After scaling through the legislative hurdles in the Senate, the GENIUS Act may face new headwinds in the US House of Representatives. A section of House members is backing a pairing of the stablecoin bill with the crypto market structure bill as a prerequisite for smooth passage.
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House Receives GENIUS Act Amid Clamour For Merger With CLARITY Act
According to an X post by US-based cryptocurrency journalist Eleanor Terrett, the House of Representatives has officially received the GENIUS Act. Going forward, the House will now deliberate and vote on the Senate’s version of a stablecoin bill.
Last week, the Senate passed the GENIUS Act in a 68-30 vote with massive bipartisan support. In line with extant rules, the stablecoin bill heads to the House for consideration, and if passed without amendment, the bill will proceed to the president for final assent.
However, key House members are angling to merge the recently received bill with a market structure bill – the CLARITY Act. Terrett disclosed that GOP Majority Whip Tom Emmer is leading the push to package the GENIUS Act with the CLARITY Act ahead of voting.
The CLARITY Act, also known as a crypto market structure bill, seeks to provide an overarching regulation for the entire cryptocurrency industry. The CLARITY Act has passed markups in the House, but it remains unclear if the plan of a merger will work. An attempt to merge both bills will trigger a delay in the passage of the GENIUS Act, requiring the Senate to approve the changes.
“Market structure is essential to any Congressional action on digital assets,” said Emmer. “I expect the GENIUS Act has a path in the HOUSE, so long as it’s accompanied by the CLARITY Act.”
Following the passage of the GENIUS Act by the Senate, US President Trump urged the House to pass the stablecoin bill without modification. Trump wants a clean passage of the GENIUS Act by the House of Representatives, pushing for the bill to reach his desk “ASAP.”
The Senate Banking Subcommittee on Digital Assets has unveiled principles for its version of the CLARITY Act, seeking to improve the House version.
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GENIUS Act Reaches House But Progress Hinges On CLARITY Act Merger
After scaling through the legislative hurdles in the Senate, the GENIUS Act may face new headwinds in the US House of Representatives. A section of House members is backing a pairing of the stablecoin bill with the crypto market structure bill as a prerequisite for smooth passage.
Advertisement
Advertisement
House Receives GENIUS Act Amid Clamour For Merger With CLARITY Act
According to an X post by US-based cryptocurrency journalist Eleanor Terrett, the House of Representatives has officially received the GENIUS Act. Going forward, the House will now deliberate and vote on the Senate’s version of a stablecoin bill.
Last week, the Senate passed the GENIUS Act in a 68-30 vote with massive bipartisan support. In line with extant rules, the stablecoin bill heads to the House for consideration, and if passed without amendment, the bill will proceed to the president for final assent.
However, key House members are angling to merge the recently received bill with a market structure bill – the CLARITY Act. Terrett disclosed that GOP Majority Whip Tom Emmer is leading the push to package the GENIUS Act with the CLARITY Act ahead of voting.
The CLARITY Act, also known as a crypto market structure bill, seeks to provide an overarching regulation for the entire cryptocurrency industry. The CLARITY Act has passed markups in the House, but it remains unclear if the plan of a merger will work. An attempt to merge both bills will trigger a delay in the passage of the GENIUS Act, requiring the Senate to approve the changes.
Following the passage of the GENIUS Act by the Senate, US President Trump urged the House to pass the stablecoin bill without modification. Trump wants a clean passage of the GENIUS Act by the House of Representatives, pushing for the bill to reach his desk “ASAP.”
The Senate Banking Subcommittee on Digital Assets has unveiled principles for its version of the CLARITY Act, seeking to improve the House version.
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