Financial Services Chair French Hill has confirmed that there are now enough votes for the GENIUS Act to sail through the House of Representatives. House members will reattempt to pass a procedural vote for a raft of digital asset bills after yesterday’s failed effort.
GENIUS Act Garners Bipartisan Support, Says French Hill
In a CNBC interview, Rep. French Hill disclosed that all three crypto-related bills for consideration in the House have gained strong bipartisan support. Hill notes that the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act are set for a smooth ride through the legislative process.
“I believe that we do have the votes to advance the Senate’s GENIUS Act, which will create the first federally regulated dollar-backed stablecoins,” said Hill.
His comment comes after the GENIUS Act suffered a setback following the failure of a key procedural motion to advance the bill for consideration. Several Republican lawmakers voted against the stablecoin bill because it left a backdoor for the establishment of a central bank digital currency (CBDC) in the US.
In a FOX interview, Senate Banking Committee Chairman Tim Scott clarified that the GENIUS Act is clear as it doesn’t extend the Federal Reserve’s authority to issue a CBDC. Now, Hill reveals that the Speaker of the House is working on presenting the bills to lawmakers for reconsideration, teeing up another shot for the three bills.
Barely 24 hours after the failed vote, Hill is optimistic that all three bills will pass the House. His enthusiasm stems from an Oval Office meeting between Donald Trump and 11 Republican House members. After the meeting, Trump announced support from the previously opposing lawmakers, effectively putting the GENIUS Act back on track.
July 17 Timeline Still on The Table
Following Hill’s disclosure, there is the possibility that the House may pass crypto bills by July 17. Industry players are keeping an eye on proceedings in the House of Representatives as the Crypto Week gets underway.
Yesterday, Donald Trump acknowledged Crypto Week and the potential effect of the GENIUS Act in putting the US ahead of China and Europe. Trump has urged Republican lawmakers to vote in favor of the three crypto-related bills to maintain America’s lead over its peers.
Amid reports of bipartisan support for the trio of bills, the Bitcoin price has risen by nearly 1% to trade at $118,497. Other altcoins are surging, with Ethereum and Solana gaining an impressive 4% and 3.27% respectively over the last day.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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Source: https://coingape.com/french-hill-claims-house-now-has-bipartisan-support-to-pass-genius-act/