U.S. House of Representatives Passes Procedural Motion to Advance GENIUS Stablecoin Act and Clarity Crypto Regulatory Act Vote

The U.S. House of Representatives passed a motion on July 16, local time, by a vote of 215 to 211 to advance the stablecoin regulatory bill GENIUS and the Clarity for Digital Assets Act, both of which will enter the formal voting process. GENIUS has been passed by the Senate and could be sent to President Donald Trump for signing as early as this week. The Clarity Act aims to clarify the framework for the SEC and CFTC to separately regulate crypto assets and requires further Senate review. In addition, the House of Representatives agreed to a subsequent vote on a bill to ban the Federal Reserve from issuing a CBDC to individuals. [TheBlock]