GENIUS Act clears House vote, stablecoin law could pass this week
The historical legislation of ecustitis, the law on genius, could be on the office of Trump by the end of the week.
The key legislation of Stablecoin finally obtained a procedural green light, but without support from the Democrats. On Wednesday, July 16, the House of Representatives of the United States voted 215-211 to advance the law on engineering. If the act is adopted during the next vote, he could reach the office of President Donald Trump before the end of the week.
In addition to the legislation on stablecoins, legislators have also agreed to advance the law on the clarity of the digital asset market. The so-called Clarity Act would introduce a complete framework for the regulation of digital assets. More specifically, he describes the jurisdictions between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The bill of procedure, which enabled the debate on the legislation to proceed, obtained the support of Republican representatives after having resolved internal disagreements. Before the vote, President Donald Trump said key legislators had agreed to support the bill. However, no democratic representative supported the request in procedure.
Republicans block the Genesis Act on CBDC
Earlier in the week, legislators blocked the Act on Engineering and the Clarity Act during a vote of 196-223, largely due to divisions within the Republican camp. In particular, the members of the House Freedom Caucus, including Marjorie Taylor Greene, Chip Roy and Michael Cloud, voted against the bill.
The Greene representative expressed a particular concern to the engineering law. She said that the law could create a national stablecoin, which could serve as a digital currency of the Central Bank. More specifically, it has cited concerns about digital freedom and surveillance as well as the reason why CBDC should not be authorized in the United States
Greene said that the engineering law directly prohibits CBDC, it would not vote for this. However, the Chamber also advances the law on the state of anti-CBDC surveillance, which directly prohibits the United States government from issuing programmable money.
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