Following internal Republican wrangling, the US House of Representatives has passed a bill containing comprehensive regulations for the cryptocurrency market. The Digital Asset Market Clarity Act was approved by a vote of 294-134, with 78 Democrats and all Republicans supporting the bill. Lawmakers voted 308-122 for the stablecoin bill, GENIUS. GENIUS, which has already passed the Senate, requires the stablecoin to be fully backed by US dollars or similarly liquid assets, mandates annual audits for issuers with a market capitalization greater than $50 billion, and establishes guidelines for foreign issuances. In addition, the Anti-CBDC bill was also approved by vote. This development in the House of Representatives came at the end of a grueling process dubbed “crypto week.” GOP leadership had hoped to easily pass three bills related to digital assets. However, on Tuesday, some hard-line Republicans blocked a procedural vote, stalling the bill. President Donald Trump then intervened and attempted to broker a deal with the lawmakers. Related News: How Much Is Vitalik Buterin's Fortune After The Last Big Rally In Ethereum? Here is His Wallet and Altcoins Trump's compromise included adding language from the “Anti-CBDC Surveillance State Act” to the crypto regulation bill, which would ban the Fed from issuing central bank digital currencies (CBDCs). However, this move failed to stop the rebellion and angered another faction within the party. After hours of negotiations and the longest vote in House history, leadership agreed to add the anti-CBDC provisions to the National Defense Authorization Act (NDAA). This strategic change increased the bill's chances of reaching Trump's desk. Most Republican opponents then switched their votes to “yes,” and the voting process was reinstated. *This is not investment advice. Continue Reading: A Big Milestone in the Cryptocurrency World: All Three Major Cryptocurrency Bills Passed by the House of Representatives
