained that the House will now vote on the bills individually, which is expected to improve their chances of passing. Rep. Hill’s statements were made during a recent interview on CNBC’s Squawk Box.
House to Vote on CLARITY Act Today
Rep. Hill confirmed that the House will vote on the CLARITY Act later today. This bill aims to clarify the regulatory authority for the crypto industry in the United States. Hill expressed confidence that the vote would proceed smoothly, as he believes there is bipartisan support for the bill.
The CLARITY Act seeks to provide clear guidelines for regulating digital assets. By distinguishing the roles of the SEC and CFTC, the bill aims to remove confusion. This clarity is seen as essential for the future development of the crypto market in the U.S.
Hill further stated that the vote on the CLARITY Act would be crucial for setting a clearer regulatory framework. The legislation has garnered significant attention as it attempts to address the regulatory void that many industry stakeholders have raised concerns about. Hill’s assurance signals that the bill may soon make significant progress.
GENIUS Act Set for Vote Tomorrow
Rep. French Hill expressed confidence that the Senate’s GENIUS Act will pass when it comes up for a vote tomorrow. This bill focuses on establishing a clear regulatory framework for dollar-backed stablecoins in the United States. The GENIUS Act is seen as a necessary measure to ensure the growth of stablecoins within the U.S. economy.
The bill also aims to protect the stability of the U.S. financial system. Supporters believe it could help regulate the fast-growing stablecoin sector, ensuring that it operates within a well-defined legal structure. Hill’s confidence in the bill’s passage stems from the growing need for clarity in the digital currency space.
Rep. Hill is optimistic that the GENIUS Act will pass despite previous setbacks. The bill’s success is crucial to strengthening the U.S. regulatory framework for digital assets. Hill’s remarks reflect a strong belief that the legislation will be enacted in the near future.
Anti-CBDC Bill Expected to Gain Bipartisan Support
The Anti-CBDC bill, introduced by Rep. Thomas Emmer, aims to prevent the creation of a central bank digital currency without Congressional approval. Rep. Hill indicated that he expects this bill to receive broad bipartisan support. The legislation seeks to ensure that any digital currency created by the Federal Reserve would require authorization from Congress.
The bill’s passage is seen as a critical step in preventing the government from overreaching in the digital currency space. Hill’s remarks reflect the widespread concerns among lawmakers about the potential implications of a central bank digital currency. With bipartisan support, this bill could quickly move through the legislative process.
Rep. Hill’s confidence in the passage of these crypto bills signals the growing momentum in the House for clearer digital asset regulation. He anticipates that the reintroduction of these bills will lead to smoother votes.
