Historic vote: House passes GENIUS and CLARITY bills

The House of Representatives passed the GENIUS Act with 307 votes in favor and 122 votes against, sending the bill to President Donald Trump. Trump plans to sign the bill at a ceremony at the White House on July 18, according to Alex Thorn, head of research at Galaxy.

The vote showed that more than 100 Democratic lawmakers supported the bill together with most Republican lawmakers, which was in contrast to the tight vote on the previous reconsideration of the bill.

The House of Representatives has completed the registration process for the day, and once the Senate Secretary transmits the certified copy of the bill, the staff will prepare to submit it to the President for signature. This allows the President to complete the signature as planned on Friday.

On the same day, the House of Representatives passed the CLARITY Act with 294 votes in favor and 134 votes against, and submitted it to the Senate for deliberation.

The GENIUS Act establishes a federal framework for the issuance and regulation of payment stablecoins.

The bill requires the Federal Reserve to register and examine insured depository institutions nationwide, while allowing qualified state-chartered institutions to issue dollar-backed tokens under the same reserve, disclosure, redemption and risk management standards.

The issuer must hold high-quality liquid assets such as cash, Treasury bills and short-term government securities in an amount equal to the token liabilities and submit certification reports on a regular basis.

The bill directs bank regulators to establish a review schedule, establish consumers' rights to redeem at par within a limited time, and set asset segregation rules - issuers cannot rehypothecate reserve assets without the customer's explicit authorization.

In another vote,the House of Representatives passed the CLARITY Act with 294 votes in favor and 134 votes against, sending it to the Senate.

The CLARITY Act sets the jurisdictional boundaries for digital asset trading platforms: for tokens that meet functional tests and are not subject to securities law regulation, trading platforms may list them for trading once their networks have achieved sufficient decentralization and public circulation.

The Act requires the SEC and the Commodity Futures Trading Commission to establish a joint registration channel, allowing platforms to list qualified tokens under coordinated custody standards, conduct spot and derivative transactions, and submit corresponding token disclosure documents according to market capitalization levels.

Issuers that conduct token sales to U.S. residents must submit an initial information statement. The bill also instructs banking regulators to recognize qualified custodians who must custody stablecoins and non-stable digital assets under uniform asset segregation and auditing rules.

The White House is expected to hold a signing ceremony for the GENIUS Act tomorrow. The Senate has now taken over the CLARITY Act, but has not yet determined a specific review schedule.

This action by the House of Representatives marks the first time that this Congress has incorporated federal stablecoin regulatory rules and the treatment of digital asset trading platforms into statutory law in the form of a full house vote.