U.S. House of Representatives Overwhelmingly Passes Three Major Cryptocurrency Bills; White House Says Trump to Sign on Friday

The United States is moving toward formal legislation for the cryptocurrency sector, a development expected to legitimize digital assets and lay groundwork for their integration into conventional financial instruments.

On July 17 (Eastern Time), the U.S. House of Representatives approved three major legislative proposals focused on regulating cryptocurrencies, including stablecoins, during the final trading hours of the stock market. These bills were forwarded to President Trump for enactment.

Of the trio, the GENIUS Act—centered on stablecoin oversight—was passed with 308 votes in favor and 122 opposed, reflecting more than double the number of supporting votes. Over 100 Democrats, including House Democratic Leader Hakeem Jeffries, joined Republicans to approve the bill.

Earlier in the day, White House Press Secretary Olivia Levitt announced that Congress had garnered sufficient support to pass the crypto legislation. She added that lawmakers are expected to continue pursuing regulatory initiatives in this space. Trump is anticipated to sign all three bills, including the GENIUS Act, during a scheduled event on Friday.

Levitt’s comments coincided with a brief uptick in Bitcoin. According to CoinMarketCap, the price of Bitcoin climbed above $119,800—up nearly $2,000 or close to 2% from its earlier low below $117,600 during European trading. However, after the House vote, Bitcoin fell below $119,000 during after-hours trading, at one point losing over 0.4% for the day.

CCTV News reported that on July 16, U.S. media outlets indicated the House had passed a procedural vote by a margin of 217 to 212, allowing the legislation to advance to floor debate. The voting session lasted over eight hours, marking the longest vote since the implementation of the electronic voting system.

The GENIUS Act, officially titled the Guiding and Empowering the Nation in Innovating Stablecoins Act, was initially approved by the Senate on June 17 and presented to the House this week. The House package also included the CLARITY Act and the Anti-CBDC Act—both considered significant proposals for the crypto industry.

Initially, the measures faced opposition during their first procedural vote in the House, with 13 Republicans voting alongside Democrats to block progress. The result was a failed motion, with 27 more votes against than in favor.

According to Wallstreetcn, House Speaker Mike Johnson explained that several Republican dissenters preferred to address cryptocurrency legislation as a unified package. Media outlets reported that the legislative deadlock eased following a meeting at the White House. On Tuesday evening, President Trump convened with Republican lawmakers who had opposed the motion. After extensive discussions on Wednesday, lasting over nine hours, party leaders and hardliners reached a compromise that allowed the bills to proceed.

All three bills—endorsed by House Republican leaders—have received direct support from Trump. Together, they aim to create a regulatory framework for digital assets and represent a pivotal shift in U.S. policy on cryptocurrencies.

The GENIUS Act establishes rules for stablecoins tied to the U.S. dollar and is intended to strengthen consumer protections and solidify industry credibility. Stablecoins, designed to maintain steady value, typically use fiat currencies or comparable assets as benchmarks.

The CLARITY Act targets structural issues in digital asset trading and regulation, while the Anti-CBDC Act seeks to prevent the Federal Reserve from issuing a central bank digital currency directly to individuals without Congressional authorization and from using such currencies for policy execution.

21st Century Business Herald outlined two broader changes expected from these laws. First, regulatory oversight will be redefined. The Commodity Futures Trading Commission (CFTC) is expected to become the lead agency for regulating digital commodities. Meanwhile, the Securities and Exchange Commission (SEC) will focus only on securities-related tokens and initial offerings, indicating a possible reduction in its regulatory scope.

Second, the flow of global capital may be redirected. New mandates requiring reserve holdings in U.S. Treasury assets could position stablecoin issuers as major purchasers of government debt, increasing the dollar’s circulation within blockchain ecosystems. Treasury Secretary Janet Bassent previously projected the GENIUS Act could generate as much as $2 trillion in new demand for Treasuries.

CCTV cited earlier commentary suggesting that broader cryptocurrency adoption could influence the bond market. The GENIUS Act requires that stablecoins be backed by dollars or liquid assets such as short-term U.S. government bonds, and mandates monthly reserve reporting by issuers—implying increased purchases of Treasury bills.
Bassent had previously advocated for passing the GENIUS Act on the basis that it would help stimulate demand for government securities