- After a record 9-hour session vote, the house approves crypto bills.
- GOP blocked CBDC ban on defense bill.
- Policy makers argue over privacy and digital dollar issues.
On Wednesday, the U.S. The House of Representatives took a major step toward regulating cryptocurrencies after a nine-hour procedural standoff. Lawmakers advanced three key bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance Act. The vote passed narrowly, 217-212. Despite strong opposition, the bills moved forward without including a ban on central bank digital currencies (CBDCs).
After months of congressional debate over the controversial CBDC ban, lawmakers removed the disputed section from the crypto bills. They are now discussing the revised bills as an amendment to the must-pass National Defense Authorization Act (NDAA).
House Floor Divisions Highlight GOP Concerns Over CBDCs
Some House Republicans refused to support the move to advance the crypto legislation because they believe that the bills did not clearly bar the Federal Reserve from creating a digital dollar. Original opponent of the bills Republican Rep. Tim Burchett, who was against advancing the bills further, released a video on X clearing up confusion that negotiations resulted in the CBDC ban becoming part of the NDAA. Burchett warned that changing the crypto bills may put the progress of the bills in jeopardy at the Senate.
Source- X
In one of the most-liked Tweets, Rep. Marjorie Taylor Greene tweeted her objection to it, writing, “I cannot vote to pass bills that will promote the implementation of surveillance digital currency, which is being disguised as innovation.” That mindset is an indication of long-standing concerns that the introduction of CBDCs would only diminish financial privacy and allow government intrusion.
House Majority leader Steve Scalise mentioned that the votes on the CLARITY Act and the GENIUS Act would be separated to speed up the process. House Speaker Mike Johnson admitted that they could adjust the schedules as needed, since the party continued to push the legislative agenda despite internal tensions.
Historic Vote Spurs Reactions from Lawmakers
Eleanor Terrett gave an update as follows: CLARITY perhaps next week. Lawmakers plan to add anti-CBDC language to the NDAA defense spending bill. She reiterated the long vote was just a passing of rules, not the bill passing themselves.
Source – X
The House Daily Press account tweeted to confirm the 217-212 vote to proceed with the crypto bills, with the House Genius Act, the final vote on the GENIUS Act soon to follow.
The outcome sets the stage for additional legislative steps and highlights residual disunity on CBDCs as those provisions become the subject of different legislation. The stalemate reveals the tricky middle-ground that the legislators have to straddle between promoting crypto innovation and managing privacy and monetary policy issues.
