US House of Representatives approve 3 digital asset bills

NEW YORK

The US House of Representatives has approved three bills related to digital assets as part of efforts to make the country the “crypto capital of the planet.”

The “Digital Asset Market Clarity Act,” known as CLARITY, was approved by a vote of 294 to 134 in the House of Representatives on Thursday.

A total of 78 Democratic members of the House of Representatives voted in favor of the bill.

The bill aims to eliminate general regulatory uncertainty surrounding digital assets and establish clear rules for the sector.

The bill seeks to promote the growth of the sector in the US, while also protecting consumers and facilitating the operations of crypto companies in the country.

For the bill to become law, it must first be approved by the Senate before being submitted to US President Donald Trump for his signature.

Trump is expected to sign GENIUS

The “Guiding and Establishing National Innovation for U.S. Stablecoins,” known as GENIUS for short, passed the House of Representatives with 308 votes in favor and 122 against.

Stablecoins are types of cryptocurrencies where the value of the digital asset based on a reference asset, such as US dollar.

The bill, which was opposed by 12 Republican representatives, received 102 votes in favor from Democratic representatives.

The bill was also approved in the Senate last month with the support of both Republican and Democratic members of Congress, with 68 votes in favor and 30 against.

Thus, the bill has been sent to President Trump for his sign to become law.

The bill aims to establish a federal regulatory framework for stablecoins and increase the transparency and accountability of the stablecoin market.

Trump is expected to sign the bill on Friday.

Anti-CBDC bill passes by 9 votes

The “Anti-CBDC” bill, which aims to prevent the issuance of central bank digital currencies (CBDCs), was also approved by the House of Representatives by a vote of 219 to 210, while only two Democratic representatives voted in favor of the bill.

The bill prohibits the US Fed from directly offering CBDCs to individuals or indirectly issuing CBDCs through financial institutions.

The bill, which defines financial privacy as a constitutional right, emphasizes that CBDCs could be used to track individuals' spending habits, political donations, or personal financial decisions.

For the bill to become law, it must also be approved by the US Senate and then signed by Trump.

The US House of Representatives had announced earlier this month that this week would be “crypto week” as part of efforts to make the country the “crypto capital of the planet.”