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GENIUS Act Represents a Major Milestone for Crypto Regulation – Alex Demas, Charles Hilu

“Crypto Week” might not have gone exactly as House Republicans hoped, but after a few procedural delays, President Donal Trump  on Friday signed into law the first significant legislation regulating cryptocurrency in American history.

Speaker Mike Johnson planned to vote on and pass three cryptocurrency bills during the week. The GENIUS Act, already passed by the Senate, creates a regulatory framework for a digital stablecoin. The CLARITY Act would set up a market structure for regulating crypto. And the Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from creating a digital currency. The first two enjoyed bipartisan support, and Republicans were united in their backing of the third, so the expectation was that they would all pass smoothly. But the House Freedom Caucus of fiscal hardliners on Tuesday derailed a procedural vote that would have set up passage of the three bills. 

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