The US House of Representatives ended a nine-hour standoff on July 16 by agreeing to advance three cryptocurrency-related bills.
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.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
