Three Crypto Passed Before August Recess

After a record-breaking nine-hour stalemate on the House floor, U.S. Lawmakers have officially approved all the three pieces of crypto legislation.

In a Thursday House session, lawmakers voted 294-134 to pass the Digital Asset Market Clarify Act, a bill aimed at establishing a market structure for cryptocurrency, 308-122 in favor of the Guiding and Establishing National Innovation for U.S Stablecoins (GENIUS) Act, and 219-210 for the Anti-CBDC Surveillance State Act.

Nearly 80 Democrats voted in favor for the CLARITY Act while more than 100 voted in favor of the GENIUS Act, with the bills expected to move through the chamber before the Congress breaks for its August recess.

Republicans has been trying to push everyone in their party to support the bills as a collaborative effort to bolster Trump's crypto vision quickly.

But on Wednesday, the procedure vote had stalled for a whole 9 hours after some Republicans voiced their fears of CBDC.

A Record-Breaking 9 Hours Stalemate

The stalemate was caused by a group of Republicans' refusal to vote yes was a ban for the Central Bank Digital currencies was guaranteed to pass.

But the vote was ultimately passed after Republicans promised to add a CBDC ban on on a must-pass defense spending bill, the National Defense Authorization Act.

Crypto Community Celebrates While Partisan Divisions Remain

The passage of the three major crypto bills has been met with strong praise across much of the digital asset industry, with many stakeholders lauding this legislative milestone as a significant "win".

However, the anti-CBDC legislation—opposed by most Democrats—continues to be a flashpoint for partisan debate.

Summer Mersinger, CEO of the Blockchain Association highlighted the vote on the Anti-CBDC Surveillance State Act as a signal of support for "privacy, market competition, and individual financial freedom."

Ahead of Thursday’s vote, California Representative Maxine Waters was urged Democrats to oppose all three bills, renaming the "crypto week" as the "anti-crypto corruption week" and cautioning against what she described as dangerous regulatory rollbacks.

Waters also claimed that the crypto bill would create giant loopholes in the American federal financial laws that would put consumers and investors at risk.

Waters also warned that the measures could increase the risk of another financial crisis on par with 2008.

Former President Donald Trump has initially planned to sign the GENIUS Act as soon as Friday, if there were no further modifications following its passage through the Senate in June.

Meanwhile, the CLARITY and Anti-CBDC bills are set to proceed to the Senate for further debate and potential amendments before heading back to the House or reaching the president’s desk.