GENIUS Stablecoin Bill's House Fate Tied to CLARITY Act
GENIUS Stablecoin Bill Awaits House Vote, Contingent on CLARITY Act
House Majority Whip Tom Emmer recently stated that the House will vote on the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act only if it is coupled with the CLARITY (Digital Asset Market Clarity) Act. This development significantly impacts the future of stablecoin regulation in the US.
Key Takeaways:
- The House will likely consider the GENIUS Act only if paired with the CLARITY Act.
- The GENIUS Act aims to establish federal standards and licensing for stablecoin issuers.
- The CLARITY Act seeks to provide regulatory clarity for digital assets.
The GENIUS Act, after passing the Senate on June 17th and reaching the House on June 23rd, faces potential roadblocks. Its advancement hinges on the simultaneous consideration of the CLARITY Act, which is currently awaiting a House floor vote. The CLARITY Act, having passed the House Committee on Financial Services, would provide much-needed regulatory structure for the digital asset market, addressing some of the concerns surrounding the GENIUS Act.
President Donald Trump publicly urged the House to swiftly pass the GENIUS Act without delay or amendments. However, the bill's progress has been met with opposition due to concerns about potential conflicts of interest related to the Trump family’s involvement in the crypto space. Critics worry that the GENIUS Act might inadvertently legitimize these conflicts, particularly given Trump’s association with World Liberty Financial and its USD1 stablecoin.
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