House Passes ‘Crypto Week’ Bills, Sending GENIUS Act to Trump’s Desk

The House of Representatives voted Thursday to pass a trio of cryptocurrency bills pushed for by President Donald Trump.

The bills’ passage marks the latest step advancing the Trump administration’s goal of reshaping American crypto policy, which was a stated campaign priority for the president. Trump has previously said he wants to make the U.S. “the crypto capital of the world,” with the industry and its backers pushing for deeper integration of digital assets into the economy.

The GENIUS Act passed Thursday, which establishes a framework for private companies to issue stablecoins, now heads for Trump’s desk, having cleared the Senate last month. He is expected to sign the act into law.

The House also passed the CLARITY Act, which would establish a framework for cryptocurrency regulation, and the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from issuing a central bank digital currency. Both will require Senate approval before they can move to Trump’s desk.

A ‘Watershed Moment’ for the Crypto Industry

Ji Hun Kim, CEO of the Crypto Council for Innovation, called the House’s passage of the GENIUS Act a “watershed moment” and said the CLARITY Act’s passage “replaces uncertainty with confidence for entrepreneurs, the broader market, and consumers.”

The GENIUS Act has been a hot topic in big banks’ earnings calls this week, with JPMorgan Chase (JPM), Bank of America (BAC), Citi (C), and others facing questions from analysts about how they plan to utilize stablecoins, which are cryptocurrencies with a value pegged to another currency or financial asset, such as the U.S. dollar.

Walmart (WMT) and Amazon (AMZN) are some of the companies reportedly considering launching their own stablecoins, which could potentially reduce the billions of dollars the retail titans pay in credit transaction fees if customers use them to make purchases. 

Both the CLARITY Act and GENIUS Act received bipartisan support, with dozens of Democrats joining the Republican majority to vote in favor. The Anti-CBDC Surveillance State Act was approved largely along party lines.

This article has been updated since it was first published to include additional information.