The US House of Representatives Passes Three Important Crypto Asset Bills with Bipartisan Support, Laying the Legal Foundation for the Industry, Despite Intense Debates.
Just before the August recess, the US House of Representatives made a significant step in establishing a legal framework for digital assets by approving a package of three prominent bills within the "Crypto Asset Week" campaign initiated by the Republican Party. This move received considerable consensus from both parties, demonstrating a clear shift in Washington's stance towards the cryptocurrency industry.
Specifically, the three passed bills include: the Digital Asset Market Clarity Act (CLARITY Act), the Guiding and Establishing National Innovation on Stablecoin Act (GENIUS Act), and the Anti-Central Bank Digital Currency Surveillance State Act.
Notably, the voting showed significant bipartisan support. Nearly 80 Democratic Party members voted in favor of the CLARITY Act, while the GENIUS Act received over 100 affirmative votes from Democrats. This result reflects the growing consensus on the need to build a clear legal framework, although the voting process was not entirely smooth.
The voting session was delayed for several hours due to a group of Republican representatives requesting an additional clause completely banning CBDC development. However, the final result was still positively received by the industry. Blockchain Association CEO Summer Mersinger described it as a victory for "privacy, market competition, and personal financial freedom."
Despite passing with support from both sides, these bills still faced strong opposition from senior Democratic Party representatives, led by Representative Maxine Waters. In response to the "Crypto Asset Week," Waters organized a media event titled "Crypto Asset Anti-Corruption Week," accusing the bills of being driven by group interests and potentially harboring corruption under the Trump administration. She called on Democratic colleagues to vote against the bills, warning of potentially serious consequences for the US financial system.
"The Republican crypto asset bills will create large loopholes in the federal financial law system, putting consumers and investors at risk – under the guise of innovation," Waters stated in the session. She also warned that loosening these financial regulations could lead to a crisis similar to 2008. This hardline stance shows that despite the emerging legal framework, debates about the direction and management of crypto assets in Washington are far from over.
Meanwhile, the legislative process is moving quickly. President Trump is expected to sign the GENIUS Act this week. The remaining two bills, the CLARITY Act and Anti-CBDC Surveillance State Act, will be transferred to the Senate for further discussion, where they may face many challenges and adjustments before officially becoming law.
