‘Crypto Week’ ushers in big change: What happens now?
Crypto Week in the US ends with some victories for the crypto lobby, with the GENIUS Act headed to Trump’s desk.
The US Congress has concluded its Crypto Week with the passage of the GENIUS Act and is sending other bills to the Senate after successful votes and no small amount of deliberation.
The US crypto industry was jubilant as the House of Representatives passed the GENIUS Act — the industry’s flagship stablecoin bill — and sent it to the president’s desk for his signature. The stablecoin bill received bipartisan support after several rounds of revisions.
The House also passed the CLARITY Act, the long-awaited market structure bill championed by the blockchain industry, as well as Republican Representative Tom Emmer’s bill that would ban the Federal Reserve from issuing a central bank digital currency (CBDC).
