Yeliz Akmaca 
The US House of Representatives approved three fundamental bills that will shape the cryptocurrency market. The voting took place during the final session before the August recess. The Digital Asset Market Clarity (CLARITY) Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act passed with bipartisan support. The CLARITY Act received 294 votes in favor and 134 against. The GENIUS Act was approved with 308 votes for and 122 against. The most controversial, the Anti-CBDC bill, passed narrowly with 219 votes for and 210 against.
The GENIUS Act provides a national innovation framework for stablecoins. The CLARITY Act establishes legal infrastructure for the digital asset market. The Anti-CBDC bill aims to restrict the Federal Reserve’s development of a digital currency.
Trump-Supported GENIUS Act Had Already Passed the Senate
Former President Donald Trump had previously announced plans to rapidly advance his crypto agenda. As part of this, Republican lawmakers prepared a “crypto week” for this week and urged all party members to support the bills.
The GENIUS Act had been approved by the Senate in June. Trump is expected to sign the bill on Friday, provided there are no further changes. Some Democrats criticized the process, citing conflicts of interest and corruption suspicions.
Meanwhile, before the vote, some Republicans who demanded special regulations banning CBDCs temporarily blocked the process for several hours. However, the bills were ultimately approved with support from Republicans and more Democrats than expected. Approximately 80 Democrats voted “yes” for the CLARITY Act, and over 100 supported the GENIUS Act.
CBDC Debates Intensify, FED in the Spotlight
The Federal Reserve’s digital currency development has faced longstanding criticism from conservatives. The Anti-CBDC Surveillance State Act argues that this development could be a “secret surveillance tool” and calls for its ban. Republican lawmakers support the bill on grounds of protecting individual privacy.
However, many experts believe this bill risks blocking not only the FED but all digital currency initiatives. Meanwhile, actors in the tech and finance sectors believe these regulations could eliminate uncertainties for the digital asset ecosystem.
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