US House Passes Motion To Advance CLARITY, GENIUS, And Anti-CBDC Act

Bitcoin Magazine

US House Passes Motion To Advance CLARITY, GENIUS, And Anti-CBDC Act

Today, the US House of Representatives has officially passed a procedural vote to advance several key pieces of crypto legislation, including the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.

JUST IN: US House PASSES vote on the motion to advance the GENIUS and CLARITY Acts. pic.twitter.com/oAXMZW1X7v

The CLARITY Act (H.R. 3633) would establish a clear regulatory framework for digital commodities like Bitcoin by dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

The Anti-CBDC Act (H.R. 1919) aims to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC), citing concerns over financial surveillance. If passed, this bill would help protect Bitcoin’s role as a decentralized alternative to government issued digital money.

“Upon adoption of this resolution it shall be in order to consider in the House the bill (H.R. 1919) to amend the Federal Reserve Act to prohibit the Federal reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes,” stated the legislation.

The GENIUS Act (S. 1582) also moved forward and focuses on regulating stablecoins, which President Donald Trump has given lots of praise.

Let’s get the GENIUS Act to President Trump’s desk! pic.twitter.com/0sk61rObxq

But despite the President’s eagerness to sign the bill into law, some Republicans were still opposed to the legislation going into today’s procedural vote. US Representative Marjorie Taylor Greene commented on her concerns regarding the legislation, stating, “I will not vote for this. The only way to guarantee a ban on a central bank digital currency is through law. The GENIUS Act does not ban CBDC or maintain people’s chain of custody.”

Trump also reportedly announced that the GENIUS Act will be passed tomorrow. According to Bloomberg, he talked with the remaining Republican holdouts and said he was able to secure their support. 

JUST IN: President Trump says The GENIUS Act will be passed tomorrow, after speaking with all holdouts today, Bloomberg reports.

“We remain committed to securing these critical protections in the final legislation and ensuring they are preserved as the bill moves through the Senate and into law,” said US Representative Andy Harris. “This is an important step to ensure Americans are protected from government overreach into their financial privacy.”

This post US House Passes Motion To Advance CLARITY, GENIUS, And Anti-CBDC Act first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.