The American Republican legislators and President Donald Trump were able to overcome disputes between the parties to bring three Crypto bills spending the House of Representatives last week, but part of the legislation still has a path to go before becoming law.
After two long sessions in the House last week, Thursday, all the Republicans and more than 100 Democrats except 12 voted Yay on the guide and the establishment of national innovation for the Stablescoins (Engineering) law, a bill to regulate the stables of payment, which Trump signed around 24 hours later.
The other two bills, the law on the clarity of the digital asset market (Clarity) and the Anti-CBDC law (Central Bank Digital Currency) Surveillance Act, will go to the Senate for examination while the two chambers are preparing to break for a recreation in August.
The three bills were part of the “Crypto Week” Republicans’ initiative, claiming urgency in establishing the regulatory clarity of aspects of the digital asset industry.
Some Republican legislators have attempted to qualify their efforts as “non -partisan” or bipartisan. The overwhelming majority of spectators in the signing of the Act on Engineering were members of their party or otherwise allies in Trump, while some Democrats continue to raise the potential conflicts of Trump’s interests in the debates on bills linked to its own cryptographic companies. This suggests that the legislation could still face arguments of the Democrats in the Senate on the two remaining bills.
The Senate Republicans should first approach the structure of the cryptographic market. The bill would establish rules for regulators such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) and distinguish qualified tokens as titles under American law.
In relation: Crypto leaders to assist us to the signing of the Stablecoin bill after the vote Thursday
The clarity goes first and the CBDC in second position?
On Tuesday, four Republican senators published a discussion project for their version of a bill on the structure of the cryptographic market, which, according to them, is “based” on the law on clarity. The legislation, provisionally entitled The Responsible Financial Innovation Act, suggested that the efforts of the Chamber to establish the structure of the cryptographic market was perhaps more than a test for the Senate bill.
Whether the Clarity Act or the Responsible Financial Innovation Act ends up being closer to the final product desired by the Republicans, one or the other Bill must go through the two chambers to end up on Trump’s desk.
https://www.youtube.com/watch?v=q980_6djfyu
The anti-CBDC bill is faced with similar challenges. Only two Democrats reassured themselves with the Republicans to approve the bill to the House. Reports also suggest that many Republicans have maintained the initial vote on the three bills on concerns that the wording of the law on engineering could allow a stolen door to an American digital dollar.
Wyoming senator Cynthia Lummis, president of the digital asset subcommittee of the banking committee, also proposed that the Senate remains in session until August to answer some of Trump’s appointments.
A senator spokesman said that she would also help “execute the president’s agenda” during this period, reporting that she could also use time to prepare for the increases on the two bills.
The CFTC always faces endowment problems
In the midst of all the discussions on Crypto bills and with the Congress legislators who should break for their recess in August in a few days, the Senate has not yet voted on the appointment of Brian Quintenz to preside over the CFTC.
Reports suggest that a republican senator had been absent from a planned meeting on Monday committee, forcing managers to delay a vote on Quintenz.
A spokesman for the President of the Senate Agriculture Committee John Boozman, a meeting to examine the appointment of Quintenz, said the Republicans of Cointelegraph expected a vote according to the party. However, the committee planned to vote on the potential president of the CFTC before the August recreation.
Only two commissioners, interim president Caroline Pham and Kristin Johnson, served at the CFTC at the time of publication. The two should leave the agency before 2026 after the possible confirmation of Quintenz by the Senate, potentially leaving four vacant seats.
Review: Genius Act reopens the door of a meta-stablecoin, but will it work?
