Congress Passes GENIUS Stablecoin Bill With Surprise Bipartisan Support

Critical crypto bills finally cleared their way through the House on Thursday, as all three passed with flying colors.

The GENIUS Stablecoin Act, the market structure-focused CLARITY Act, and a repeat bill to block a US central bank digital currency all cleared the necessary hurdles with bipartisan support Thursday. The GENIUS Act is now heading to President Trump's desk to be signed into law on Friday, becoming the first major piece of crypto legislation to make it that far.

The wins sent crypto largely higher, with Ripple's XRP surging nearly 20%, Ethereum gaining another 7%, and Cardano jumping 13%.

House Republicans were quick to celebrate their ability to avoid disaster on Wednesday, after a last-minute push from hardliners like Rep. Marjorie Taylor Greene to include the anti-CBDC language in other bills triggered the longest-ever rule vote in House history.

"It took a little bit longer than we thought, but away we go," said Crypto Subcommittee Chairman Bryan Steil after the whirlwind victory. His Republican teammate Rep. French Hill also took a victory lap, noting that the ball for the CLARITY Act is now in the hands of the Senate.

"Our work does not stop here, and I look forward to continuing to work with President Trump and partner with my colleagues in the Senate to enact the CLARITY Act," Rep. Hill said.

Given that no Democrats voted for the GENIUS Act earlier in the rule making process, it was interesting to watch the dam break as bipartisan support mounted in final votes — including that of key Democrats.

The GENIUS Act passed 308-122, with more than 100 Democrats including Minority Leader Hakeem Jeffries joining Republicans.

The CLARITY Act passed the House 294-134, with 78 Democrats joining the majority. That bill garnered much more support than pundits expected and even topped the vote tally from its similar market reform predecessor FIT21, which cleared the House with 71 Democrats.

The baton is now passed to the Senate, where Senate Banking Chair Tim Scott is eager to play his part in getting CLARITY across the finish line.

"Digital assets and blockchain technology are here to stay, and it’s past time our regulatory framework acknowledges this reality,” he said.

Coinage is a community-owned DAO letting our NFT holders become actual co-owners in one of the fastest-growing Web3 media outlets. Mint an NFT and become a member today to open a path to patronage dividends, or stake with us to support our project. Subscribe to our free Substack to catch all the important headlines from around the crypto world.