Republican legislators and President Donald Trump defeated the party’s internal divisions to move three cryptographic accounts through the House of Representatives last week, although some still encounter obstacles before they will become the law.
After two long sessions in the Chamber last week, on Thursday, everyone except 12 Republicans and over 100 democrats voted for a guide and establishing national innovations for the American Act Stablecouins (Genius), the Act on the Stablecoins payment regulation, which Trump signed the law about 24 hours later.
The other two accounts, the Act on the digital asset market (Clarity) and the Act on the Anti-CBDC (Central Bank Digital Currency) supervision state, will go to the Senate to consider, because both chambers are preparing for a break for the August break.
Three bills were part of the “Crypto Week” initiative, which gives diligence in determining regulatory transparency for aspects of the digital asset industry.
Some Republican legislators tried to name their efforts as “impartial” or bilateral. The overwhelming majority of viewers during the signing of the Genius Act were members of their party or in a different way ally with Trump, while some democrats still raise the potential conflicts of Trump’s interests in debates regarding bills related to his own cryptographic projects. This suggests that legislation can still face the arguments of the Democrats Senate regarding the other two bills.
The Senate Republicans are expected to first deal with the structure of the cryptographic market. The bill would establish rules regarding regulatory bodies, such as the Securities and Stock Exchange Commission (SEC) and the Futures Commodity Commission (CFTC) and distinguishing between which tokens qualified as securities in accordance with US law.
Related: Crypto execs to take part in Stablecoin Bill signing after Thursday’s vote
The brightness is in the first place, and CBDCS secondly?
On Tuesday, four republican senators published a discussion about its version of the Act on the structure of the cryptocurrency market, which, he claims, “is based” on the Act on clarity. Legislation, the initially entitled Act on responsible financial innovations, suggested that the chamber’s efforts regarding the establishment of the structure of the cryptocurrency market could have been little more than a test for the Senate law.
Regardless of whether the Act on clarity or the Act on responsible financial innovation, they end with the final product desired by republicans, or Bill must go through both chambers to end on Trump’s desk.
https://www.youtube.com/watch?v=q980_6djfyuu
The anti-CBDC account faces similar challenges. Only two democrats were told to the Republicans to approve the bill in the Chamber. Reports also suggested that many Republicans conducted a preliminary vote on all three bills regarding the fear that the formulation of the genius act could allow the rear digital dollar.
Senator Wyoming Cynthia Lummis, chairwoman of the Digital Assembly of the Banking Committee, he also has proposed that the Senate remains in the session until August to deal with some Trump nominations.
Senator spokesman said that at this time he would also assist “perform the president’s program”, signaling that he can also utilize time to prepare for markers on two accounts.
CFTC is still struggling with staff problems
Among all discussions about cryptocurrency accounts and with legislators in Congress, expecting that within a few days it would break in the August break, the Senate has not yet voted for the nomination of Brian Quintenz to preside CFTC.
Reports suggested This one republican senator was absent at the planned Monday meeting of the committee, forcing leadership to delay voting in the Quintenz case.
A spokesman for the Senate Committee on Agriculture, John Boozman, a meeting to consider the Quintenz nomination, said CointeLgraph Republicans who expected voting according to the party. However, the committee planned to vote on the future chairman of CFTC before the August break.
Only two commissioners, acting, Caroline Pham and Kristin Johnson, served in CFTC at the time of publication. Both should leave the agency before 2026. After a possible confirmation of Quintenz by the Senate, potentially leaving four leadership places.
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