The vote on the Guiding and Establishing National Innovation for U.S. Stablecoins bill, also known as the GENIUS Act, passed by a narrow margin of 215 to 211.
The U.S. House of Representatives on Wednesday voted to advance two major cryptocurrency bills, the GENIUS Act and the CLARITY Act, setting the stage for a potential regulatory overhaul of the digital asset market.
Bitcoin (BTC), Ethereum (ETH), Ripple’s native token (XRP) and other major altcoins rallied on the news. Bitcoin’s price gained 1.9% in the last 24 hours, while Ethereum’s price and Solana (SOL) jumped more than 7% in the same period.
The vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) bill, passed by a narrow margin of 215 to 211. The legislation aims to establish a regulatory framework for stablecoins and could reach President Donald Trump’s desk for final approval by the end of the week.
Lawmakers also agreed to advance the Digital Asset Market Structure Clarity Act, commonly referred to as the CLARITY Act. The bill takes a broader view of crypto regulation, laying the groundwork for clearer rules across the digital asset sector.
It outlines how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will share oversight responsibilities.
No Democrats voted in favor of moving forward with the bills.
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