On Thursday, July 17, capping off what was dubbed “Crypto Week” by Congress, the US House just passed three digital assets related bills. Here is a breakdown of all that was passed:

The Senate’s stablecoin bill, by a vote of 308-122.  By bringing regulatory clarity to the asset class, the law is expected to stimulate the growth of the stablecoin industry. The GENIUS Act first passed the Senate on June 17 by a vote of 68-30, with 18 Democrats supporting the bill and 2 Republicans (Senators Hawley and Paul) voting against it. Two Senators were not present (Senators Cotton and Kelly). Broadly, the GENIUS Act creates a regime for the issuance and regulation of U.S. dollar-backed payment stablecoins. By bringing regulatory clarity to the asset class, the legislation, if passed into law, is expected to stimulate the growth of the stablecoin industry.

What the bill does

The House’s digital assets market structure bill, by a vote of 294-134. This vote total is notable because it received 78 Democratic votes, a larger number than market structure legislation received in last Congress’ FIT21 bill. 

Key provisions of the CLARITY Act:

By a vote mostly along party lines. 

Next steps: