House GOP Prepares for Crucial Re-Vote on Cryptocurrency Bills
The US House of Representatives will reconsider three significant cryptocurrency bills this week after delays caused by Republican disagreements regarding central bank digital currency (CBDC) provisions. House Speaker Mike Johnson plans to advance the legislation separately to improve Senate approval chances, despite some members preferring a combined approach.
Key Legislation Under Consideration
- The GENIUS Act establishes regulatory standards for stablecoins
- The Anti-CBDC Surveillance Act prohibits developing a US CBDC
- The CLARITY Act creates a comprehensive framework for crypto market oversight
Republican Concerns and Opposition
Several Republican lawmakers, including Marjorie Taylor Greene and Andy Biggs, oppose advancing the GENIUS Act without explicit CBDC restrictions. Their objections center on potential government overreach and insufficient protections for digital asset self-custody.
Legislative Timeline and Challenges
Speaker Johnson continues negotiations with dissenting members to move the legislation forward. The House aims to pass these crypto-related laws before its August recess. This Republican-led initiative, called ‘Crypto Week,’ faces Democratic counter-efforts labeled ‘anti-crypto corruption week.’
Industry Perspectives
Caitlin Long, CEO of Custodia Bank, noted initial procedural setbacks don’t necessarily doom legislation. Eleanor Terrett, host of Crypto in America, clarified the GENIUS Act already limits the Federal Reserve‘s ability to issue retail CBDCs.
