House of Representatives Moves Forward on CLARITY, GENIUS, Anti-CBDC Acts

A group of Republican lawmakers had refused to support the bills unless they came with a clear ban on a CBDC.

House Majority Leader Steve Scalise promised to include that ban in the annual defense spending bill instead, which typically passes without issue. This compromise allowed the procedural vote to pass 217–212.

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The three bills on the agenda are part of what party leaders have called "Crypto Week".

One bill, known as the CLARITY Act, sets rules for cryptocurrency markets. Another, the Anti-CBDC Surveillance Act, prohibits the creation of a US CBDC.

The third, known as the GENIUS Act, outlines regulations for stablecoins. President Donald Trump has urged Congress to pass the GENIUS Act by the end of the week.

The internal dispute over the CBDC ban first came on July 15, when Republicans blocked an earlier attempt to bring the bills to the floor.

Representative Keith Self, who eventually changed his vote, argued that the GENIUS Act would still leave room for a CBDC. Representative Tim Burchett said that moving the CBDC ban to the defense bill was a key part of the compromise.

Letitia James, the Attorney General of New York, recently requested that Congress make changes to two proposed laws focused on stablecoins. What did she say? Read the full story.