House Advances GENIUS and CLARITY Crypto Bills

The U.S. House of Representatives on Wednesday voted to advance two major cryptocurrency bills, the GENIUS Act and the CLARITY Act, setting the stage for a potential regulatory overhaul of the digital asset market.

Bitcoin (BTC), Ethereum (ETH), Ripple’s native token (XRP) and other major altcoins rallied on the news. Bitcoin’s price gained 2.7% in the last 24 hours, while Ethereum’s price jumped nearly 10% and Solana (SOL) climbed 7.7% in the same period.

The iShares Bitcoin Trust ETF (IBIT) jumped 2.5% in afternoon trade on Wednesday. On Stocktwits, retail sentiment around the ETF was in the ‘extremely bullish’ zone.

The news comes after President Donald Trump said on Tuesday night that he had spoken to key lawmakers to encourage them to vote yes on the bills on Wednesday.

The vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) bill passed by a narrow margin of 215 to 211. The legislation aims to establish a regulatory framework for stablecoins and could reach Trump’s desk for final approval by the end of the week.

Lawmakers also agreed to advance the Digital Asset Market Structure Clarity Act, commonly referred to as the CLARITY Act. The bill takes a broader view of crypto regulation, laying the groundwork for clearer rules across the digital asset sector.

It outlines how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will share oversight responsibilities. The CLARITY Act will still need Senate approval before heading to Trump’s desk.

They also agreed to later vote on the third bill in question during ‘Crypto Week’,  the Anti-CBDC Surveillance State Act, which aims to block the Federal Reserve from issuing central bank digital currency (CBDC) directly to individuals. 

No Democrats voted in favor of moving forward with the bills. The House is expected to begin debating both bills within the next day or two, with the final vote of the GENIUS Act possible by Thursday evening.

Read also: Trump Says He’s ‘Not Planning On Doing Anything’ Following Powell Firing Rumors

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