The House on Thursday passed a bill setting up a regulatory framework for payment stablecoins, sending the cryptocurrency bill to President Trump\u2019s desk and marking a major win for the industry. <\/p>\n
Lawmakers voted 308-122 to pass the GENIUS Act following a tumultuous \u201ccrypto week\u201d<\/a> in the chamber that saw competing GOP factions bring the House floor to a standstill for two days.<\/p>\n Twelve Republicans voted against the measure while 102 Democrats voted \u201cyes.\u201d\u00a0The GOP \u201cno\u2019s\u201d included Reps. Andy Biggs (Ariz.), Eric Burlison (Mo.), Michael Cloud (Texas), Eli Crane (Ariz.), Warren Davidson (Ohio), Russ Fulcher (Idaho), Marjorie Taylor Greene (Ga.), Morgan Griffith (Va.), Andy Harris (Md.), Scott Perry (Pa.), Chip Roy (Texas) and Austin Scott (Ga.).<\/p>\n The bill regulating dollar-backed digital tokens now heads to Trump\u2019s desk, where he has indicated he is eager to sign it.\u00a0<\/p>\n \u201cFor far too long, America\u2019s digital assets industry has been stifled by ambiguous rules, confusing enforcement and the Biden administration\u2019s anti-crypto crusade. But President Trump and this Congress are correcting course and unleashing America’s digital asset potential with historic, transformative legislation,\u201d Majority Whip Tom Emmer (R-Minn.) said at a press conference Thursday.<\/p>\n \u201cPresident Trump promised to make America the crypto capital of the world, and today, we delivered,\u201d he added.<\/p>\n The legislation\u2019s future appeared in jeopardy less than 24 hours earlier. <\/p>\n A group of hard-line Republicans tanked a procedural vote<\/a> on a trio of crypto bills Tuesday, freezing the floor.<\/p>\n Trump struck a deal<\/a> to secure their support the next day, but several holdouts remained on Wednesday, as the House attempted once again to adopt a rule governing debate on the bills. <\/p>\n The agreement Trump reached with the hardliners also prompted new backlash from\u00a0members of\u00a0the House Financial Services Committee.<\/p>\n The deal sought to add provisions from the Anti-CBDC Surveillance State Act, which aims to bar the Federal Reserve from issuing a central bank digital currency (CBDC), to a broader crypto framework called the Digital Asset Market Clarity Act. <\/p>\n Earlier\u00a0Thursday, the House\u00a0voted 294-134<\/a>\u00a0to pass the Digital Asset Market Clarity Act.\u00a0The anti-CBDC measure later cleared the chamber in a 218-210 vote.<\/p>\n After hours of deliberation on Wednesday \u2014 during which the rule vote remained open and the number of \u201cno\u201d votes from hardliners continued to grow \u2014 GOP leadership reached a deal to add the anti-CBDC provisions to the National Defense Authorization Act.\u00a0<\/p>\n Including the provisions in the must-pass legislation would put them on track to reach Trump\u2019s desk, assuming they don\u2019t get stripped out of the bill as it weaves its way through Congress later this year. <\/p>\n