6 hours ago
The House passed the GENIUS Act successful a 307‑122 ballot and sent the measure to President Donald Trump, who plans to motion it astatine a White House ceremonial tomorrow, according to Galaxy caput of probe Alex Thorn.
The 307‑122 tally showed that much than 100 Democrats joined astir Republicans to beforehand the measure, which differed from the tight vote connected passing the question to reconsider the bill.
House enactment cleared same-day enrollment, allowing unit to hole the measure for presumption erstwhile the Senate caput transmits the attested copy. This allows the President to enactment connected the calendar leaders outlined for Friday.
The House besides passed the CLARITY Act during the aforesaid league and sent it to the Senate pursuing a 294-134 ballot successful favour of the legislation.
GENIUS Act requirements
The GENIUS Act establishes a national model for the issuance and supervision of outgo stablecoins.
The measure directs the Federal Reserve to registry and analyse insured depository institutions astatine the nationalist level portion allowing qualifying state-chartered entities to contented dollar-backed tokens nether comparable reserve, disclosure, redemption, and risk-management standards.
Issuers indispensable clasp high-quality liquid assets, specified arsenic cash, Treasury bills, and short-duration authorities securities, adjacent to their token liabilities. Additionally, they indispensable study attestations astatine acceptable intervals.
The measurement instructs banking regulators to found an introspection schedule, creates user redemption rights astatine par wrong constricted clip windows, and sets segregation rules truthful that issuers cannot rehypothecate backing assets without obtaining circumstantial lawsuit authorization.
House clears CLARITY Act for Senate review
In a abstracted action, the House approved the CLARITY Act by a 294‑134 ballot and sent the measure to the Senate.
CLARITY defines jurisdictional lines for integer plus trading venues that database tokens gathering functional tests, which autumn extracurricular the scope of securities law, erstwhile the networks scope capable decentralization and nationalist float.
The measure directs the SEC and the Commodity Futures Trading Commission to found a associated registration lane that allows platforms to database qualifying tokens, commercialized spot, and derivatives nether coordinated custody standards, and record token disclosure packets that standard with marketplace capitalization tiers.
Issuers that behaviour income to US persons indispensable taxable archetypal accusation statements. The measurement besides instructs banking supervisors to admit qualified custodians that clasp some stablecoins and non‑stable integer assets nether shared segregation and audit rules.
The White House expects to big the signing of the GENIUS Act tomorrow. The Senate present takes up the CLARITY Act connected a docket that enactment has not yet set.
The House enactment locks successful the archetypal chamber‑wide votes to codify national stablecoin oversight and to specify trading venue attraction for broader integer assets successful the existent Congress.
The station Congress moves guardant connected integer plus regulations with GENIUS, CLARITY Acts appeared archetypal connected CryptoSlate.
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