House champions Trump, passes groundbreaking crypto bill
US House Legislators Pass Three Pivotal Cryptocurrency Bills
CLARITY Act Clears Regulatory Ambiguity
The CLARITY Act drafts a clearer framework that delineates responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for digital assets.
GENIUS Act Codifies Stablecoin Standards
- Issuers must maintain reserves equal to their outstanding collateral.
- The bill moves directly to the President for signature.
Senate’s Support Highlights Growing Crypto Legitimacy
Senator Bill Hagerty praised the legislation as a modern payment system that ensures the dominance of the US dollar and boosts demand for US Treasuries.
From Skepticism to Support: Trump’s Crypto Shift
Fiscal uncertainty about crypto persisted until last year’s campaign donations prompted Trump to reverse his platform.
Trump Administration Takes Crypto Forward
Members of the Trump team, including Vice President JD Vance, have shown strong enthusiasm for digital assets, driving Congress to pass historic legislation on cryptocurrencies.
Crypto Enthusiasm Spreads from Vice President to President
- Vice President Vance launched a Trump meme coin, selling it to White House guests at a gala dinner.
- President Trump is preparing to open the $9 trillion U.S. retirement market to crypto investments, gold, and private equity.
Bipartisan Support for New Bills
The CLARITY Act and the GENIUS Act received widespread bipartisan backing. Democrats reported a surge in lobbying and contributions from the crypto industry.
Congressman Josh Gottheimer, a Democrat who backed the bills, said, “It’s critically important we bring more certainty to the marketplace with clear rules of the road.”
Trump’s Crypto Actions Behind the Scenes
- President Trump appointed Paul Atkins, a crypto advocate, to lead the SEC.
- He established a federal “Strategic Bitcoin Reserve” to audit the government’s Bitcoin holdings, mostly seized through law enforcement seizures.
- Forbes estimates that Trump’s crypto ventures have doubled his wealth to $5.3 billion in just one year.
Republican-Led House Passes Anti-CBDC Bill
The House approved the Anti-CBDC Surveillance State Act, a bill that would block the issuance of a central bank digital currency (CBDC). Even though the U.S. Federal Reserve has no current plans for a digital dollar, Republicans argue that a CBDC could allow the federal government to monitor, track, and potentially control private citizens’ financial transactions, thereby undermining privacy and civil liberties.
Passage of the anti-CBDC bill in the Senate is not guaranteed before the measure goes to the president’s desk. An earlier attempt to set aside the anti-CBDC bill caused a stir among a small group of Republicans, delaying the passage of the other two bills until last‑minute lobbying by President Trump helped resolve the issue.
