U.S. House passes cryptocurrency bill, sends to Trump’s desk
Global News
The United States is moving closer towards the easing of regulations in cryptocurrency industry with one of several bills passed by the House moving next to Trump's desk.
The House has passed two bills intended to boost the legitimacy of the cryptocurrency industry with new regulations as President Donald Trump has pushed to make the U.S. the “ crypto capital of the world.”
One of the bills, which would regulate a type of cryptocurrency called stablecoins, had already passed the Senate with broad bipartisan support and will now head to Trump’s desk.
The other bill, broader legislation to create a new market structure for cryptocurrency through the Securities and Exchange Commission and Commodity Futures Trading Commission, moves to the Senate.
The House was also voting on a third bill that would prohibit the Federal Reserve from issuing a central bank digital currency.
The stablecoin bill sets initial guardrails and consumer protections for the cryptocurrency, which is tied to a stable asset, often the U.S. dollar, to reduce price volatility.
It passed the Senate with bipartisan support in June.
“Around the world, payment systems are undergoing a revolution,” said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will “ensure American competitiveness and strong guardrails for our consumers.”
After Trump declared it “crypto week,” the bills were stalled for more than a day amid disagreements among House Republicans about how to combine the legislation. In the end, GOP leaders put the three bills for a separate votes, leaving the fate of the other two bills unclear in the Senate.
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