On Thursday, the House of Representatives established a regulatory framework for stable payment coins, leading to the passage of cryptocurrency bills that are now headed to President Trump’s desk—a significant win for the industry.
Lawmakers voted 308-122 in favor of the Genius Act after what was described as a tumultuous “crypto week” at the Chamber of Commerce, where internal divisions within the GOP caused a two-day stall.
In the vote, twelve Republicans opposed the measure, while 102 Democrats supported it.
The bill, which regulates dollar-backed digital tokens, is now awaiting Trump’s signature.
Interestingly, just a day prior, the future of the legislation seemed uncertain.
A faction of hardline Republicans had paused discussions on Tuesday in an effort to push through a trio of crypto bills.
The next day, Trump signed an agreement to gain their backing, although some remained resistant as the House continued to debate the bill.
This compromise with the hardliners also sparked criticism from members of the House Financial Services Committee.
The deal tried to incorporate elements of a broader legislative framework, known as the Digital Asset Market Clarity Act, which aims to prohibit the Federal Reserve from issuing central bank digital currency (CBDC).
Earlier on Wednesday, the House had passed a separate bill related to the digital asset market with a vote of 294-134; next up would be discussions on anti-CBDC measures.
After the deliberations on Wednesday, votes on the rules remained open, and the number of “no” votes from hardliners continued to rise.
Including provisions in the Essential Pass Act may help ensure the bill reaches Trump’s desk, although Congress still has some complex negotiations ahead.
The agreement prompted many remaining holdouts to shift from “no” to “yes,” allowing for a lengthy voting process that far exceeded the previous record for extended votes set two weeks ago.
When the vote finally closed late Wednesday, the only Republican to vote against it was Rep. Marjorie Taylor Greene from Georgia.
The successful adoption of new rules enabled lawmakers to advance discussions on cryptocurrency bills, including the Genius Act.
The passage of the stablecoin bill signifies an essential breakthrough for the crypto sector.
Trump, who has shifted into a prominent role as an ally for the industry during his second term, urged House members to rapidly approve “clean” legislation, which fueled frustrations about tying it to broader crypto market structure laws.
Some lawmakers expressed hope that the House would unify its cryptocurrency legislation, linking it to ensure ongoing momentum before reaching the market structure stage.
The Market Structure Act, designed to divide oversight of the industry between the Securities and Exchange Commission and the Commodity Futures Trading Commission, is seen as a key component of crypto regulation.
While the Senate has been slower to progress on market structure legislation, it appears ready to introduce its own version soon.
