The genius law, the landmark Starble Lecoin law, can be at Trump’s desk at the end of the state.
The major Starble Lecoin law finally obtained procedural green lights, but there was no support from the Democratic Party. On Wednesday, July 16, the US House of Representatives voted to develop genius laws at 215-211. If this law is passed in the next vote, you can reach President Donald Trump’s desk before the end of the week.
Along with the law on Stablecoins, members of the National Assembly also agreed to promote the Digital Asset Market Clarity Act. The so -called Clarity Act will introduce a comprehensive framework for digital asset regulation. Specifically, it briefly explains the jurisdiction between the Securities and Trade Commission and the Product Futures Trading Committee.
The procedural bill, which allowed the discussion of the bill to proceed, has gained support from Republicans representatives after solving internal inconsistency. Prior to the vote, President Donald Trump said that major legislators agreed to support the bill. However, the single Democratic Party representative did not support the progress.
Republicans block Genesis behavior on CBDC
Earlier this week, legislators blocked genius and clarity laws in 196-223 votes. In particular, House Freedom Caucus members, including Marjorie Taylor Greene, Chip Roy and Michael Cloud, voted against this bill.
Greene’s representative expressed special concern about genius law. She said that this law can establish a National Stablecoin, which can serve as a central bank digital currency. Specifically, she cited concerns about digital freedom and surveillance as CBDC should not be allowed in the United States.
Greene says the genius law will not vote if it is not directly banned from CBDC. Nevertheless, the House of Representatives is also entering the anti -CBDC surveillance national law, which directly prohibits the US government to issue programmable money.