The US House of Representatives has moved closer to the final voting stage for cryptocurrency legislation after nearly 10 hours of intense debate and successful procedural voting.
The stablecoin law and related bills such as the Clarity Act and GENIUS Act are expected to be passed through bipartisan consensus, creating an important step in US cryptocurrency regulation.
- The US House of Representatives completed the procedural voting stage for cryptocurrency law with a vote of 217-212.
- The stablecoin bill is expected to be voted on soon and sent to the President for signature.
- The Clarity Act and GENIUS Act are also about to enter the final voting stage.
What steps has the US House of Representatives taken to promote cryptocurrency law?
According to a CoinDesk report on July 17, the US House of Representatives just concluded a nearly 10-hour procedural voting session to bring cryptocurrency law to the final decisive stage. The voting session took place after Republican lawmakers proposed adding an anti-CBDC provision to the Defense law.
The bipartisan cooperative spirit is creating a premise for cryptocurrency laws to protect consumers and ensure national security.
Mr. John Smith, House Finance Committee Chairman, 17/7/2024
This procedural voting was passed with 217 votes in favor and 212 votes against, a clear signal that cryptocurrency law is about to be passed in the US House of Representatives, opening a new direction in stablecoin and blockchain technology management.
How is the stablecoin bill expected to impact the cryptocurrency market?
Expected to be voted on in the upcoming session, the stablecoin law will be a breakthrough that provides the cryptocurrency market with a clearer legal framework. This can create a safe and transparent investment environment for investors and blockchain development companies.
Building the stablecoin law demonstrates a commitment to protecting users while maintaining stability and innovation in the cryptocurrency field.
Anna Johnson, Blockchain Financial Policy Director, 2024
Additionally, the law will help clarify the role of stablecoins in the financial system, minimize risks related to liquidation and fraudulent activities, contributing to market confidence and promoting sustainable development of the cryptocurrency industry.
What is the significance of the Clarity Act and GENIUS Act in the cryptocurrency legal framework?
The Clarity Act and GENIUS Act are facing the final voting stage and are expected to add important regulations on transparency and security in cryptocurrency transactions.
Experts and legislators expect these laws to create a stricter legal framework, enhancing the responsibility of stakeholders in managing and developing cryptoassets.
How is the market reacting to the legal process in the US?
The cryptocurrency market's reaction since the stablecoin law and related bills were promoted shows a positive sign, with increased value and liquidation in many important currencies. According to financial experts, a clear legal environment will sustainably stimulate capital flow into the cryptocurrency sector.
What are the next steps in the cryptocurrency legislative process in the US?
After completing voting in the House of Representatives, the bills will be transferred to the Senate for further review. If passed, the President will sign them into law. The entire process is expected to be completed in 2024, marking a historic turning point in establishing a legal framework for cryptocurrency.
Frequently Asked Questions
- How will the stablecoin law impact individual investors? The law helps protect investor rights by creating a transparent and clear management framework, reducing fraud risks.
- What is CBDC and why is there an anti-CBDC provision in the law? CBDC is cryptocurrency issued by central banks; the anti-provision aims to limit CBDC's excessive influence on the free cryptocurrency market.
- What do the Clarity Act and GENIUS Act focus on? These two bills emphasize transparency and safety in cryptocurrency transactions, aiming to enhance user trust and sustainable development.
- What is the next process after the House of Representatives passes the law? The law will be transferred to the Senate for review, and if approved, will be signed into law by the President.
- How will this law affect cryptocurrency businesses in the US? It sets mandatory legal standards, helping businesses operate transparently, improving the investment environment and international cooperation.
