The Chamber has adopted three bills aimed at stimulating the legitimacy of the cryptocurrency industry with new regulations while President Donald Trump prompted to make the United States the “capital of the cryptographic world”.
One of the three bills, a legislation aimed at regulating a type of cryptocurrency called Stablecoins, had already adopted the Senate with large bipartisan support and will now go to Trump’s office. The other two bills – a broader measure to create a new market structure for cryptocurrency and a bill to prohibit the federal reserve from issuing a new digital currency – will go to the Senate.
The Stable Bill, has adopted a 308-122 vote, establishes initial railings and consumer protections for cryptocurrency, which is linked to a stable asset, often the US dollar, to reduce price volatility. He adopted the Senate with bipartisan support in June.
“In the world, payment systems are undergoing a revolution,” said House Financial Services President French Hill of Arkansas while legislators debated the legislation on stablescoin on Thursday morning. Hill said the bill “will ensure American competitiveness and solid railings for our consumers”.
After Trump said “cryptography week”, bills were blocked for more than a day in the disagreement of the House Republicans on how to combine the legislation. In the end, the GOP leaders put the three bills for a separate vote, leaving the fate of the two other bills are not clear in the Senate. The internal dissent could foreshadow the upcoming challenges for the more swept cryptographic legislation that Trump has required and the industry has paid millions in advancement.
The measurement of the ecupon is considered by legislators and industry as a step towards the addition of consumer legitimacy and confidence to a rapidly growing sector. The Treasury Secretary, Scott Bessent, said in June that the legislation could help this currency “transform into a market of 3.7 billions of dollars by the end of the decade”.
The bill describes the requirements for stablecoin issuers, including compliance with American anti-flowage laws and sanctions laws, and obliges transmitters to support cryptocurrency. Without such a framework, the Republicans of the Senatoric Banking Committee in a press release warned: “Consumers are faced with risks such as unstable reserves or unclear operations of stablecoin issuers”.
After the votes, the Republicans of the Chamber strongly urged the Senate to take the second bill, which would create a new market structure for cryptocurrency.
Representative Bryan Steil, R-Wis., Said the 294-134 vote on this legislation shows large bipartisan support and “massive energy” on the issue. But it is not clear if the Senate would consider the bill of the Chamber or try to write his.
This legislation aims to clarify how digital assets are regulated. The bill defines what forms of cryptocurrency must be processed as products regulated by the Commodity Futures Trading Commission and which are securities monitored by the Securities and Exchange Commission. In general, the tokens associated with “mature” blockchains, such as Bitcoin, will be considered as basic products.
The third bill, adopted on a closer margin 219-210, prohibited in the United States from offering what is called a “digital currency of the central bank”, which is like a form of digital cash issued by the government.
The cryptography industry has long complained that unclear laws have made it difficult to operate the United States and that the Biden administration has tried to regulate it thanks to application measures rather than transparent regulations. Obtaining this bill was an absolute priority for industry, which quickly became a major power player in Washington thanks to the heavy campaign donations and lobbying.
Lawyers have said that the adoption of bills marks a key moment in the winding way of cryptocurrency to traditional adoption.
Patrick MCHENRY, the former president of the Chamber’s Financial Services Committee and now Vice-President of the Cryptographic Society Ondo Finance, said that the legislation will have a “massive generational impact”, similar to the Congress of securities in the 1930s which contributed to Wall Street the center of the financial world. “These bills will make the United States the center of the world of digital assets,” he said.
Although the bill has significant bipartisan support, it has also faced a decline in democrats who say that the legislation should respond to Trump’s personal financial interests in cryptographic space.
“No one should be surprised that the next business order of these same Republicans is to validate, legitimize and approve the corruption and efforts of the Trump family to sell the White House to the most offender,” said California representative Maxine Waters, the best democrat of the Financial Services Committee.
A provision in the stable bill prohibits members of the congress and their families from taking advantage of the stablescoins. But this ban does not extend to the president and his family, even if Trump builds an crypto empire of the White House.
In May, the Republican President organized a private dinner in his golf club in Virginia with the best investors in a Trump brand play. His family has an important participation in World Liberty Financial, a crypto project that launched its own stablecoin, USD1.
Trump said he won $ 57.35 million in token sales at World Liberty Financial in 2024, according to a public financial disclosure published in June. A coin related to him has generated about $ 320 million in fees, although the profits are divided between several investors.
Some Democrats have also criticized the bill to create what they consider as a too low regulatory framework that could present long -term financial risks. They also feared that the legislation will open the door to large companies in order to issue their own private cryptocurrencies.
“If this bill adopts, it will allow Elon Musk and Mark Zuckerberg to issue their own money. The bill always authorizes large technological companies and other conglomerates to issue their own private currencies,” said Massachusetts, Elizabeth Warren, the best democrat of the Senate Banking Committee.
