What does genius and clear bill mean for the industry?

Congress’ “Crypto Week” reached its climax today as the House passed three historic bills banning digital assets and future financial economy regulations.

The genius act at Stablecoins goes to President Trump’s desk. This was the first cryptography to pass through the US Congress.

Transparent acts covering market structures are now promoted to the Senate, with Senate Banking Committee Chairman Tim Scott saying he wants to finalize the law by September 30th. The Senate Agriculture Committee, which requires the bill to be passed, held its first hearing on the topic earlier this week.

Another anti-CBDC (central bank digital currency) bill has passed the House and is now headed to the Senate, with the outlook uncertain. It was attached to the National Defense Authorization Act as part of the agreement house leadership with the Freedom Caucus, which voted against the procedural motion earlier this week, and forced the issue by opening a lifting vote for more than nine hours on Wednesday.

At a press conference shortly after the vote, House Financial Services Chair French Hill said, “I knew my goal was to beat FIT21 (21st Century Act on Financial Innovation and Technology last year).

Representatives including House Agriculture President GT Thompson, majority Whiptom Emmer, and representatives Brian Steele and Dusty Johnson all thanked the various partners in the Senate and House Committee, noting the overwhelming dichotom nature of support for the major bill.

Below is how lawmakers, the crypto industry and then have responded to historical news.

Legislator:

French Hill, Chair of the House Financial Services Committee:

(Clearance) is “a groundbreaking law that establishes clear rules of roads by creating functional regulatory frameworks for digital assets” is a pivotal moment for American innovation and a critical step in protecting consumers and investors alike. ”

On the Genius Act: “The hardworking work in Congress has reached a historic turning point. President Trump looks forward to working with regulators to implement this important bill to establish US leadership in this field.”

Tom Emmer, House Majority Whip, sponsor of anti-CBDC bill:

“For years, we have been educating our colleagues about the dangers of this insidious technology. This will undermine our values and destroy the rights of Americans to privacy. Now, we must codify it and keep US digital monetary policy in the hands of Americans.”

Tim Scott, Chairman of the Senate Banking Committee:

“For the first time in history, Congress has passed a bipartisan digital assets law through both the Senate and House of Representatives. The Genius Act marks a major milestone in ensuring American leadership in payment innovation while protecting consumers and strengthening national security.”

Kirsten Gillibrand, longtime Democratic sponsor of the Stablecoin Act:

“The passing of a home of genius acts is a historic milestone in bipartisan efforts to regulate stubcoins. The bill empowers American businesses and consumers, making it possible to take advantage of the next iteration of financial innovation.”

Companies:

Dante Esspe, Circle of Policy and Operations Officer/Chief Strategy Officer:

“The House of Representatives votes show strong bipartisan support for responsible innovation and send a clear message that the US will lead regulations on dollar-backed payment stability.”

Nathan McCauley, CEO of Anchorage Digital:

“The Clarity Act is a meaningful step towards a more mature digital asset market structure. Knowing which assets are commodities, which assets are commodities, and why their distinctions are the basis for market transparency allows us to integrate crypto into traditional finance. Genius benefits all Americans.

Lobbyist/Activist

Ji Hun Kim, CEO Crypto Council for Innovation

“The passage of genius acts is a real fork for the United States. It is the crucial step of a clear demonstration of responsible crypto policy and Congressional leadership. This comprehensive framework provides the clear rules that publishers, builders and regulators are looking for.

Chuck Bell, Consumer Report:

“Stable people should help consumers rather than harm. Consumers are increasingly encountering stubcoins on apps, wallets and digital platforms, deserving clear rules and actual protections.

Summer Mersinger, CEO Blockchain Association:

“For the first time, Congress has moved a comprehensive law that provides the fundamental technology of the future of finances, a coercive, narrowly adjusted rules. This bill will maintain the strength of the US dollar, protect consumers, and create the conditions for responsible innovation that will thrive under American leadership.”

Mark Hayes, associate director of American cryptocurrency and financial technology for financial reform:

“Today’s Howscript votes are a precursor to disease for small investors and the financial system. Die is currently cast. The rich political spending of the crypto industry is very close to ensuring a mild regulatory framework for these volatile assets and predatory platforms to actively trade illegal financial transactions, as it violates the inherent scandals, instability, and the prevalence of the mainstream mainstream financial system. We are purchasing rubber stamped crypto policies that boost industry revenues while exposing consumers, investors and the financial system to serious financial harm.”