Titular
The House of Representatives approved a legislation on Thursday to regulate the Stablcoins and is expected to vote on two other projects related to cryptocurrencies, after the conservatives block the legislative package during a nine -hour record on Wednesday, challenging the demands of President Donald Trump in what the Republicans have called the “Crypto Week”.
Key facts
The Chamber approved the bill on Stablecoins, known as Genius Law (Guonding and Establishment National Innovation for Us Stablcoins), with a vote from 308 to 222, sending it to Trump’s desk for firm.
The Chamber approved on Wednesday night the rules for the debate of the three bills, exceeding a procedural obstacle that allowed to program the final votes for Thursday, after the initial vote failed by a conservative revolt.
The president of the Chamber, Mike Johnson (Republican for Louisiana), told the journalists “yes”, when asked if he hoped that the three projects were approved on Thursday.
What are the three bills?
The Anti-CBDC Law (Central Bank Digital), the 2025 digital asset market and the Genius Law (Fomento and National Innovation for Stablecoins in the US. UU.).
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What is the genius law?
This legislation establishes a regulatory framework for Stablecoins, a type of cryptocurrency that is generally linked to the value of the US dollar or another asset, which makes them a safer investment than other cryptocurrencies. The Law would establish guidelines for banks and other entities that emit Stablecoins, as well as safeguards for the holders of these currencies.
What is the Anti-CBDC law?
It would prohibit the Federal Reserve from issuing a Central Bank digital currency, which, according to critics, could facilitate financial monitoring and surveillance by the Federal Government. The Chamber’s leadership agreed to attach this project to the National Defense Authorization Law (NDAA), an essential legislation that finances the Department of Defense, to meet the demands of the conservatives who wanted the three projects to be combined.
What is the law of clarity of the digital asset market?
Would divide the regulatory jurisdiction of digital assets between the Trade Commission of Futures of Raw Materials (CFTC) and the Bag and Securities Commission (SEC). The project would define three types of digital assets – values, raw materials and stablecoins – and assign regulatory responsibilities to each agency.
What Republicans blocked crypto bills?
Thirteen, including representatives Anna Paulina Luna (R-Fla.), Scott Perry (R-PA.), Chip Roy (R-Texas), Victoria Spartz (R-ind.), Michael Cloud (R-Texas) and Marjorie Taylor Greene (R-ga.), Among others, voted against the initial procedural motion on Tuesday. The representative Steve Scalise (R-La.), Who supports the projects, also changed his vote to “no” to be able to reintroduce the legislation later. Finally, their votes changed when the Anti-CBDC law merged with the NDAA, resulting in a 217-212 vote to advance with the projects after keeping the vote open for a nine-hour record.
What has Trump said about legislation?
Trump – whose family businesses have increased their interest in cryptocurrencies – said Tuesday that he had a “brief conversation” with 11 of the 12 opponents and agreed that the procedural maneuver agreed, although their confidence was premature since the negotiations continued in the plenary until the entrance on Wednesday night.
This article was originally published by Forbes US
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