The landmark stablecoin legislation, the GENIUS Act, could be on Trump’s desk by the end of the week.
Key stablecoin legislation finally obtained a procedural green light, but with no support from Democrats. On Wednesday, July 16, the U.S. House of Representatives voted 215–211 to advance the GENIUS Act. If the act passes in the next vote, it could reach President Donald Trump’s desk before the end of the week.
Alongside the legislation on stablecoins, lawmakers also agreed to push forward the Digital Asset Market Clarity Act. The so-called Clarity Act would introduce a comprehensive framework for digital asset regulation. Specifically, it outlines the jurisdictions between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The procedural bill, which allowed debate on the legislation to proceed, obtained support from Republican representatives after they resolved internal disagreements. Ahead of the vote, President Donald Trump stated that key legislators had agreed to support the bill. However, not a single Democratic representative supported the motion to proceed.
Republicans block the Genesis Act over CBDCs
Earlier in the week, legislators blocked the GENIUS Act and the Clarity Act in a 196–223 vote, largely due to divisions within the Republican camp. Notably, members of the House Freedom Caucus, including Marjorie Taylor Greene, Chip Roy, and Michael Cloud, voted against the bill.
Rep. Greene expressed particular concern over the GENIUS Act. She stated that the act might allow for the creation of a national stablecoin, which could serve as a central bank digital currency. Specifically, she cited concerns over digital freedom and surveillance as the reason that CBDCs should not be allowed in the U.S.
Greene stated that unless the GENIUS Act banned CBDCs directly, she would not vote for it. Still, the House is also advancing the Anti-CBDC Surveillance State Act, which directly prohibits the U.S. government from issuing programmable money.
