The short version of crypto week as of Thursday AM for those trying to follow the chaos in Congress: The House is trying to pass three bills this week — GENIUS (stablecoins), CLARITY (market structure), and Anti-CBDC (self-explanatory). GENIUS already passed the Senate, so if it passes the House, it goes to the President and becomes law. CLARITY and Anti-CBDC are new in the House, so would move on to the Senate. On Tuesday, the House Freedom Caucus and others blocked a procedural vote to advance the bills for a variety of reasons, but mainly over CBDCs, which they despise. The concern was that the Anti-CBDC bill wasn't prioritized enough and might fail even while GENIUS and CLARITY pass. On Wednesday, a deal was struck to include the Anti-CBDC bill in a must-pass bill, the National Defense Authorization Act (NDAA). The House then voted 217 - 212 in favor of moving forward on all three bills. That vote took 10 hours, the longest vote in modern House history. Now this morning, the House is back to debate and vote on GENIUS and CLARITY. The President has a signing ceremony scheduled for tomorrow (Friday) and everyone expects GENIUS to be on his desk by then, so hopes are high for stablecoin legislation to be done today. CLARITY will likely slip to next week. Exciting times for crypto policy — stay tuned . . . .
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