GENIUS Act passes Senate, heads to House, where its fate ties to a potential merger with CLARITY Act for broader crypto regulation.
The GENIUS Act may encounter new challenges in the US House of Representatives after successfully navigating the legislative obstacles in the Senate. A portion of the House is pairing the stablecoin and crypto market structure bills to ensure a seamless passage.
The House receives the GENIUS Act amid optimism regarding its merger with the CLARITY Act
The House of Representatives has officially received the GENIUS Act, as US-based cryptocurrency journalist Eleanor Terrett reported in an X post. Going forward, the House will deliberate and vote on the Senate’s version of a stablecoin bill.
The Senate enacted the GENIUS Act last week in a 68-30 vote, with significant bipartisan support. According to current regulations, the stablecoin measure will be sent to the House for review. If it is approved without amendment, it will be sent to the president for final approval.
Nevertheless, several influential members of the House are considering the possibility of combining the recently received bill with the CLARITY Act, a market structure bill. Terrett disclosed that Republican Majority Whip Tom Emmer spearheads the effort to integrate the GENIUS Act and the CLARITY Act before the vote.
The CLARITY Act, which is also referred to as a crypto market structure law, aims to establish a comprehensive regulatory framework for the entire cryptocurrency industry. The House has passed markups for the CLARITY Act; however, the feasibility of the merger remains uncertain. The GENIUS Act’s passage will be delayed if an attempt is made to merge the two measures, necessitating the Senate’s approval of the modifications.
“Market structure is essential to any Congressional action on digital assets,” said Emmer. “I expect the GENIUS Act has a path in the HOUSE, so long as it’s accompanied by the CLARITY Act.”
The stablecoin measure was urged by US President Trump to be passed without modification by the House after the Senate passed the GENIUS Act. Trump is advocating for the GENIUS Act to be passed without any amendments by the House of Representatives to expedite its arrival at his desk.
The Senate Banking Subcommittee on Digital Assets has disclosed the principles for its version of the CLARITY Act, which is intended to enhance the House version.
