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The Singh News Wire
Fate of Crypto, CBDC Bills Unclear as Congress Heads Into Recess
US Republican lawmakers and President Donald Trump were able to overcome inter-party disputes to get three crypto bills passed through the House of Representatives last week, but some of the legislation still has a way to go before it becomes law.
After two long sessions in the House last week, on Thursday all but 12 Republicans and more than 100 Democrats voted yay on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill to regulate payment stablecoins, which Trump signed into law about 24 hours later.
The other two bills, the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC (central bank digital currency) Surveillance State Act, will head to the Senate for consideration as both chambers prepare to break for an August recess.
The three bills were part of Republicans’ “crypto week” initiative, claiming urgency in establishing regulatory clarity for aspects of the digital asset industry.
Some Republican lawmakers have attempted to brand their efforts as “non-partisan” or bipartisan. The overwhelming majority of spectators at the GENIUS Act signing were members of their party or otherwise allied with Trump, while some Democrats continue to bring up Trump’s potential conflicts of interest in debates over bills connected to his own crypto ventures. This suggested that the legislation could still face arguments from Senate Democrats over the remaining two bills.
Senate Republicans are expected to address crypto market structure first. The bill would lay out rules for regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and distinguish which tokens qualified as securities under US law.
Related: Crypto execs to attend US stablecoin bill signing after Thursday vote
CLARITY comes first, and CBDCs second?
On Tuesday, four Republican senators released a discussion draft of their version of a crypto market structure bill, which they said “builds on” the CLARITY Act. The legislation, tentatively titled the Responsible Financial Innovation Act, suggested that the House’s efforts to establish crypto market structure may have been little more than a test run for the Senate’s bill.
Whether the CLARITY Act or the Responsible Financial Innovation Act ends up being closer to the final product desired by Republicans, either bill must pass through both chambers to wind up on Trump’s desk.
The anti-CBDC bill faces similar challenges. Only two Democrats sided with Republicans to approve the bill in the House. Reports also suggested that many Republicans held up the initial vote on all three bills over concerns that the wording of the GENIUS Act could allow for a backdoor to a US digital dollar.
Wyoming Senator Cynthia Lummis, chair of the banking committee’s digital assets subcommittee, has also proposed that the Senate remain in session through August to address some of Trump’s nominations.
A spokesperson for the senator said she would also help “execute the president’s agenda” during that time, signaling that she could also use the time to prepare for markups on the two bills.
The CFTC still faces staffing issues
Amid all the discussions on the crypto bills and with lawmakers in Congress expected to break for their August recess in a matter of days, the Senate also has yet to vote on the nomination of Brian Quintenz to chair the CFTC.
Reports suggested that one Republican senator had been absent from a scheduled Monday committee meeting, forcing leadership to delay a vote on Quintenz.
A spokesperson for Senate Agriculture Committee Chair John Boozman, meeting to consider Quintenz’s nomination, told Cointelegraph Republicans expected a vote along party lines. However, the committee planned to vote on the prospective CFTC chair before the August recess.
Only two commissioners, acting chair Caroline Pham and Kristin Johnson, were serving at the CFTC at the time of publication. Both are expected to depart the agency before 2026 after Quintenz’s possible confirmation by the Senate, potentially leaving four leadership seats vacant.
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