The United States House of Representatives has given the green light to three bills related to cryptocurrencies,
advancing them further before the August recess. You can view the official record on the House.gov website.
On July 17th, members of Congress voted 294-134 in favor of the Digital Asset Market Clarity (CLARITY) Act. The
Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act also passed, with a 308-122 vote.
The Anti-CBDC Surveillance State Act saw a closer result, passing 219-210.
The CLARITY and GENIUS bills received bipartisan support, with nearly 80 Democratic representatives
supporting the former and over 100 backing the latter.
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The attempt to prevent a Central Bank Digital Currency (CBDC) proved more controversial.
Democrats largely voted against it, while most Republicans supported the measure.
Each piece of legislation addresses different facets of the cryptocurrency sector. The CLARITY Act establishes
regulatory guidelines for exchanges and trading platforms, and the GENIUS Act sets up a regulatory framework for
stablecoins, outlining reserve and licensing requirements. The Anti-CBDC bill aims to prevent the Federal Reserve
from creating a digital dollar without explicit Congressional approval.
On July 16th, the process experienced delays when some Republican members refused to proceed unless
assured that a ban on CBDCs would be incorporated into a future defense spending bill. Party leaders eventually
conceded to this demand, which then paved
the way for the votes.
In other news, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has unveiled a revised strategy for
combating financial crime. Discover the
complete details here.
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