The U.S. House of Representatives Advances Encryption Legislation, the Genius Act is Expected to be Signed This Week

On July 17, the U.S. House of Representatives passed procedural votes on three important encryption bills, paving the way for the votes on the GENIUS Act, the Clarity Act, and the Anti-CBDC Act. These bills are expected to be voted on again on Thursday local time.

Despite being previously billed as "Encryption Week", the actual voting process was fraught with twists and turns. The latest vote on July 17 lasted over 9 hours, setting a record for the length of procedural voting in the House of Representatives. Ultimately, the House passed the consideration of multiple bills with a vote of 217 in favor and 212 against.

The achievement of this result is attributed to the compromise of the Republican leadership. They promised to attach the CBDC ban to the National Defense Authorization Act, a move that persuaded conservative Republicans who previously opposed to change their stance.

Among these three cryptocurrency-related bills, the "GENIUS Act" is considered to be progressing the fastest. The bill aims to establish a regulatory framework for stablecoins and was passed by the Senate last month. It is expected that the bill may be sent to the President for signing before this weekend.

The "Digital Asset Market Clarity Act" ( Clarity Act ) takes a more comprehensive approach to creating a regulatory framework for digital assets, clarifying the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The Anti-CBDC Act aims to prevent the Federal Reserve from directly issuing central bank digital currency to individuals. Even if it passes the House vote, the Clarity Act and the Anti-CBDC Act still need to be voted on in the Senate.

It is worth noting that President Trump played an important role in this process. He not only expressed his support on social media, but also personally summoned opposing lawmakers to the White House for discussions, and coordinated through phone calls at critical moments.

Overall, this "encryption week" holds profound significance for the digital asset sector. These bills could not only reshape the landscape of the U.S. encryption industry but also set important foundational precedents for the regulation of digital assets in the future. As the bills progress, it remains to be seen whether the U.S. can fulfill its promise of becoming the "encryption capital."