Main Points:
- Conservative Republican opposition over CBDC ban provisions stalled debate on three key crypto bills in the U.S. House.
- A second procedural vote on July 17 passed narrowly, 217–212, after concessions to attach the Anti-CBDC Surveillance State Act to the National Defense Authorization Act.
- The GENIUS Act (stablecoin framework) has cleared the Senate and is likely to reach the President’s desk; the CLARITY Act and Anti-CBDC Act still require further consideration in the Senate.
- Bitcoin (BTC) and Ethereum (ETH) prices have rallied on optimism—currently $118,478 and $3,432.74 respectively.
Background: Three Crypto Bills at Stake
Over the past week—dubbed “Crypto Week” by House Republicans—lawmakers have been scrambling to set debate terms and advance three landmark bills: the GENIUS Act (stablecoin regulation), the CLARITY Act (digital commodity definitions), and the Anti-CBDC Surveillance State Act (prohibiting a Federal Reserve digital dollar). The GENIUS Act, having already passed the Senate 68–30 in June, aims to impose federal standards on payment stablecoins, requiring backing by cash or U.S. Treasury obligations. The CLARITY Act seeks to definitively classify digital assets as either commodities or securities, resolving uncertainties that have long hampered innovation. The Anti-CBDC Act addresses conservative concerns about government surveillance and centralization by banning the Fed from issuing a CBDC.
Conservative Resistance and Procedural Votes
On July 16, a critical procedural vote to open debate on these bills failed when hardline conservatives objected that the CBDC ban was “insufficiently strong.” Representatives Marjorie Taylor Green and Chip Roy led a small faction of Republicans who either opposed or withheld their votes, resulting in a 196–223 defeat. After President Trump convened talks late Tuesday, a revote was required to incorporate amendments. House Speaker Mike Johnson entered emergency negotiations with committee chairs and hold-out members, as procedural rules in the House mandate that any significant changes—such as merging the CBDC ban with the CLARITY Act—trigger another vote.
Breakthrough: Attaching the CBDC Ban to the NDAA
In a narrow 217–212 vote on July 17, the House approved revised debate terms by agreeing to attach the Anti-CBDC Surveillance State Act to the broader National Defense Authorization Act (NDAA). Eight conservative Republicans switched to “yes,” securing the margin. This compromise keeps the three bills separate but ensures the key CBDC prohibition travels with must-pass defense legislation, addressing hardliner demands without derailing stablecoin and market-clarity measures. With the GENIUS Act already Senate-approved, final House passage will send it to President Trump, who has made crypto legislation a top priority during this “Crypto Week.”
Market Impact: Crypto Prices Rally
Investor sentiment spiked on news of legislative progress. Bitcoin (BTC) has surged past $118,000, while Ethereum (ETH) climbed above $3,400, reflecting hopes that regulatory clarity will unlock institutional capital and spur broader adoption. Below is a snapshot of current prices:
- Bitcoin (BTC): $118,478
- Ethereum (ETH): $3,432.74
Current Cryptocurrency Prices
Below is a bar chart comparing today’s prices for BTC and ETH:
See chart above
What’s Next for U.S. Crypto Regulation
- GENIUS Act: Expected to clear the House swiftly and be signed by President Trump, establishing the first federal stablecoin framework in U.S. history.
- CLARITY Act: Must pass the Senate; aims to bring definitive asset classifications to a market long plagued by regulatory ambiguity.
- Anti-CBDC Act: Now tethered to the NDAA, it likely will become law, forestalling any Fed-issued digital dollar without explicit congressional approval.
Federal Reserve Chair Jerome Powell has already assured lawmakers that the Fed will not issue a CBDC without Congress’s green light, but a statutory ban would cement that commitment. For crypto firms—from exchanges like Coinbase to decentralized finance protocols—these legislative developments could transform the sector, reducing legal risk and opening the door to new product offerings and institutional partnerships.
Conclusion
The recent procedural wrangling in the U.S. House highlights both the political complexity and growing bipartisan interest in regulating digital assets. By overcoming conservative objections and attaching a CBDC ban to defense legislation, lawmakers cleared a path for the GENIUS Act’s final passage and set the stage for the CLARITY and Anti-CBDC bills. With market indicators already flashing green, industry participants—from token issuers to institutional investors—are poised to capitalize on a new era of regulatory clarity and mainstream acceptance.
