U.S. House Progresses Key Crypto Legislation After Vote

The U.S. House of Representatives pushed several major crypto bills into the final voting stage after a marathon voting session. House Vote Result for Roll Call 198. Republican lawmakers demanded the inclusion of anti-CBDC clauses in the National Defense Authorization Act, resulting in a close procedural vote of 217-212. This legislative activity includes the Clarity Act and GENIUS Act, expected to receive bipartisan support.

Stablecoin issuers and DeFi protocols are watching closely, as the GENIUS Act proposes a clear framework which could increase confidence and investment in compliant protocols. Additionally, the Clarity Act aims to outline regulatory roles, potentially reducing uncertainty for digital assets like Ethereum and Bitcoin.

U.S. House’s Narrow Vote Advances Crypto Bills

The U.S. House of Representatives pushed several major crypto bills into the final voting stage after a marathon voting session. House Vote Result for Roll Call 198. Republican lawmakers demanded the inclusion of anti-CBDC clauses in the National Defense Authorization Act, resulting in a close procedural vote of 217-212. This legislative activity includes the Clarity Act and GENIUS Act, expected to receive bipartisan support.

Stablecoin issuers and DeFi protocols are watching closely, as the GENIUS Act proposes a clear framework which could increase confidence and investment in compliant protocols. Additionally, the Clarity Act aims to outline regulatory roles, potentially reducing uncertainty for digital assets like Ethereum and Bitcoin.

“These pieces of legislation are vital to ensuring America is at the forefront of innovation in the digital asset space.” — House Financial Services Committee (House Financial Services Release)

Market Reacts as Ethereum Surges Amid Legislative Push

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Debates around stablecoins, similar to those in recent bills, have historically sparked significant market reaction, notably seen during prior Tether hearings and the 2021 Infrastructure Bill discussions.

CoinMarketCap indicates that Ethereum (ETH) currently trades at $3,462.17, with a substantial price increase of 117.93% over 90 days. Its market cap is recorded at $417.93 billion, with a dominant market share of 10.92%. This recent pricing trend reflects current cryptocurrency dynamics driven largely by geopolitical and regulatory factors, as per CoinMarketCap data.

Coincu’s research team highlights potential changes in the financial landscape, with the proposed bills contributing to clarity around the U.S.’s crypto regulatory environment. This could improve conditions for institutional investments and foster innovation in the blockchain space.