US House Advances Landmark Crypto Legislation: Stablecoins, Market Clarity & CBDC Restrictions on the Table

The U.S. House of Representatives is accelerating its work on three pivotal crypto-focused bills, signaling a major shift toward comprehensive digital asset regulation:

🏛️ 1. GENIUS Stablecoin Act (Senate-passed version)

The Senate approved the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a 68–30 bipartisan vote cointelegraph.com+8natlawreview.com+8analyticsinsight.net+8. This is the first time either chamber has passed a stablecoin-specific bill. Key provisions include:

• Issuer categories: three regulated classes—bank-affiliated entities, federally chartered & state-certified stablecoin issuers analyticsinsight.netmondaq.com+1natlawreview.com+1.

• 1:1 reserve requirements: Issuers must hold highly liquid, low-risk assets like cash, insured deposits, short-term Treasuries, and eligible repos—rehypothecation is prohibited mondaq.com+1natlawreview.com+1.

• Operational mandates: Monthly reserve disclosures, transparent redemption policies, AML compliance, and audited financials for issuers managing >$50 billion mondaq.com+1natlawreview.com+1.

• No yield for holders: Bans on interest payments to holders; directs Treasury to study algorithmic (non‑payment) stablecoins coindesk.com+9mondaq.com+9natlawreview.com+9.

• Legal clarity: Permits designated payment stablecoins to avoid being classified as securities coindesk.com+6mondaq.com+6natlawreview.com+6.

• Transition timeline: 3-year exit window for unregulated stablecoins; effectiveness begins 18 months post-enactment or upon issuance of regulations coindesk.com+7natlawreview.com+7mondaq.com+7.

Having passed the Senate, the bill now awaits House consideration. President Trump has stated his intent to sign before Congress’s August recess en.wikipedia.org+7natlawreview.com+7mondaq.com+7.

🔍 2. Digital Asset Market Structure Clarity Act (“CLARITY Act”)

Both Houses committees—the Agriculture Committee (47–6) and the Financial Services Committee (32–19)—have voted to advance this bill, marking strong bipartisan support cointelegraph.com+2coindesk.com+2en.wikipedia.org+2.

• Jurisdictional clarity: Assigns the CFTC authority over digital commodities and the SEC over tokenized securities natlawreview.com+5coindesk.com+5ccn.com+5.

• Prevents regulatory gaps: Aims to eliminate uncertainty about oversight responsibilities and protect retail investors .

• Bipartisan amendments: Committee hearings included proposals to restrict political conflicts of interest and bailouts, although they did not pass .

• Unification in the House: Both committee drafts will merge to create a unified bill for a full House vote politico.com+1mondaq.com+1.

This Act, possibly paired with the GENIUS Act, is seen as essential to creating a functional on-ramp for stablecoin usage cointelegraph.com+8politico.com+8coindesk.com+8.

⚠️ 3. CBDC Restriction Proposal

Congressional leadership, including House Financial Services Chair French Hill and Rep. Tom Emmer, actively oppose a Central Bank Digital Currency (CBDC), citing concerns over excessive government power and erosion of consumer privacy cointelegraph.com+3financialservices.house.gov+3politico.com+3.

• Private-sector spotlight: A regulated stablecoin ecosystem is viewed as preferable, maintaining competition and innovation mondaq.com+5financialservices.house.gov+5analyticsinsight.net+5.

• Anti-CBDC legislation: The “Anti‑CBDC Surveillance State Act” would legally restrain the Fed from launching a CBDC financialservices.house.gov.

• Legislative packaging: Some lawmakers favor including CBDC bans alongside stablecoin and market structure acts to foster a holistic digital assets package coindesk.com+2politico.com+2coindesk.com+2.

🔗 Legislative Outlook & Market Response

• Senate: The GENIUS Act has cleared procedural hurdles; a final vote occurred around June 17 cointelegraph.com+7ccn.com+7analyticsinsight.net+7.

• House: Debate continues on whether to take up the Senate version, pass its own, or combine it with the CLARITY Act and a CBDC ban cointelegraph.com+2ccn.com+2mondaq.com+2.

• Industry anticipation:

  • Circle (USDC issuer) saw its stock modestly affected but remains optimistic ccn.com+3analyticsinsight.net+3coindesk.com+3.

  • Tether (USDT issuer) reacted more quietly analyticsinsight.net+1coindesk.com+1.

• Analyst outlook: Predictions suggest stablecoins could grow to a $3.7 trillion market by 2030 if the GENIUS Act becomes law analyticsinsight.net.

• Broader impact:

  • EY and others call these bills a “galvanizing moment” for stablecoin integration in global payments ccn.com.

  • Clarity over CFTC/SEC roles could catalyze institutional participation and provide a stable foundation for digital markets mondaq.com+7ccn.com+7coindesk.com+7

🧭 Summary

When combined, these three elements could constitute the most significant legislative update to U.S. crypto regulation in years, providing clear guardrails for stablecoins, robust oversight for digital assets, and protection against centralization via CBDC.

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