US House passes market structure bill as crypto week continues

After delays in Congress over Republican concerns with central bank digital currencies (CBDDCs), the US House of Representatives has passed its first crypto legislation of the week. In a Thursday House session, lawmakers voted 294-134 to pass the Digital Asset Market Clarity (CLARITY) Act, a bill aimed at establishing a market structure for cryptocurrencies in the US. Almost 80 Democrats voted yes for the Republican led legislation, one of three bills expected to move through the chamber before Congress breaks for its August recess. Republicans had been calling for everyone in their party to support the bills as part of their “crypto week” plans — a nod to President Donald Trump’s stated intention to enact his crypto agenda quickly. However, on Wednesday, voting on consideration of a package, including the three bills, stalled for hours after some Republicans held out for a carve-out to ban the development of a CBDC in the US. The House is expected to take up a vote soon on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to regulate payment stablecoins, as well as the Anti-CBDC Surveillance State Act. Trump reportedly planned to sign the GENIUS Act by Friday, assuming there were no amendments to the bill after it passed the Senate in June. This is a developing story, and further information will be added as it becomes available.