GENIUS Act, Anti-CBDC Act, and CLARITY Act Pass Procedural Vote in Congress

The U.S. House of Representatives passed a procedural vote allowing the GENIUS Act (stablecoin bill), the Digital Asset Market Clarity Act, and the Anti-CBDC Surveillance State Act to move forward. This happened after a previous failed vote was overturned by intervention from President Trump. The vote was 215-211 and was supported entirely by Republicans. The GENIUS Act, which has already passed the Senate with bipartisan support, could soon be signed into law, establishing federal licensing for stablecoin issuers and requiring them to be fully backed by U.S. dollars or equivalent assets, while protecting consumers in case of bankruptcy by prioritizing their payments. The Anti-CBDC Surveillance State Act prohibits the Federal Reserve from issuing a central bank digital currency, and the CLARITY Act sets up regulations for digital asset markets. Federal regulators also released guidance clarifying that banks can offer cryptocurrency custody services.