Crypto Bills Clear Procedural Hurdles in House After Tuesday’s Failure

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The United States House of Representatives has voted to advance three major crypto bills on Wednesday. The GENIUS Act, Clarity Act, and the Anti-CBDC Act received an overwhelming support from the Republicans and a majority disapproval from the Democrats.

After the three bills failed the procedural votes on Tuesday with 196 to 223 votes, the House of Representatives approved the bills today with a 215 to 211 votes. With the Genius Act having already passed the Senate, President Donald Trump said earlier today that the House will pass the legislation on Thursday.

Why the Crypto Bills Passed Today

The three crypto bills passed the vital procedural hurdle through the intervention of President Trump during the last 24 hours. The Republican House members who had voted against the bills pushed for clear anti-CBDC regulations.

“House Freedom Caucus Members will be voting in favor of the rule today after reaching an agreement with President Trump last night. Under this agreement, the Rules Committee will reconvene later today to add clear, strong anti–Central Bank Digital Currency (CBDC) provisions to the CLARITY legislation,” Representative Andy Harris noted earlier today.

Market Impact

The imminent approval of the crypto bills will have a profound impact on the wider altcoin market led by Ethereum (ETH). Furthermore, Ethereum among other layer one chains will attract more institutional investors seeking to build fiat-backed stablecoins in a regulated manner.

Following the House vote on Wednesday, the Ethereum price surged 6.9 percent in the past 24 hours to trade slightly above $3,308 at the time of this writing. The total crypto market cap edged 3 percent higher in the past 24 hours to hover about $3.8 trillion at the time of this writing.

The clear crypto regulations in the United States will set motion for the global markets to follow in the same direction. As a result, the crypto market is well-positioned to grow exponentially in the near future.